All Forum Posts by: Ben Curry

Quote from @Eliott Elias:

Insurance and LLC have to be in the same name

Thanks for your input. What makes you say that they both have to be in the same name? I was told by my insurance agent that I could be listed as primary insured and LLC as secondary. Do you have experience that would suggest that this would not be a good route to go?

I'm in the process of moving each of my properties into separate LLCs to segregate them from each other. In the event that one tenant goes crazy and tries to sue me, I want to have a legal separation between the entities so they are insulated from legal recourse on all of them. As I quit claim deed each property from my personal name to the specific LLC, I also want to ensure the insurance on each property follows suit. Currently I am getting an amazing rate with Encompass Insurance as they bundle our rentals as well as personal home, auto, etc. Encompass does not allow for an LLC to be named as the policy owner, only as a secondary insured. I got a quote from our insurance agent and Foremost Insurance will allow the policy owner to be the policy owner but the rates are double what we are currently paying.

The question is this - to prevent the "piercing of the veil" of the LLC, does the insurance also have to be out of my personal name and in the LLC's? Or can I keep the insurance in my personal name with the LLC as secondary insured while still keeping the veil intact?

Thanks for your input.

~ Ben

@Michael Christensen Just bought a rental and my lender let me know that a cash-out refi would require 6 months seasoning before it could be done.

@Masoud Shiehmorteza I wouldn’t drop the price dramatically until you test the market. I’m a realtor with a top team in Albuquerque - send me your contact info and I can run some comps for you to see what value it may have.

@Will Tapia. Hi Will! Welcome to BP! I’m a realtor here in town and investor as well. If you’d like to learn more about our competitive market and what the trends are, feel free to PM me and we can set up a meeting.

@Christine Knapp-Phillips Hi there! I’m a realtor in town as well as an investor. If you’d like to meet up for a chat about our market to learn more about it, let me know.

@Gael Bro Hi there and welcome to the joy of RE investing. As a realtor and fellow investor, I’d be happy to chat with you about finding properties here in town. Feel free to PM me if you want more info.

@James Gray - welcome to the wonderful world of investing in ABQ. To answer your questions - a local real estate attorney that I recommend is Michael Hoeferkamp (I can give you his contact info if you need it) and as for an agent - I’d be happy to help you out. I’m a licensed realtor with a top team here in town who deals with investors and is familiar with what you are looking for. Let’s talk about how I can help you with what you’re looking for.

Typo - should be crimemapping.com from previous post.

I would also suggest looking on the web for more info. Crime stats can be found at crimemappjng.com and school info at greatschools.org. Both of those will help with determining if the area is suitable for your needs.