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All Forum Posts by: Buddy Patrick

Buddy Patrick has started 2 posts and replied 2 times.

General Landlording & Rental Properties

Post: Adding LLC to Insurancewhen property has a mortgae (Best Way)

Buddy PatrickPosted
  • Posts 2
  • Votes 0

Hey, I am looking at putting my 3 rentals into my LLC. The mortgage is in me and my wifes name and so is the insurance. What have you done or recommend to be the best way to add the LLC to the insurance policy without alerting the bank and triggering the "due on sale" clause. Also, if the properties are owned by the LLC and the LLC is only listed as "additional interest" then the LLC is not covered by the policy correct? So I am stuck between putting the policy in just the LLC possibly alerting the bank, or adding it as additional interest and that not really protecting the LLC with insurance. I could be wrong, any and all advice is greatly appreciated !!

Thanks!!

0 Votes
Tax, SDIRAs & Cost Segregation

Post: Irrevocable Trust / Any other trust used to protect assets

Buddy PatrickPosted
  • Posts 2
  • Votes 0

Hey what are you doing outside of an LLC for asset protection in regards to rental property? I have heard of these "bullet proof" irrevocable trust but I haven't met anyone personally that has had one set up for them. The other question is, if you have an irrevocable trust at what point in real estate investing did you get the irrevocable trust?

Thanks!!

0 Votes