All Forum Posts by: Tim B.

I have 4 condo rental properties in NC, current market value is between $135k and $160k each. I was reviewing my insurance coverage with USAA and the building insurance coverage is between $84-$91k. Is that enough? I'm not sure if it should be for the value of the unit or just a portion of the value, as it seems to be currently.

Did I stump everybody or just nobody reading on Thanksgiving? lol 

I have 4 rentals properties located in NC but I live in SC. I have been putting off forming LLC's for the rentals but I think it's about time. My question: Do I register the LLC in NC or SC? Also, should I do 4 separate LLC's or just 1?

John Clark will you please just shut up and stop your childish argument with her? Nobody cares if you win or lose your petty argument about the cheesecake factory. We're here for perspective on how to handle this situation, not your bickering.

I always assumed it was a heat pump since those are very prevalent in this area. Here's some pics:

I don't trust them to fix it. They installed the wrong part to begin with and then didn't install it correctly so it leaks and had no problem billing me for almost a grand. As for the pump, I don't know all the details, I'm not an HVAC expert. That is just what the guy told me yesterday.

Thanks Jacob. I am not ignoring the original company, I called today and left a voicemail. I'm just sitting here wondering how to handle it when they call back.

I had some work done on the HVAC unit in one of my properties in February for a heating problem. The tenant has just turned the AC on and it was leaking water around the pump that was replaced in February (no leaks with the heat on, so I didn't know anything was wrong until the AC was turned on). I called a different HVAC company to look at it, the new company said that the wrong pump was installed and was leaking in 3 places. He said the only way to fix it correctly was to remove everything the previous company did and replace with the proper part. I told the new company to get me a quote and I will have them fix the job, they said $900+ was way too high for this job but haven't sent me the quote yet. The original company is billing me for $976 for the original repair that was not done correctly. My thinking is to not pay the original company since they didn't fix anything and have the new company do the job. The old company could turn my account over to collections I guess but I'm not paying for shoddy work that has to be re-done. Any advice on how to handle this? I don't trust the original company to fix their mistake.

(side note: the original company sent the bill to the wrong address and just contacted my management company about the outstanding bill for $976 that has not been paid yet).

We had a tenant evicted in Feb of 2017 for non-payment. The court ruled to evict them but they appealed and I just found out that they had to pay a rent bond to the court when they appealed (they have since moved out and I have sold the house). The clerk of court couldn't really tell me what I need to do to get the money released to me (other than a judge had to release it) and suggested I hire an attorney but I don't want to spend the money I am owed to pay attorney fees, especially if it's something I can do myself. This is all in NC. Has anyone else had this issue and how did you handle it?

Thank you both for the replies. My main interest in an LLC is liability protection of my personal assets. I didn't think about an umbrella policy, that may be the way to go.