All Forum Posts by: Victor Lee

@John D. just to clarify, you are asking, how do you find issues before closing that insurance raises after closing usually so you can ask the seller for the credit?

Sounds like by contractor you mean, you did a contract between an external person and your PM company so they can interface with tenants on your behalf? @scottroyalsmith would be your man here!

Hi All - Bumping this if anyone has any suggestions on a good commercial umbrella policy that could cover 2 or 3 LLCs where each LLC is holding 2 or 3 duplexes.

Hi - I am a remote investor and closed on a few properties in Easton this past month. Have two vacancies that I would like to fill out. Could not find a decent PM company in the area so managing myself. Tried working with a few PM companies for leasing and then also got an agent but they dont make any $$ on leasing so its taking forever to have them show the property. 

Ask- Need someone to show our vacant rental to prospective tenants. Just be physically present around the apartment and open and close the door during the showing time. Have two vacant properties in the area so thinking about 2-3 hours for each property to start with. We will do everything else (listing, credit/background checks, screening etc) and then also coordinate with the prospective tenants and give them the time to show when you are available.

Does anyone have any recommendations or referrals?

Thank you. Yes, I am the owner of the rental LLCs that holds the rentals and I am also the only owner of the property management LLC.

@Jason Bott Thank you. If a tenant sues me personally while doing the PM stuff, would the rental policies cover me as well?

Thanks. I am curious if they sue me as the person and not the PM LLC because I'll be interacting with the tenants and other providers as the rep of the PM LLC, would my Umbrella kick in?

My Insurance agent was clueless hence asking here.

Thanks @Drew Sygit. I was told by my agent, I wouldn't need that yet because the portfolio is super small (only 8 units).

What about general liability for the PMC?

Hi All - Not able to get any clarity through past posts. I have 4 duplexes thus far. 1 in my own name and other 3 in 3 LLCs. All 4 have liability insurance. Also have Umbrella Policy on top of the duplex in personal name.

Just started a new property management LLC to be the front and the operator with no assets so I can manage these duplexes and future purchases. This PM LLC will lease, communicate with tenants, maintain/repair the properties etc

I know I need to add this PM LLC as additional insured on the rental policies

but do I also need to have a separate policy for the property management LLC? I am the only member and there are no employees but my name will be out there as the face of the company working with the tenants, contractors et al so want to be covered in case someone decides to sue me or the PM company.

Thanks so much.

thanks @Sharlene Mulchandani Is the below language fine to include: Am I breaking any housing rules?

Qualifications
- We run a complete background check on applicants
- We require the renter to make at least three times the monthly rent in income
- Proof of rent payments for last 6 months
- Proof of income (last 3 months of pay stubs). If self-employed, transcripts of federal returns for last 2 years.
- Tenant is responsible for all utilities (Electric, Gas, Trash, Sewer and Water)
- Pets might be allowed but evaluated on a case to case basis. Will have a one time pet non-refundable fee of $250 and $30 per month per pet fee
- No smoking is allowed in or near the premise
- Our lease is for 12 months, and we do not offer month-to-month options