All Forum Posts by: Sarah Downey

I am not sure about the umbrella policy. My guess is that it would definitely be helpful, but I think a lot of the benefit of the LLC is having the property separated from your personal assets. That way, if you have legal issues with your tenants, they cannot go after your personal assets.

Hi Warren,

You should be able to work with a local title company and execute a quit claim deed to your LLC without having to make any changes to your mortgage. It is a really easy process and can be done quickly.

This way, you don't need to mess with your current mortgage at all and can avoid the lease scenario you mentioned.

The mortgage will still be listed in your personal name if someone does a title search, but the ownership of the property will be listed in the LLC and should provide you with more protection.

We have been buying in our local market, Springfield, MO. 

Hi Darren,

I would check out OBIE. They focus on investment property policies and are nationwide. They have been really great to work with, and I think you can get an instant quote on their website. If you approve the quote, I think they can provide you with the policy docs.

I have seen a few people mention Steadily Insurance as well recently, too, if you want to check out their website. 

Hi Christina,

I would recommend finding a Real Estate Investor group in your local market. This could be extremely helpful in determining which direction to start with and help you build a team of people to support/mentor you in your area.

I would also recommend starting with a turnkey property. My husband and I started out with a long-term rental that was ready to go. The company we bought it from also did the management in-house. It was a great starting point and helped us build confidence. We now self-manage 7 of our properties.  

The first step can be the hardest, but it is so worth it! You got this!

@Taz Zettergren , the first rental we bought was through Midsouth! It has been great. We now own 7 other rentals that we self-manage. You all are a great option for new investors who want true passive income. 

Thanks Julio!

Hey Faustin,

What are your plans with this property? Is it ready to rent or does it need rehab?

My husband and I used conventional for our first few rentals when we started but switched over to some of our private lenders in 2021. 
 

Thanks JJ! Yes I was wondering about RentRedi. I saw them at BPCon and was curious about switching over to them. I use apartments.com for my day to day management. It used to be cozy.co. I would love to consolidate everything to one place. How is the tenant portal?

 Thanks Alecia! I have used Facebook marketplace in the past and I’ve noticed a lot of people use it to post scams so I have tried to stay off it. I like the idea of local groups though. I used apartments.com once but there isn’t a good messaging system like Zillow. I appreciate your recommendations 😊