All Forum Posts by: Dave Allen

Hello, we are researching landlord insurance for our first rental properties on the FL Space Coast. We have reached out for quotes from multiple agents and these are the companies that have come back.

- Citizens Property Insurance

- American Integrity Insurance

- US Coastal Property & Casualty Ins Co

- Kin Insurance

Does anyone have any thoughts on these companies? While they do have low rates they don't have the best review history that we have seen. We are hoping for some possible insight from investors that have had experience with them. Also, if these aren't the way to go, what companies or agents would you recommend? Thanks in advance! :)

Thanks all.  @Jonathan Bock  The property has no liens so the passive income from a rental will be decent towards the new mortgage.  That income will eventually outpace what we would get from a sale.  Also, if we ever did decide to come back, not having to buy a home for the price they will cost in the future is a plus.  

@Shawn McCormick Thanks. Do you use a WY LLC or just a FL LLC to hold the land tursts? I would be living in IL while owning a FL rental so I want to make sure I do it right. Yes I'd like the contacts you have, that would be very helpful. Thanks.

I appreciate everyone pointing me to other people to contact and I will look them up and reach out, but no one has really answered my questions yet.  :)

Hello, brand new here on BiggerPockets. Learning a ton of info doing research about turning our 20 plus year primary residence into a rental property. At first I learned "use an LLC," no brainer, then I started learning more and now it's not a no brainer. Here is the situation:

We will be turning our 20 year homesteaded home in FL into a rental property when we move to Illinois. We will lose the homestead and that will cause a re-assesment and explode our property tax, but it is what it is. What I think I have learned in my research is this: It is best to put our property into a land trust, for asset protection (land trusts have one way asset protection in FL) and anonymity. The trustee will be a LLC we create in WY to hold the land trust for the anonymity and added asset protection.

The question I have run into now is that some things I am reading say that I will have to register the LLC in the state I live in, (will be Illinois) so I will be basically paying for two LLCs. 1. Is this true? 2. Seeing the situation, is my plan the best way to move foreward or does anyone have a better way?

Thank you, :)