All Forum Posts by: Serge Suchkov

Thank you Frank for your thurough reply. 

Hello all, I have decided against moving my 2 properties into an LLC and instead will opt for umbrella insurance. I have often heard on the podcast that it is only a matter of time before a landlord gets hit with a lawsuit. So to all the people that have gotten sued, I have three questions:

What type of lawsuits have you seen (small frivolous, or large and potentially destructive)?

What did you do about them (hire a lawyer, settle, or let insurance cover it)?

And my main question is how much and what type of insurance coverage would you recommend?

Thanks for your help. 

Hey Patrick, thanks for the reply. My contract did have a closing date (and that date came and went), but my attorney said that is not cause to get out of the contract.  

Hello, I am looking for some legal help here. The situation is this, I have been in contract since the end of December. The seller has not kept their end of the deal (they were supposed to evict a tenant and remove an underground oil tank). The contract does not specify when, as the buyer, I can pull out of the deal. How long can this go on? I am stuck in a weird limbo where I cannot close or walk away. Is there a way for me to get out of this deal and get my earnest money back? I am in NJ. Thanks, S

Thank you all for suggestions