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All Forum Posts by: Julien Bartolo

Julien Bartolo has started 3 posts and replied 13 times.

Post: Rental Property Insurance question

Julien Bartolo
Posted
  • Posts 13
  • Votes 3
Quote from @Chris Good:

Glad to see you on here my friend! I'm happy to share my insurance agents contact information if you'd like me too!

 Thanks @Chris Good - appreciate the info and will reach out for sure.

Post: Rental Property Insurance question

Julien Bartolo
Posted
  • Posts 13
  • Votes 3
Quote from @Account Closed:

I work for an insurance carrier that specializes in rental properties. When it comes to your property coverage, the most important thing you need to compare is the building limit, sometimes called replacement cost. 

This is the amount the insurance company will pay you if you will need to rebuild your property from the grounds up.

The building limit is the main factor that will determine your premium. When you compare quotes be sure the building limit there is matched (+-10%). 

I've seen many cases where properties were underinsured with a very low building limit just to lower the premium.  

 Thank you @Account Closed for the note - definitely a key factor to keep in mind.  If possible, please connect with me as I would be interested in a quote from your carrier (assuming you serve the area).  Thanks

Post: Rental Property Insurance question

Julien Bartolo
Posted
  • Posts 13
  • Votes 3

@Nathan Gesner Thank you for the detailed response and all very much in line with my own thinking. Currently awaiting to hear on a closing date for this property but you are correct with regards to the LLC and umbrella insurance. I simply need to meet with my professionals and get all in order. I was a landlord previously and care greatly about my tenants but this current approach is a bit different for me as it is an out of state investment property (within an hours drive). I used to deal with all issues on my own but am now planning on possibly using a very reputable and highly recommended property management company who will handle most of the day to day needs including dealing with tenants and local laws etc. In many ways, I also see this as an extra layer of protection. I will certainly purchase the insurance as it is such a great investment IMO and will also look into the book you mentioned as well. Thanks again for taking the time and detailed response.

Post: Rental Property Insurance question

Julien Bartolo
Posted
  • Posts 13
  • Votes 3

Hello everyone - I am currently in the process of acquiring my very first rental investment property and hoping to close in the next 30 days.  Property is located in York, PA, but I do have a few questions with regards to rental property / umbrella insurance coverages as this is all still quite new to me:

1 - Insurance coverage varies greatly based on property type, size, finishes, location and numerous other factors but curious if there is a specific type or amount of rental property insurance or coverage I should be inquiring about?  First quote I received was for $1,700+ per year.  Property is located in York, PA, 5 bed, 2 full bath remodeled townhome, 1800 SF, nothing extremely fancy, brick front and pretty standard finishes.

2- I also inquired about Umbrella insurance coverage and curious if a million dollars in coverage is a good amount most typically start with?  Seems fairly affordable at around $800/year.

3 - Can anyone please share comments or feedback based on their own experiences when it comes to investment property insurance?  I am more concerned about protecting myself and my assets than the cost but am curious about how others in the investment community have handled this need.  

Side note: I am also in the process of meeting with both my CPA and estate planning attorney for both planned tax breaks / benefits and rolling tis and future investment properties into LLCs etc.  I am also aware that insurance is a business and do plan to shop around but hoping to be a bit more educated on the next call.

Thanks everyone in advance for your valuable feedback.  

Post: Rental Investment Units Purchase - LLC's & Bank Accounts

Julien Bartolo
Posted
  • Posts 13
  • Votes 3

Post: Rental Investment Units Purchase - LLC's & Bank Accounts

Julien Bartolo
Posted
  • Posts 13
  • Votes 3

@Ruchit Patel - Thank you for the advise, I would appreciate it if you could in fact share a contact so I can ask a few simple questions as i try to get my journey started.  I want to try my best to ensure I have a proper understanding on how to move forward based on my long term goals.  Thanks again

Post: Rental Investment Units Purchase - LLC's & Bank Accounts

Julien Bartolo
Posted
  • Posts 13
  • Votes 3

Good morning everyone, I am a new investor in the state of Maryland and anxious to purchase my first rental property. I have selected a realtor thru Bigger Pockets, I am currently analyzing deals and will soon be placing an offer on a property. As I embark on this journey and based on recent discussions held with both financial advisors and estate planners, it was explained to me that each unit I purchase should be placed under its own LLC for both asset protection, liability coverage, taxes and estate planning purposes. I understand these recommendations and will follow thru once a property is acquired. The few questions I have pertain to the accounting and tracking of both rental income and expenses associated with said rental properties:

1 - I use a small office at home for purposes of investing - should I create an LLC now for tracking of general business related expenses I have and will incur moving forward?

2- Once a rental unit is purchased and set under its own LLC, should a new savings and checking account be created to track income and expenses specific to that property?

3- If answer to #2 above is "YES", is that the norm for each property I purchase moving forward?   Or can income and expenses from multiple properties be tracked via the same accounts?  I would think all combined would be acceptable as long as specific unit information is included on the "Memo" line of each deposit received or check written.

Thank you all in advance for your valuable feedback.  Lots of questions as I get started but anxious and ambitious to get going.

Regards!

Post: Fourplex purchase opportunity - no realtor involvement

Julien Bartolo
Posted
  • Posts 13
  • Votes 3
Quote from @Sergey A. Petrov:

You can still have an agent work with you. You'll just need to pay them directly. For all intended purposes, we all have "advisors" and they can be real estate agents, attorneys, insurance brokers, accountants, contractors, inspectors, engineers, and others. The seller cannot tell you not to have advisors on your side.

 @Sergey A. Petrov - thank you for sharing this feedback as I had actually not considered this approach yet it makes total sense in such a situation.  Much appreciated.