Posted by dutch on April 11, 2006 at 15:53:45:
Get a new agent
You can add anybody or any entity as an additional payee.
Dutch
OKHomesavers
Confused and Need Help! - Posted by Michele
Posted by Michele on April 11, 2006 at 14:36:29:
Hi,
First let me say that all of my investing is done in Florida (insurance nightmare capital of the world), and that I am talking about keeper properties here that I have no intention of turning over anytime soon.
My confusion is this - attorneys and RE gurus instruct holding these first in a land trust with some entity (i.e. LLC) as the beneficiary. And this is typically how we handle our quick turn investing.
My insurance agent is saying ‘bad idea’ when it comes to keeper properties, and that they cannot get me insured with land trust with LLC as beneficiary that I would need to decide on having the property in the LLC or the land trust -but not both. Before you say that the agent doesn’t understand investing … he was the past president of our local REIA.
Insurance agent is about the only one in town that would even quote rental property held by an LLC. Agent is advising to do either the LLC or hold it personally where he can get me tons of liability insurance & an umbrella policy relatively cheap.
I don’t understand insurance enough to feel qualified to make this decision - any input would be greatly appreciated!
Thanks,
Michele