All Forum Posts by: Lucas Love

I own several long term rentals in Port Lavaca. Looking to get some STR in Galveston and Bolivar. Trying to buy at least 2 this year. Looking for an agent in the area. I have looked at some airdna data and some other data points. Is it unrealistic to expect $20k net income after expenses and debt service on a $375k house?

I noticed that Bolivar appears to have a higher occupancy rate and nightly rate, but it's normally families so that makes sense. Looking to buy in both Bolivar and Galveston. 

@Kyle Mccaw That is good advice. Sometimes I have a hard time figuring out if attorneys are trying to protect me or sell their services. Usually it’s some combination, but I’m not sure to what side it leans more to. That’s why I wanted to see what other property investors think.

My undeveloped land is used for hunting, which exposes me to a whole different set of liabilities.

Any good lawyer will go after policy limits, unless the insured has deep personal pockets. Then they often look for a payday.

I’m used to being a cheap DIY guy, only started to accumulate decent wealth in the last few years. Trying to learn to navigate the water. Thanks.

It's not just a matter of coverage limits of insurance. It's also about the nature of the lawsuit may be out of the scope of the insurance. I understand the chances are low for a frivolous lawsuit, but the fee to start an LLC in Texas is like $350 and requires no annual charge if you do it yourself.

Why wouldn’t you protect your assets for such a small charge?

Currently my rental assets are only about 2% of my new worth. Why would you risk the 98% for the 2% if you can just do a little due diligence and homework on the front end?

Yeah, but what if you get sued for 4 million and you only have 2 million in liability insurance. Insurance is only a piece of the puzzle in my opinion.

I am looking to protect my assets (undeveloped land, primary residence, investment accounts) as I build my rental properties up. I can't put the rental in an LLC as it's already under loan backed by Fannie May.

I thought it would be okay then to just build a wall around my other assets, as well as mitigate risk.

Was planning to put my 100% owned undeveloped land into an LLC, which should give it protection, and also and Land Trust for privacy.

My retirement accounts and my primary residents(in Texas) should already have ample protection.

Was thinking to set up another trust and LLC for my investment accounts, and possibly move offshore.

Then I was thinking for an umbrella insurance policy and risk mitigation techniques like fire extinguisher in rental, evacuation plan, notice about possible hazards, etc. to be put in rental contract.

Am I missing anything?

Thanks in advance.