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All Forum Posts by: Account Closed

Account Closed has started 17 posts and replied 53 times.

Buying & Selling Real Estate

Post: Putting property in a LLC. Newbie help!

Account ClosedPosted
  • Real Estate Investor
  • Ephrata, PA
  • Posts 58
  • Votes 2

Which is more appropriate and will cover a more broad area, personal umbrella or landlord insurance? Any information is greatly appreciated!

0 Votes
Buying & Selling Real Estate

Post: Putting property in a LLC. Newbie help!

Account ClosedPosted
  • Real Estate Investor
  • Ephrata, PA
  • Posts 58
  • Votes 2

Pennsylvania is pretty strict and I know that if I buy a MFU and then transfer it to a LLC, I have to pay a transfer tax of 2%. Ouch!

Also looking at the other threads, some say that a personal umbrella does not cover things such as renovation charges, mold? What insurance is best?

0 Votes
Buying & Selling Real Estate

Post: Putting property in a LLC. Newbie help!

Account ClosedPosted
  • Real Estate Investor
  • Ephrata, PA
  • Posts 58
  • Votes 2

I met with the mortgage lender on Tuesday for my first investment MFU. I'm gonna live in it to satisfy the tax incentive. However, I want to protect myself legally and asked the lender about putting the MFU in a LLC. He told me that's almost impossible to do and lenders probably would not approve of a loan because they want the owner on the risk. Is there anyway around this? I also thought of an alternative of getting a personal umbrella insurance. Thanks.

0 Votes