All Forum Posts by: Rick L.

I do have separate business checking accounts with debit cards. However, I'm a points /rewards junkie.

@John Logue Great advice John! Welcome to BP!

@Vince Mayer I purchased the actual property, but from what I've learned you have to go in front of a judge to prove the sale was fair and correct procedure was followed.

I'm prepared to initiate a liability and limited property insurance policy once I take ownership of the property. I'm curious what others recommend on the amount of coverage for liability and the property. Do you just insure what estimated amount of money you'' have in the building or what the buildling would potentially ARV at?

I'm interested to know what other's are doing with multiple rental property LLC's and their credit cards. I have three rental property LLC's, but currently only have one credit for one of the LLC's. I'm really not a fan of opening multiple lines of credit and/or having multiple credit cards for each LLC.

@Wayne Brooks I purchased the property. However, I have to wait for a confrontational court hearing (take about 1 month) to officially take ownership of the property. Then, I have no idea whether the property is occupied or not.

I love to get into the building, but not sure how to approach this??

bump for the day crowd.

I just purchased a duplex via a tax sale auction this morning. This is all new to me, but I'm already working closely with a lawyer the specializes in the purchase of real estate at tax auction, etc.

Anyway, while I'm waiting to officially confirm ownership and confirm the title is clear, etc. At what point do I need to get insurance coverage? I've only been able to evaluate the outside of the building and cannot confirm the status of the inside. However, it's safe to assume their will at least be some form of rehab/improvements/maintenance made to the property. I'm assuming it would be prudent to attain some type of liablity insurance coverage so I'm covered with contractors, maintenance workers, etc.

What else am I not thinking of?

Yep, I was there. I got there right before the main presentation started and ran into another BP member. We'll have to meet up next month! Just send me a PM.

I should be there around 630 or closer to 7pm. Depending on what time I'm able to get out of the office. I'll be wearing a sky blue short and white khakis.

@Bob Hines @Ryan Dossey

Guys, I'm planning on attending this weeks (Thursday, May 8th) South Side Investment Club meeting. Let me know if you wanna meetup in person