All Forum Posts by: Matt Liu

 Bryan, 

1) how many properties do you have? 

2) Are they all in one LLC?

3) If all in one LLC, do you use that one LLC for the credit card?

Injury. Just a threat. I recorded the debt on the property though so I should be good. Still freaked me out though so now I'm paranoid.

I would love to agree with you. It would be wonderful to put everything in one LLC. Unfortunately however, after about 250k of value, or even after 50k of value to be honest, it seems wise to cordon off by separate LLC. Keep in mind I was threatened with law suits this summer and it was very unsettling.

I do think however, that putting friendly liens on your property + insurance is honestly the ultimate protection. Multiple LLCs is not actually a protection. 

I'm starting to really expand my portolio with a lot of houses. As it grows I'm also creating more LLCs. Isn't this going to get overwhelming to have in my wallet a Credit Card, and Home Depot Card for every property? Then I also have to remember which house(s) in which LLC every time I make a card purchase.

Lastly I need to of course have a separate quickbooks file for each property (and in the cases of multiple property to one LLC, separate classes in quickbooks for each property within that LLC).

Sheesh!! Does everybody go through this same ordeal?

Yes. I will be giving them notice. Do I have to give it 60 days in advance or is 30 days enough?

Pavel what about the countersue for legal expense line - do I still use that if insurance has a lawyer in place?

thanks!

That's a great piece of advice Pavel. Of course, it's not likely I'll have any legal expense if insurance takes care of it all. 

The things that also bugs me is that even though they never sued (the incident was in July) they could just be waiting until they move out in Feb ...to keep good with me while they have me as their landlord. Have you had any experience with people waiting until much later during the 3 year statue of limitations to exercise their right to sue?

Well I've been polite this whole time. She hasn't mentioned it. I've done my best to be a good landlord all around - fixing things and doing several need updates to their unit and the house. I assumed she dropped it.

Then the other day she said she did actually go through with the suit and the "lawyer came and took pictures". Again she offered for me to "split the bill of $2,000" which she couldn't show me at the time. 

Immediately after that - her telling me that she did actually file suit - I notified my insurance company and they said the adjuster will be getting back to me soon.

They said I will want to collect info from her about her attorney, the exact date of incident, and copies of medical records/bills. I'm waiting to hear from adjuster to find out exactly what I need to collect from her. 

I'm also still sensing she may be bluffing but it's very hard to tell. So I'm going to continue not taking it personally, being a good landlord, and considering it a real matter that now is an official insurance claim. 

Any other suggestions. Timely check-in post Troy, as this matter just got inflated.

Thanks.

Thank you everybody so much. This really helps me. I really learned a lot.

I did read my policy and it says somewhat vaguely that I must notify them if there "could be a claim". Now my tenant never wrote me an actual letter or showed any documentation. They just verbally threatened to sue. Should I still tell insurance?

One more question on the incident issue - do I need to notify insurance that I have a potential claim? Is it wise/unwise to notify them?

Thanks greatly.

Marcia, thank you for your email. I am just seeing if there are ways I can end the lease seeing as they are being litigious and using threats. I don't really want to a tenant like that especially living in my own house.