All Forum Posts by: Jose Rocha

@Sarah Kensinger very very true! I appreciate your information! 😀

@Phillip Austin thank you for the information! Wouldn't the big issue of switching it to an LLC would be the Due On Sale clause? Like it would be great if we could without the clause but this is a big fear of mine if the bank decides to collect when switching it to one. Have you done this before or you initially bought it through an LLC?

@Sarah Kensinger that is very true. I guess in the end would be what one feels comfortable doing. I appreciate your response and information and will think about checking them out 😀 I try to learn from everyone to see what would work best for my wife and I.

@Sarah Kensinger what are some of the advantages of setting up a management LLC? I keep receiving responses stating I don't necessarily need one and could write off the same things with or without an LLC for managing.

@Eric Mcginn thank you for the information! I was thinking that as well, but thought I would ask the question in case there was something I wasn't thinking about.

Hey everyone! My wife and I currently own two properties. One is a rental, which we manage, and the other is our primary residence. The rental is easy to manage right now as my sister-in-law and her family are occupying it. My wife and I currently manage the property, but can we and does it make sense for us to start a Property Management LLC to write-off expenses, travel, etc.? Can this help us when we manage future LTRs and STRs? Or am I making this more complicated than I need to, and we do not need to create an LLC? We don't have either property under an LLC. I am trying to find tax advantages to help us for the years to come.

Look forward to everyone's responses! Appreciate you in advance! 😀

@John Mocker thanks for the advice! I did have one other question on what you have mentioned. How can I get the current carrier to lift the cancellation? Besides doing the actual work they require.

@John Mocker that is not a bad idea to get a contractor out and provide some suggestions. Hopefully they're honest and would tell me the truth if I can wait on replacing the roof.

I tried getting a direct contact at the underwriters office, who made the final decision, but they kept telling me they follow the state's policy while reviewing the inspector's notes and made the decision to cancel.

I saw you're in Norwalk, but then I saw Connecticut! Would've been nice to meet and pick your brain in person as I am close to Norwalk, CA.

Would having a cancellation necessarily hurt my chances of using a different carrier who might not require the fixes??

@Russell Brazil I will most likely end up doing that.

@Chris Seveney they are sending me the report with pictures today. I told them a month deadline is nothing for a roof repair especially after just buying a home. I will add some of the pictures and notes the insurance inspector had.

I spoke to my home inspector, and he said they do not have to be certified by the state of California.