All Forum Posts by: Sukhwant Kaur

Hi, I am in a contract to buy a 4 family. I was searching for insurance and quote was higher so my insurance agent sent me the details on why this is the case. Looks like 1 of the renter has filed for 3 claims in the past for total 7500. I am wondering if I should be worried about this purchase. Also, has anyone seen their insurance go up due to renter?

Thanks

Sukhwant

Just wondering how's the Lindsey heights area in Milwaukee for investments? Is this considered C or D neighborhood? Is this area on a way to become better neighborhood or going down :). Are there any landlords or property manager for this area who can share their experience with this area.

Thanks

Sukhwant

Thanks to all who took time to write back. I appreciate the guidance. I guess I better find the right CPA/lawyer to ask all these questions. Protection is not the only reason for us to have an LLC. My thought is that if we are going to add more units in the future then it might be a wise next step to have an LLC. I guess I have to do more homework on this.

Thanks

Sukhwant

Steve,

   It's just a family trust. I don't think having these properties under a trust provide any kind of protection. However I did get umbrella policy on top of the regular insurance for each building.

Thanks

Sukhwant

Hello,

I started my real estate investing in 2013 with my husband. Now we have 1 condo and 2 4plexes. My husband and I have a full time job and we do real estate investing part - time. We save and buy properties for long term hold. I am wondering if it's time for us to create an LLC and buy properties under the LLC instead of our trust. We don't have any immediate plans to leave our jobs as we love what we do and make 6 figure salary which means we can keep adding more properties to our portfolio with time.

Does anyone have any suggestions on the best course of action for opening an LLC? Should we just open a bank account, register an LLC and get a credit card so that the LLC can have some credit history? Can we take all the rent checks for the existing propertied on the LLC name and put it in the LLC bank account? Is there anything that we should keep in mind?

Thanks for your time.

Sukhwant

Hi,

   After months of searching and looking for an investment opportunity,  I found a drive thru coffee place that I am ready to make a move on. Existing owner is renting the business to another person who pays rent. I will not be running the coffee house but keep the same renter with similar conditions. My question is - what are the things I should keep in mind before getting into this? Any word of advice on my due diligence? As this is a drive thru coffee house so there's no bathroom there? Does the law required a commercial property to have a bathroom on premises? Btw this property is in CA.

Thanks

Sukhwant

Great job !!

I bought my first investment last year and successfully rented it in 15 days. I felt like I found a good renter so all is set and what can go wrong till the renter slipped in the patio. She said it was a rainy day and floor was slippery. I went to check on her and she had some stitches in the back of her head. She didn't ask for anything and I never thought anything about it. Today she sent an email with an hint to file a claim and suggesting that there are tons of medical bills that she don't want to pay. She hasn't come out to say how much she wants or what she wants but I want to be prepared to handle this situation in as professional manner as I can. 

I was about to get ready to buy another property in another state but now I am a little nervous and feel that may be I am not equipped to handle this landlord business yet and may be i need to educate myself better.

Anyway has anybody had any similar situation in the past? How did you deal with it? What's the suggestion?

I am buying my first duplex out of state. Seller doesn't seam to be too interested in me getting a realtor involved as they would have to pay the agent to do the paper work. Seller is suggesting to hire a real estate lawyer to do this stuff. Any suggestions?? What's the best route?

Thanks

Sukhwant

Johann,

   Thanks for the information. I just talked to the rep at corporatedirect.

Sukhwant