Insurance And Rentals
I have a property I am paying cash for so there is no mortgage. I want to have the title in my company name, my insurance person states that most companies do not like to insure when title is just in company name so I have to put title in my name get the insurance and have the company named as a benificial interest then quit claim/warranty deed property to the company.
Now 2 questions arise.
1. Is this true and if so what are the best practices for this?
2. I am going to refinance and get my cash back out so is the mortgage company going to require that the insurance be in my name? The mortgage will be in my personal name as I have yet to find a lender finance a property in my company name.
Thank you
The first named insured should be the titled owner. It sounds like the Agent doesn't have a company that writes commercial insurance for the rental market...find one who does.
I am not the finance expert, but own numerous properties in LLCs and Trusts. I have used different lenders to finance all of these. They are out there...
May be a good idea to attend a local REIA-type meeting and network for these 2 important members of your "team".
Best regards,
Tim