All Forum Posts by: Mike Jones

 You're welcome. Its going well, thanks.

 I applied for it under the subsidiary and if I remember correctly, I had to  list myself as the responsible party. 

If you have enough cash, is financing your own fix and flips a bad move? What do one needs in order to get started in this area? Do I need to have a contractor linger up? 

What are the steps, and things I should pay attention to. 

How to find people to do a flip with?

Thanks all. Check was deposited and credited, NO question asked. I wrote the account number on memo line as @Mike Mosee suggested, and wrote my name and phone number on top of the check.

The bank have cashed the check and money left my account. 

@Matthew McNeil I had contacted them and spoke to someone about. The person didn't say go ahead and transfer it, but they indicated that the bank hadn't called on a note before and didnt think they will care much as long as things are in order. Its a credit union. 

@Matthew McNeil I though because the bank system will have my name, they would be confused when I present them the LLC check.

hello.

I had a property under my name transferred to a LLC. The real estate taxes bill have changed to reflect the LLC. Now I need to start making mortgage payments, and was going to write a check from the LLC. Will the bank be confused when I drive up trying to make a payment with that check? What do I need to do to make this smooth?

So far I have received 2 difference Quotes.

-- One is a Condominium quote that has the subsidiary LLC as the primary Named insured and myself as the secondary named insured.

-- The other quote is a Commercial property quote, which list both my Holding LLC and the subsidiary LLC as the applicants.
The limits on both are almost the same. The commercial is a little extra long and has more things (that I dont even think i need) such as: business income coverage, employee dishonesty, terrorism coverage ..etc.

The premium difference between the two is about $300.

Is it necessary to go commercial at this point? The condo building has a master policy in place, so I don't see a lot of risk here.

And those is really matter if the Parent LLC is not listed on the policy?

@Jason Bott

The LLC is a subsidiary of another parent LLC. Would that make a difference?

The policy has my subsidiary as the Named insured and me as the second Named Insured.

I will be purchasing 2 condo in the name of my LLC,

And my insurance agent want to write a policy on which the LLC will be listed as the first Named Insured, and I will be listed as an Additional insured.

Is that good or bad?? The agent said it will best to do it that way because they are condos.

Please advise