All Forum Posts by: Rahul Jayaram

Would like to ask if it’s possible to transfer a property still under mortgage over to an llc such that it can be rented out?

What would be the general steps involved?

Hello to all you experienced investors, thank you in advance for your positive responses.
If one had a SFH as a primary residence under mortgage still and decided to put it into a single-member LLC and rent it out while buying a new primary residence elsewhere, how could the following topics work?

1) how does one file the quitclaim template once you have found it online and filled in it?

2) Does one need to let their current mortgage bank know that this is moving to the LLC?

3) Is one only allowed 1 homestead exemption nationally? Does one need to let the county office know that the home is no longer the primary residence and has moved over to the LLC in which case I imagine the homestead falls away?

4) does one need to let their home insurer know that the home has shifted to the LLC? could the premium go up for the structural cover cost then?

5)Utilities need to all be transferred under the LLC name between tenants correct?

6) If the home barely breaks even after the mortgage and PM fee, would you suggest additional general liability cover or umbrella cover as the greater priority?

Hi folks,

I am a new investor looking to get into flips. Reading up in forums and like the blogs around covering yourself with documentation before you deal with Independent Contractors (ICs).

Unfortunately, some of the links to the sample IC contract seem broken now as they were a few years old.

1) Is anyone willing to share any links to sample IC contracts, an Insurance and indemnification agreement, and a lien waiver?

2) if you get the above all signed off by the IC, is the proof of license, liability insurance, and workmans comp insurance all really needed if they are signing those waivers?

3) what about the need for your own general liability cover? do you really need to get that if you have these folks signing waivers?

Starting off small for me means needing to separate the bells and whistles from the must-haves, hence my questions. I am not sure if some of the small ICs would have the stuff in (2) above.

Thank you in advance for your time.