All Forum Posts by: Anh Le

Quote from @Allan C.:

@V.G Jason I had a lawyer review a policy under individual name with LLC noted as additional insured - he was ok with that arrangement.

If your personal name is on the loan or if the LLC is single member I understand you carry some personal litigation exposure. Your personal umbrella is the next safeguard.

 Thank you for responding! This is very helpful!

Quote from @V.G Jason:

From my understanding your insurance policy is useless if it's under your name and the property is under the LLC. Needs to be aligned for you not to get pierced. Someone more experienced can reply, but I was told this too for both my two properties and did so.

Insurance isn't cheap. As for due on sale clause, I don't think that can be immediately provoked. Have you made regular payments on them? If so, I doubt they call on it. If they do, threaten to re-fi with someone else. If you're a paying borrower, they'll chill.

Yes, insurance is super expensive. It makes sense that insurance should be aligned with the LLC.

Thank you for the tips on due on sale clause. 

I just did a quit claim deed two properties from my personal name to LLC, but mortgages are still under my name. My insurance agent told me that I should have my LLC as a main insured and my name additional insured. He also told me that I should I have two properties in the same policy since they are under the same LLC (currently, only one property is with him) . Can anybody please confirm if I should do that? I'm afraid of due-on sale clause if the insurance policy is under the LLC. What is the properly way to do for insurance ?

Thank you very much for your help! 

Hello, I’m thinking to get a HELOC on my current rental property to buy another rental property, rehab, and refi to pay the HELOC off. It would be great if you can refer me to some contacts in the Bay Area, California for HELOC. Please give me your thoughts on my strategy if you can. Thank you in advance !

@Ronald Rohde Agree. I just wanted to have a second opinion. Thank you!

@Michael Mullins Still doing my research at the moment. Thank you for your response. 

@Sharon Powell I have looked at zillow to see the value and continue to do some more research. Thank you for your info. 

Hello everybody,

I'm thinking to follow through with a deal in Houston (zip code 77449). Since I don't know much about the area, I hope you guys can give me some information on this area. Do you think if this is a good area for rentals? The property is around 160k-170k. Is that a good price for this area? Do you know if this is in the flooding zone? Also, this deal requires all cash, and I'm thinking to do it through hard money lenders. Please let me know the process for that as well. THANK YOU so much for your responses. 

Anh

Hello everybody,

I'm currently searching for properties in Houston and Northern Dallas, and I saw some single-family homes have HOA fees with them. I'm not quite sure why there are HOA fees for SFR's. I hope somebody can explain the difference between HOA for SFR's and condos. Should I get into those properties? Thank you in advance for your reply.

Anh

@Ali Boone Thank you! it's a condo for renting out. 

@Sam Shueh we decided to hold on to the property. Thank you!

@Michael Lee Thank you!

@Brooke Noth sounds good and thank you. We are thinking to invest in Houston, so I hope you have some advice for us. 

@Evan Battaglia will look into it. Thank you!

@Chris Mason Thank you for your info. 

Looking forward meeting everybody and this will be my first meet up with BP members.