All Forum Posts by: Alecia Loveless

Thanks David. Hadn’t heard of this type of policy yet as I am new. 
Alecia

I am 6 days from closing on a new SFR and am having trouble getting insurance on it. This property requires renovations, and due to the location I am estimating I will need 60 days to finish the project. Contractors are in high demand and my personal contractor is finishing up a prior project for me, but this deal was too good to pass up.

So far I have been told by three insurance companies they do not handle rentals. I have had one company say they will give me 30 days to do renovations and get the new roof completed as well as get a new tenant in, which is not likely to be viable, but I am keeping in my back pocket as a last resort.

The newest company I heard from today said they would give me a vacant building policy for $1825 for 12 months that I can cancel at any time once the renovation is complete and shop for a new policy that is for a rental at a better price, the agent apologized for the high price, he understood that an investor would not be happy with that quote. However, the agent was trying to give me the flexibility to finish the project without a stringent time frame and still have proper coverage.

Does anyone have any recommendations?

Thanks!
Alecia

Signed off on inspections on my new SFR. 12 days to closing!

Hi Matthew, 

This is definitely something to consider. I will run it by my contractor and see if he can make it work. 
Thanks!

Alecia 

Hi John,

The breaker box controlling the furnace is in a closet next to the furnace and the thermostat controlling the temperature is on the other side of the furnace in the kitchen. 
Thanks! Alecia 

Thank you John. I have already set a rent amount with my tenant as he is moving from a property I am selling into the new one. My best bet is to probably do as you say and tell him it’s included and then adjust the rent accordingly in the future if he continues to live there multiple years or when another tenant moves in. 
Alecia

Hi. I recently bought a duplex and the two sides share a furnace. I live in the side without the furnace which provides both heat and hot water. The two units are separately metered for electricity.

Currently the other side is being renovated and should be rented shortly, the tenant is ready to move in at any time.

My question is this. The cost for the electricity to run the furnace, it is an oil furnace, but electricity kicks it on, and to supply the hot water to my side of the duplex is $15 a month during the winter and about $5 a month when the heat doesn’t run. Should I offer my tenant a discount on his rent to offset my costs, or even worse, pay the tenant’s electricity?

Thanks!

Alecia