All Forum Posts by: Nick Bendick

I use Nelson Property Management and have been happy with them. 

You can google Trusted Choice then search for a local independent insurance agency by zip code. They will represent multiple companies and will shop for you.

When you finalize the transfer you need to update your insurance policy to reflect the new ownership of the LLC. Talk to your insurance agent on how to do this. Some companies will add it as an additional interest and some put the LLC as a named insured. Either way it has to be done even at the risk of your lender finding out. As just one broad example, if you gloss over this update and a lawsuit related to the property occurs your LLC would be in trouble. It owns the property but the insurance policy will provide no liability protection to it becuase it's not listed.

@Maryjay I was actually just one the phone with the Maricopa county assessor yesterday looking to do the same thing. I have always paid someone to fill out the paperwork but will do it myself this time. I have always done a quit claim deed. Maricopa county doesn't provide a form you have to purchase or search for a free one online if doing it yourself. 

The bank may call the loan. The chances are slim but you still have to be prepared in the event it does happen. 

@Patti Rosepiler I would obtain a couple of quotes. Some companies have more restrictive guidelines versus others. To make it easier I would google Trusted Choice then search for a local agent by zip code. They represent multiple insurance companies and will shop to find a company that will be ok with the older plumbing and electric without breaking the bank. 

Yes as you are finding out a lot of insurance companies avoid student housing due to the increased risk. I have a couple companies that are ok with it though. @Rob Gervais send me a PM and I will see what I can do for you. 

These are all great questions and require a conversation to find out further details before appropriate recommendations can be given. I would ask them to your insurance agent. If you don't have an insurance agent i would google Trusted Choice and search by zip code for a local independent agent. Call a couple until you find one you like then schedule a time to talk about your buildings under contract then you will receive advice tailored towards your situation and needs.

@Elizabeth Goff send me a PM with the property address. 

Keep your insurance. You especially need it when selling because of the increase liability exposure with additional foot traffic in the home. Like Ryan stated when you sell the home, cancel the policy then you will be refunded the difference.

@Storm S. I believe they can place business through other agencies which are called general agents. In my agency (an independent insurance agency) if we have a hard to place piece of business that falls out of the risk appetite with our appointed standard carriers, we have to look at secondary markets. We don't hold the appointment but are able to place the business with the general agent who holds the appointment and we receive a portion of the commission. 

It has always been my understanding that the major difference between independent agents and brokers is that brokers take a fee on top of the commission they receive while independents don't charge a fee.