All Forum Posts by: Tom Wallace

Thanks all. Bill, when you mention a "blanket liability policy" are you referring to something additional to a landlords property insurance policy? I do have property insurance (specifically for landlords) on each property. There is some liability protection in the policies. Are you referring to something in addition to that?

Thanks guys...(sorry Joe). My head is spinning a bit now. There is a lot of equity in each home I own because I don't have any mortgages on them. I totally rehabbed each one of them and plan to put mortgages on them as i continue to acquire other properties...What do you guys think about LegalZoom.com to set up the LLC's?

Thanks again,

Mike, why a separate LLC for each property? Wouldn't that be a logistical nightmare if/when I accumulate more properties?

I currently own 3 single family properties which I rent out. I am in the process of trying to secure more. I have a simple DBA. I am thinking about forming an LLC to provide myself some protections. At the same time, I am considering starting a property maintenance business with my son. This "division" of the business will provide maintenance for the rental properties but will also provide the same services for other customers. Does it make sense to have both the ownership of the properties I purchase and the "handyman/maintenance" business under the same LLC?

Hey all...I am a business owner (unrelated to real estate) and I currently own 3 single family properties which I have purchased, completely rehabbed and rented out(to great tenants). I own these 3 properties outright. I have refinanced my principal residence to finance these 3 properties. My goal is to continue to purchase properties and rent them out so that I can do be a full time landlord. What is the best way to continue to finance additional properties? Are single family properties the way to go. I hope to accumulate 7-10 properties and continue to rent them out. At some point when interest rates go through the roof, and I am ready to retire, I foresee selling the properties and maybe holding mortgages on them...Does this sound reasonable?

Thanks