All Forum Posts by: Pete Broom

(repost since i did not get many replies)

I just got my first rental condo. The condo is currently under my spouse and my name.

A few questions

1. How should we put as owners of the property? Us as owners? Or create an LLC and move the property to the LLC?
2. How should we get bank accounts? In our names or the LLC names?
3. How should we get the insurance? Right now the property is in our name and renters are already renting. We have the renters get renters insurance. And we have the rental insurance and the umbrella policy on us.

( P.S. I think this should be a very common question but I could not find anything out there. Seems like there should be a pdf or something for this..)

I just got my first rental condo. The condo is currently under my spouse and my name. 

A few questions

1. How should we put as owners of the property? Us as owners? Or create an LLC and move the property to the LLC?
2. How should we get bank accounts? In our names or the LLC names?
3. How should we get the insurance? Right now the property is in our name and renters are already renting. We have the renters get renters insurance. And we have the rental insurance and the umbrella policy on us.

( P.S. I think this should be a very common question but I could not find anything out there. Seems like there should be a pdf or something for this..)

Not sure I completely understand. Are you suggesting that I get the additional condo insurance? Or the master policy is enough and I dont need to get more?

I just got my first rental condo for $310K. 

For this, I am being quoted $250/year for umbrella insurance which covers $1M/$2M per occurrence/aggregate. From what I gather from this forum, getting an umbrella insurance is the right thing to do.

I am also being quoted $450/year for condo coverage. But I have "master policy insurance" through the HOA. This is the "walls in" insurance.

So

- Should I get the umbrella insurance?

- Given that I have the master policy insurance, do I need the additional condo insurance?

I am buying my first investment property. The agent says that I need to buy it in my name. I have created an LLC to protect myself. How do I transfer ownership of the property to the LLC? Can it be done before the house closes?