All Forum Posts by: Maureen Rhodin

I thought umbrella policies covered individuals, but I'm being told that I have to list my rental properties if I want the umbrella to cover them. Is that right?

I've read a few articles that caused me concern about our insurance policies. Both my parents have passed away and I am the Trustee for the estate. Current insurance listed my parents as insured and had no mention of the trust, even though the the properties are held in trust. I managed to get them to add the Trustees and Trust as additional insured.

If the insurance is in the name of the Trust and I, as a Trustee, am named as additional insured, what happens if the house burns down? The building would be covered as the named insured, but what about my personal property?

There seems to be an important distinction of a Trust not being a "who," and that affects personal property and liability claims. A trust isn't a "who", so if someone sues me for something that happens on the property, would I be covered? What about the umbrella policy? 

Should I direct these questions to an insurance broker or a trust attorney? What if they have different answers?

Would appreciate any education provided

Thank you

Thank you, yes, I would be the landlord for a small dispensary. I know my current insurance will not cover (Farmers) and I do have an agent working on this. Was hoping someone who currently has coverage could recommend their insurance company

Need recommendation for an insurer that will cover a cannabis dispensary. Location is SF Bay Area (East Bay). Also, anything of which I should be aware before renting to a dispensary?

@Daniel McNulty

Thank you. Decided to keep in trust for the tax benefits. Need to learn more about LLCs

@Eamonn McElroy

Thank you. Yes, deep conversations AND documentation. I've learned that over the past few weeks. We're all pretty close on our understanding of what my parents wanted and we're going to keep the properties in trust for now and will revisit LLC in the future. Your response is much appreciated

My parents distributed their estate among four children. We are planning on keeping two of the apartment buildlings in perpetuity. Is an LLC a good idea for this situation? Will it make the accounting easier now and when we pass the properties to our children? I know it will require annual fees and paperwork, but will the accounting of expenses/tax deductions be easier if distibution is contained in LLC filings?

@Joel Owens - Good to know. I agree with the scenario you present and hopefully should the scenario you present occur, I'll be prepared to snatch up some great deals! Now to up my discipline and confidence and take the big step. Thank you

BTW, my daughter graduated from SCAD in 2017. How's the Savannah commercial property market?

@Greg Dickerson thank you for the reply--appreciate it! My properties are both mixed use and I'm looking to invest in a 6-unit+ if I can find one with good numbers. The line of credit was about 1/2% higher than the outright refi. My thought is to take the full amount and eat the cost of holding the loan (hopefully less than a year), since in the long run it will be cheaper than using the line of credit and paying a higher interest rate over the 10 years. I know I have to be diligent in directing the money properly (easy to squander on other things). Worst case scenario is I squander all the money and need to sell/refi in 10 years. Properties are in the SF Bay Area and am assuming that even if the bottom falls out of the RE market, I'll be ok. Am I delusional? Am hoping to get some feedback from long time investors on what I may be missing in this scenario. Thanks

I own two properties free and clear valued at $1.2M. Do I take the commercial loan before I have a new property to invest in? Or do I pay a higher interest for a "heloc" type loan? Hoping to learn about some things I may not be considering, and would love some input on where to safely park the money. Thank you!