All Forum Posts by: Jay Shah

Just closed on 2 units that need some fixing (not a fixer-upper) and looking for a general contractor who can manage the project including finding any sub-contractors that may be needed.

@Ben Guttman I am looking for a couple of quotes. What's the best way to reach you? 

@Nino G. Agree. Looking into both those things now. But looks like it would be wise to not have our names on the policy as it would potentially defeat the purpose of having an LLC from an anonymity standpoint. Thanks for taking the time to respond.

Thanks Kevin! Appreciate your time and yes it definitely helps. Do you write policies in PA?

Thanks, Kevin. Could you give me a couple of examples of what coverage could I lose? 

Also, circling back to my initial question - Are there any other disadvantages/risks of having a policy with a LLC Member as named insured vs the actual business/LLC?

Appreciate your time!

Residential (1-4 units). Currently at about 12 units and plan on getting to at least 20 by the end of the year. 

Also researching it further - sounds like Master commercial policy would be the best way to go once over 18-20 units which will resolve this whole issue.

Thanks, Kevin!

Hi everyone,

I have an LLC that holds a couple of properties. Am getting a lower premium (approx $250-$350) if I have one of the members of the LLC as named insured. Upon some research, I found that the 2 disadvantages of having it set up this way are:

- Any claims can be a part of my personal record (and could affect insurance quotes in the future on the personal side).

- In case of claims, the insurance check would be made out in the member's name as supposed to LLC's name.

Are there any important considerations/areas/risks that I am missing? Especially from a personal/LLC liability standpoint?

What is typically recommended? 

Thanks for taking the time to read!

Wondering if anyone has been able to start evictions or has any updates on evictions in PA/Lehigh Valley area in the last couple of months.

Have a tenant that has not paid since November, stopped responding to calls/messages, and not made any attempt to work out a payment plan or communicated that they are facing any sort of hardship due to COVID. Their only excuse has been that they're having issues with their bank account and they have been trying to get the bank to fix it (yup since about 2 months). 

Have already sent a 10-day pay or quit notice but getting mixed responses from lawyers about evictions on hold/PA now requiring 30-day notice etc. 

 This is very helpful! Thanks Ronald, much appreciated. Will make sure during the inspection that there's nothing major that'll hinder the CO in the future. 

Hi everyone,

Looking to put in an all cash offer on a SFH in Bethleham (Lehigh Valley) but the seller is not providing a CO. I am hoping the inspection will tell me if there are any bigger issues but is there anything I am overlooking in terms of the CO? Would that be an issue when refinancing or getting new tenants? (its currently tenant occupied)

Thanks!! 

@David Ribardo thank you David!