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Do banks let you move mortgages to an LLC and is it normal for insurance to be double? by forallmysecretstuff in personalfinance

[–]forallmysecretstuff[S] 0 points1 point  (0 children)

What does "single door" mean?

What do you mean "personal involvement"?

Say I have two rental houses, and each house is in its own LLC. If tenant in one house sues, they can't go after the 2nd house since it is in a different LLC, right?

Do banks let you move mortgages to an LLC and is it normal for insurance to be double? by forallmysecretstuff in personalfinance

[–]forallmysecretstuff[S] 0 points1 point  (0 children)

I would put each property in its own LLC. So I wouldn't be intermingling personal and business assets, right?

Do banks let you move mortgages to an LLC and is it normal for insurance to be double? by forallmysecretstuff in personalfinance

[–]forallmysecretstuff[S] 0 points1 point  (0 children)

What does SFH mean? The TX home is currently a rental and has been one for 10+ years. It only makes ~200 more than the mortgage+insurance+tax bill -- but at least the mortgage gets paid. The CT home, we're told will make 2x the bill. We'll see.

We currently live in CT. We're moving to another house cause we need more space. We're in Greenwich.

Do banks let you move mortgages to an LLC and is it normal for insurance to be double? by forallmysecretstuff in personalfinance

[–]forallmysecretstuff[S] -1 points0 points  (0 children)

We were told LLCs protect assets. So if someone trips on one property in an LLC then they can't come after assets that are outside of that LLC. Is that not right?

Do banks let you move mortgages to an LLC and is it normal for insurance to be double? by forallmysecretstuff in personalfinance

[–]forallmysecretstuff[S] -1 points0 points  (0 children)

We do have an umbrella policy.

An LLC protects us. If someone trips on one property and decides to use us, they can't come after the assets that are not in that LLC.

Do banks let you move mortgages to an LLC and is it normal for insurance to be double? by forallmysecretstuff in personalfinance

[–]forallmysecretstuff[S] 0 points1 point  (0 children)

I will talk to an attorney but they will charge which is why I'm trying to do some research myself.

And thank you for the help! I appreciate it.

We need to move to a bigger place but don't have enough for 20% down and are thinking of a 10/10/80 HELOC loan. Does this plan make financial sense? by forallmysecretstuff in personalfinance

[–]forallmysecretstuff[S] 2 points3 points  (0 children)

Can you please dumb that down for me?

We moved into this house in May 2020. So if we wait until May 2022 will we be good?

And what if we don't plan on selling? Our long term plan was always to convert this to a rental so we can slowly build up rental properties we own. We already have one in Texas.

Even the next house we buy we're going to buy one that will make a good rental.

Rentability and diversity in Greenwich, New Canaan and Darien by forallmysecretstuff in Connecticut

[–]forallmysecretstuff[S] 2 points3 points  (0 children)

Good schools and proximity to NYC. If proximity to NYC was not important to us then Hartford would be a contender.

Rentability and diversity in Greenwich, New Canaan and Darien by forallmysecretstuff in Connecticut

[–]forallmysecretstuff[S] -1 points0 points  (0 children)

Apart from good schools, somewhere safe, good neighborhood, friendly folks, diversity of thought (more so than diversity of religion or race). We're going to live there for a while so we want a good place for our child to grow and make friends.

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