All Forum Posts by: Alan Mills

@Sam Brust Thank you. Certainly, I would be happy to receive additional information from you if you’d like to continue the conversation privately.

@Nick Rutkowski thanks for your thoughts!

Closing on my first duplex next week. I called to set up insurance today. The property was built in 1900. Purchase price is $100,000. After answering the typical questions regarding materials and estimations, my insurance company recommended I insure the property at $500,000. They stated that older properties could require this kind of money to restore the decorative masonry used on the external part of the property, wood flooring, etc.

I’m used to insurance numbers coming in below purchase price because you do not have to rebuild the property, only the structure that is built on it. This is the first time I’ve questioned my very reliable insurance company, but it appears that I am being asked to over insure this property.

Thanks for your thoughts.

@Matt M. Yes, I use Zelle too, but only for tenants who have the option with their bank. Or is it possible to set up a Zelle account for tenants whose bank doesn’t offer the option?

@David Campbell thanks much

@David Campbell I was frustrated that two of my banks didn’t have methods in place to do automatic transfers from my tenants. So now I am just using Venmo to collect rents. I would appreciate ideas for ways to set up automatic debits from my tenants bank accounts.