All Forum Posts by: Carlos C.

Do you have an umbrella policy that covers ALL? all the rentals, LLCs and personal property? if you don't mind sharing, for how much and how much do you pay for it?

Hi, 

I'm making a few changes on the setup of my rentals and would like advise on the way the insurance should be setup to have adequate/optimum coverage. I have Farmers insurance Company.

Rental ABC Main St. 

1- Add a Landlord policy, with a 5K deductible(to lower premium) and increase liability to the max 500K.

2- The rental will be owned by a SM LLC. The LLC will be added to the Landlord Policy in the "other interest" section. The rental is paid in full, no mortgage.

3- All LLCs will be owned by an Irrevocable Trust.

4- The same setup for each rental.

Question: 

1- I would like to add an umbrella policy to increase liability coverage, maybe 2M, but my insurance agent said that I will need 1 umbrella policy per LLC, is this accurate?

2- Another suggestion was to increase my liability coverage on my home insurance policy, this should help if I get sued personally, since I do all the day to day maintenance on the rentals... is this accurate?

Advise? thanks.

I will look into Stessa... thanks.

I found a few excel templates that I think will work... I will use the new templates and at the same time the ones that I created and been using for several years.

Not sure if I can attached a file to this post... to share the excel file that I found.

Hi, I don't have a lot of rentals...and don't plan to buy more...maybe do a couple of flips a year to increase cashflow and savings. I been looking for accounting software, Quickbooks, and it looks like now all versions are online only, with a monthly subscription. I would like a basic bookkeeping software, desktop, that I can purchase and use until I want to upgrade. A few desktop version will work for 2 to 3 years, then you have to pay for a new license.

I currently use Excel.

Any suggestions?

Hi, I don't have a lot of rentals...and don't plan to buy more...maybe do a couple of flips a year to increase cashflow and savings. I been looking for accounting software, Quickbooks, and it looks like now all versions are online only, with a monthly subscription. I would like a basic bookkeeping software, desktop, that I can purchase and use until I want to upgrade. A few desktop version will work for 2 to 3 years, then you have to pay for a new license. 

Any suggestions?

Hi.. Please if possible PM info on CPA and RE attorney in the KC area as well. Thanks.

I will use Community America Credit Union, they offer a good setup, no fees for business accounts. 

Now I'm researching on how to move money from the LLC bank accounts to my personal account to pay for my living expenses. Looking for a good accounting software...better if it is free and not online or cloud. I don't feel comfortable adding all info to a server... and maybe in a few months or years the company closes and has all my info.

Maybe Quickbooks... now I'm using excel templates.

@David M.

Thank you for the reply.

1- I read the 2 threads that you point out...thanks. My rentals are paid in full. No liens, I don't have to worry about the "due on sale".

2- Each LLC has its own checking account and I pay all fees, taxes, insurance from each account separate.

3- I have Landlord policies on each LLC.

====

I want to add Umbrella insurance for all, but don't know if I needed one per LLC. Some threads said that they have several LLCs using one umbrella. Thanks.

HI, 

Im having a similar problem with my insurance company (Farmers), Im in Kansas City. Im thinking on Quit Claim a rental to a LLC, Keep the landlord policy and add an Umbrella policy. My agent for the last 20 yrs, said that I need an umbrella per LLC. I have 2 more rentals and would like to create 2 more LLCs, but only have one Umbrella for all 3 LLCs.

Do I really need one umbrella per LLC?

LLC1 - Landlord Policy - Umbrella for all 3 LLCs

LLC2 - Landlord Policy

LLC3 - Landlord Policy

Thanks.

Hi to all, 

I been researching on these topics and found all kinds of options and advise... but still not sure what to do. Please more advise.

I have a few rental properties and for some time I been considering Quit claiming each rental to a separate LLC to keep assets separate. I understand what I need to do to keep the corporate veil and maintain each LLC.(a pain to setup... but not a big deal)

I manage, do repairs, collect rents on all rentals... so is the LLC really going to help me if I get sued?

Also, if I transfer each property to a separate LLC, my insurance agent said I will need an umbrella policy per LLC, if I want to have more than $500K in liability, the landlord policy has a $500K limit.

1- Do I keep all rentals in my name and have a 3 million umbrella policy, will be a lot cheaper, plus have landlord policies per rental?

2- Create LLCs per rental, then have landlord policy and umbrella per LLC... expensive. Is its worth it? Plus will the LLCs really help me if I get sued?

Thank you in advance.