All Forum Posts by: Andrew P.

Hi! We have about a dozen properties in upstate NY. We wanted to get an umbrella insurance policy to cover the portfolio but we’re unsure what to cover. Do you get coverage for what the portfolio is worth or for how much someone can potentially sue you for? Thanks! 

Hi! We own about a dozen properties in NY. For ease of banking and taxes we want to put them into a series LLC in another state that allows this like Delaware. However our lawyer said if we get sued in NY on one property, NY will not recognize the series as separate entities in Delaware and all properties will come under fire. Is this true?

Hi All! What is the easiest way to set up a company that limits liability? There are many different methods and people talk about a lot of different things here. The most common answer is to have a LLC for each house and separate bank account. What if you have 50 houses? Do you have to maintain 50 different bank accounts and file 50 tax returns? One suggestion is a series LLC (such as in Delaware) but NY does not recognize that. We have gone through this website, talked to multiple lawyers and CPAs. The easiest thing to do would be to have one bank account and run everything through there but apparently that would pierce the corporate veil. Anyone have additional thoughts?

@John Mocker oh interesting, thanks for the reply!

Hi!

We recently switched a title out of our personal name into a LLC. Do we need to change the name on the insurance to the LLC or are we still covered since we own the LLC? Also there is currently a mortgage, will the bank care about this change?

@James Call

Oh great, good to hear!

Hi All!

We currently have 26 units and a LLC. Some of the unit's title's are in our personal name and others are in the LLC. We have the normal hazard insurance. We also have an umbrella which is property specific. Do we also need an umbrella to cover us personally if someone were to come after us?

@Ashish Acharya

Thanks! Yes that was all already done.

However we are paying the taxes out of our personal income, not from the LLC. Just trying to figure out a fair way to do it.

Hi All,

We own 23 units which are starting to turn a profit. There are two of us that own the properties in a LLC (also the %ownership is not 50:50). How does everyone go about paying taxes? Do you take the total out of the company and pay that to the partners for which they need to pay the IRS? Or have each individual be responsible for their part? Also considering the tax amount may not be equal and the individuals are in different tax brackets.

Thanks!

Hi All, Looking for advice on the next steps regarding loans. We maxed out at 10 personal loans, with one title that is free and clear. Will anyone give an 11th personal loan? Do we need to switch to commercial loans or are there any other options? Thanks!