All Forum Posts by: Sam P.

Transferred my rental property to LLC through quit claim. I called my insurance (Allstate) today and asked them to change the policy to be under the LLC, but they are saying they can add the name of the LLC as an interested party, but the policy has to be under my name.

Is this ok? Will this cause any issue in case of any claims or something like that?

I created the LLC and have transferred the title to the LLC. When I called Allstate and asked them to transfer the property to the LLC, they are saying that AllState policies does not allow a business to be listed as the owner of the policy. They are saying that the LLC can be added as an interested party to the policy and that will be sufficient. Nothing changes as far as claims are concerned, in case of a claim the payment will be made to me as the owner.

Should I be concerned about this ? Do I need to get a commercial policy for my property? 

Thanks Nicole and Crystal, very helpful

I am in the final steps of moving my first multi unit property to a LLC from our names (me and wife). Created LLC, got FEIN. These are the remaining steps I have in order

1.Initiate the quit claim paperwork and submit to county

2.Set up a bank account (should it be done before the quit claim or it does not matter?)

3.Do I need to sign a new lease for the property or only inform the tenants that the property is under a LLC now? When we purchased the property, we did not sign a new lease and only extended the lease. Should this wait for the quit claim to complete?

I get rent 2 ways

a. Through Zelle: My plan it to set up the bank account using the same phone number/email address so it is transparent to the tenants. Will this be a problem like piercing the corporate veil dea

b. from HACC for section 8 : Do I only submit a bank form for them or do I have to show proof of new owners to them?

4.Update to use LLC name for utilities

Is there anything else that I need to do or is missing?

Thanks in advance

Sam

Thank you for the feedback. 

Thanks Matthew, do you do any special maintenance for the asbestos, like painting over it? What if we decided to replace with Vinyl, how much \will it cost typically. It is a 1500 sq ft unit on 2 floors

Hello, Looking to buy my second investment property, found property and now finding the sidings are asbestos :(. Should I proceed or walk away? Everything else seems fine. Do we need to replace the sidings immediately after purchase if we proceed? This is in the suburbs, not in city. All advice and feedback from the experts appreciated. Also how much will it cost to replace sidings? 

Thank You

Sam 

Hi Jonathan, Thank You. The rates listed here are higher than what we are getting right now. Can we ask for a rate increase middle of the lease or wait till lease renewal

Hello Chicago landlords, looking for recommendations for a company that will come and remodel a basement unit. Work will be to replace floor, put some new drywalls, paint the whole unit. 

I am also calling around and getting quotes from companies asking for membership with them for $149 per year with which they will provide premium services, free estimates and discount on actual work. Have anybody used anything like that?

Thanks for all your replies. This is in Evanston, Illinois and I went through the daycare licensing requirements in the village website and they are pretty stringent, requiring inspections from Fire department, Health, police reports etc. Tenant says there are home daycares in adjacent properties, they don't show up in the home daycare listing in the village website and obviously unlicensed. 

I agree with all of you, not a good idea !