All Forum Posts by: Antonio Chelala

Good point! Thanks!

 Yes makes sense.

Thanks a lot everyone, appreciate the answers!

Hello everyone,

I hope you are doing well.

I am a bit confused on which insurances to get, i know there is the homeowner insurance, and I will be requiring my tenants to have rental insurance. Does having an umbrella policy or an LLC for a property allow me to avoid buying a homeowner insurance?

Thank you,

Antonio

Hello investors,

Happy new year to everyone. I hope everyone is doing well!

I have a couple of questions that are not related to the same subject. I am a first-time home buyer, looking for investment properties for long-term rentals (buy and hold).

1- I have been reading a lot about protecting assets when it comes to lawsuits and legal matters. I am a bit confused about the what to do. So I have read that some people build an LLC for each individual property owned under a trust. Some others just use an umbrella policy because it covers them in a better way (legality) than LLCs, some others choose to have both LLC and an Umbrella policy. My question to you investors, is what are you doing ? part of my question is from https://www.themoneycommando.c...

2- I have read in the Rental Property Investing book by Brandon Turner that during the Due Diligence of a property the buyer should be checking for Seller Disclosures, Seller Tax returns, asbestos, lead-based paint, plumbing issues etc.. For the disclosures and tax returns, can the lawyer that would be helping me with putting the property under contract help me out with this? and for the asbestos and the lead-based paint, plumbing problems, do you guys get a contractor, inspector or what type of person?

Thanks a lot

Best,

Antonio

Hey,

I hope all is well with you!

I saw you bought in Myrtle Beach! I am trying to run the numbers for a property in Myrtle Beach on Oak Circle Dr. and I was reading that the vacancy rate could go very high, do you have any idea about that value, so I could run the numbers?

Thanks

Yes makes sense. Would it be smarter to have inspectors and contractors go in first, and then if there is positive feedback, then I would fly there?

Thanks

 Very true, that's what I even had to do as a renter, confirm everything is in condition at the time of move in. At the time of move-out check if there is any difference and deduct from the security deposit. Can I trust the property manager to take the pictures for me? 

 Makes sense, should I ask a lawyer to make sure it is included in the lease? Any example of sections you would have by any chance?

Thanks!

 Understandable, thanks a lot!