All Forum Posts by: Steve Fitzgerald

My wife and I bought a SFH primarily to use for STR. We’re planning on putting the property into an LLC. We have an investment mortgage on the property in our names but will do a quit claim deed once the LLC is setup. My question is about the LLC. For estate planning purposes I want the both of us to be members of he LLC. NC is not a community property state so a married couple in an LLC isn’t considered a single member like some other states. My question is if anyone in NC has found a way around this? I don’t really want to setup a multi member partnership LLC if I don’t have to because of the additional cost and paperwork. I’ve spoken to my accountant who gave me the options of a single member or multi member, but I have heard of people who have gotten around it somehow. I just don’t know how. Thoughts?

I’m looking for a good contractor who can replace some siding and paint my property in the New Haven, CT area. Any recommendations?

I'm in the process of buying an SFH to rent out. The home inspection report indicates the roof and hot water heater are at or near end of life. Would you negotiate for cash back or a price reduction?

I'm thinking about putting my rental property with the same insurance company that I use for my primary residence so I can get an umbrella policy from them. The premiums between the two companies are different. I'm trying to determine what coverage levels I really need to have. What coverage levels are you using? Do I really need to the back flow protection that is suppose to pay for damage caused by a sewer line backup, etc.?

I have a single family home near New Haven, CT that I’m interested in hiring a property manager for. Anyone have a great property manager that they would highly recommend?

@Edward Schenkel - It would be a new LLC.

@Edward Schenkel- I have a rental property in CT that I own outright. I'm considering putting the property into a trust with the beneficiary as an LLC. My understanding is that I can name a trustee elect for a period of time then elect myself as the trustee as long as I'm not one of the beneficiaries. With this approach my name would not be listed anywhere as an owner of the property. I'm going to have an LLC that I'll start as the beneficiary as well as probably my kids.

I have a couple of questions:

1. Is my understanding of naming a trust elect then naming myself as trustee legitimate? 

2. What is my liability exposure if I'm the trustee vs just putting the property in an LLC?

3. If I decided to scrap the whole idea and just get a big umbrella policy with the exception of gross negligence are there really very many situations where the umbrella policy wouldn't hold up?

Thanks!

There’s a lot of debate about setting up an LLC or just getting a big enough umbrella policy. I’m curious if anyone who has just an umbrella policy has been successfully sued where the umbrella policy wouldn’t cover the judgement. I know umbrella policies don’t cover fraud, for example, but any other real-world examples?

Anyone using Thumbtack to find contractors for one off projects? If not, how are you finding contractors?

Is anyone using a licensed handyman/contractor in the New Haven, CT-area that they like and trust?I have a property nearby and I’m trying to add another handyman/contractor to my vendor list to call in case of repairs.