All Forum Posts by: Jay Lam

Explain to umbrella company exactly the REAL facts. They’ve heard everything before. Your rental is definately not covered if you tell them it’s your primary.

Get more quotes. USLI is huge in the market but $1M cap if any homes have pools. So I switched to Hudson.

Do you think I should go directly to the umbrella company instead of the broker? I am currently renting an apartment, would this be considered my primary residence?

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Quote from @Mark S.:

@Jay Lam What exactly do you mean in saying that you don’t have a primary residence? You must live somewhere, don’t you? Or are you RVing or something similar?

Yes, I am currently renting in another state.

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I am getting a RLI personal umbrella policy from an independent insurance broker. My broker listed my rental as my primary residence, but I am renting/living out of state. If I technically do not have a primary residence, what would I list as a primary residence. I want to ensure my rental would be properly covered under the umbrella insurance policy. Thank you!

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Quote from @Account Closed:

Quote from @Jay Lam:

Hello,

My property manager is asking us fill out a W-9. If our rental is owned in my spouse and I's name, do file as a sole proprietor or partnership? Also can we use an EIN rather than one of our SS numbers? Thank you!

Since you are likely married filing jointy, you can simply use your EIN from your LLC, which is a passthrough onto your taxes anyways. Im making some general assumptions here that you have an LLC setup etc. I would get connected to a real estate focused accountant just to make sure you stay compliant and your doing this right

Thank you! If I don't have a LLC, can I just use a personal EIN instead?

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Both my wife and I own the house. The house in our names, no LLC. I was hoping I could you use a personal EIN instead of my SSN.

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Hello,

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My property manager is insisting he only needs one person to sign it given he only needs one SSN on the W9 for tax reporting purposes. We are in Florida. Is this true? Thank you!

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Thank you everyone!

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Hello,

I am signing an agreement with a property management company for my rental. I was wondering if the home is owned by both my wife and I, does my wife have to sign the property management agreement too? The PM only put my name on the PM agreement.

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Hello,

Does anyone have any recommendations for an experienced attorney to set up and maintain a LLC for a rental property and that also does title transfers in florida? Thank you!

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All Forum Posts by: Jay Lam

Jay Lam has started 12 posts and replied 22 times.

Post: Umbrella insurance policy

Post: Umbrella insurance policy

Post: Umbrella insurance policy

Post: W9 for Property Manager

Post: W9 for Property Manager

Post: W9 for Property Manager

Post: Property Management Agreement

Post: Property Management Agreement

Post: Property Management Agreement

Post: Florida LLC attorney recommendations