All Forum Posts by: Account Closed

@Jason Bott thank you sir!

I will check if the policy states that. 

Last question I promise!!

Is there any risk to adding myself as an additional insured ? Even if the policy states the above?

This way I would have the trust, llc and my personal name. 

Would there be a reason not to do this?

Hi all

I started my investment journey buy researching multiple markets that would cash flow with a relatively low entry price.

In the end I decided on Columbus , Ohio.  

Part of the process was finding a good realtor.  I met with a bunch of them but the one I've decided on is @Tristam Griffith from Remax. 

Why am I posting this? 

2 reasons -to save other people the hassle of the time it took me to find someone good. 

And because I like her and hope she gets more business as a result. Shameless plug but I don't care. Good people deserve to be recognized.  

Here's what I like about her:

Super responsive.  She answered her emails and phone calls. I know that sounds basic but it's HUGE! 

She is an investor herself. She knows the town and knows what works where from an investor point of view. 

She's honest.  She doesn't sugar coat things. We'll walk into a place and she'll tell it like it is - in plain language. She knows what things cost to fix so it's easy to make a yes or no or maybe decision on the first walk through.  

As an out of state investor my time is valuable and I can't go multiple times through a home. 

I closed on my first one yesterday.  I close on another in about 2 weeks. My third will probably be around the same time. 

So my point is, I've met her and done business with her and she's great. 

Definitely worth talking to and adding to the list of agents to speak to if you're going to invest in Columbus.  

You can get in touch with her here - http://www.griffithteam.com

Thanks Tristam you rock! 

Rudi  

Awesome response Jason! Thanks. 

So basically I take the insurance out in the trust name and then the additional insured would be the LLC.

I assume I don't need to add in the FLP as an insured as it would be only a holding corporation. The LLC is the beneficiary and the one ultimately liable. Is that correct ? Or would you add the FLP as well?

Lastly , some people say not to have your personal name on there as an additional insured and some say that it is good to do so. What are your thoughts on that? 

Would you mind explaining the rationale for doing / not that ? 

Thanks Nate 

I find that as i learn more about investing its wiser to actually understand things yourself. 

People (even professionals) will give you their best advice but it won't necessarily be correct.  

I find that the collective wisdom of the group tends to be more accurate and cover more aspects than the viewpoint of one person.  

Anyone care to share if they use a similar structure and how they insured it please ? 

Thank you kindly for the reply.  Property is owned free and clear, no mortgage.  

This is all about being protected in the event of a claim by a tenant or someone visiting or working on the property.  

Based on this, who should be named on the policy ? Who should be the additional insured please ? 

Hi Folks

Need your help please. 

On an investment property that's rented out, who is the owner of the insurance policy?

The structure of ownership is as follows:

Title to the home taken in the name of the land trust. So the title says something like '123 main st trust, John Smith trustee"

The beneficiary is a LLC.

The holding entity that owns the LLC is a Family Limited Partnership.

So there are three entities that flow down in ownership top to bottom. 

When taking an insurance policy out - who is named on the policy documents ? 

How is the policy written ? 

Thanks 

Thanks Amy.  Definitely looking for a buy and hold lender in Ohio and other places - I've sent you a PM. 

If anyone else has a referral for buy and hold portfolio lender in Ohio I'd love to hear from you. 

Thanks! 

Awesome thanks Adam. Do you have a contact name that you've found good to work with? Sometimes the person makes all the difference! 

Thanks so much. 

That's awesome Brad much appreciated! I'd love to take you up on your offer. 

It's will be either the 24th or 25th August - which works better for you? 

Thanks Joe. I'm definitely looking at Alabama so would appreciate any insights you have.

Black or white, there's no monopoly on stupidity and ignorance - sometimes you just need to keep at it. 

In the end I did find a bank to fund me, on great terms with minimal hassle. 

It can be done!