All Forum Posts by: Andrew Wicklow

@Curt Bixel

Seems pretty boilerplate but also biased towards the prop mgr however they are unlikely to change it for 2 units. Maybe 10 or 20. Probably not 2.

Good luck,

Andrew Wicklow

@Chris R.

Send me the PPM please.

Thanks,

Andrew Wicklow

@Brian M.

Once you get to a certain level, usually 4-8 rentals) the insurance carriers no longer consider this risk as “personal investing” but more of a business and therefore want you to get a commercial policy not only for the property and liability on the rentals but also the umbrella portion.

This could sound semi daunting as you might have them in your personal name, but that doesn’t have to change. Ultimately commercial insurance policies have better coverages to cover a broader scope of tthings”. They do cost slightly more though, but well worth the extra premium for the more robust coverage.

Call an independent insurance broker who specializes in real estate. They can help.

Good luck,

Andrew

@Filip Reutov

Your primary rental property insurance company should cover you for lawsuits arising out of normal operations of a rental property. Fire/quake (not covered most likely anyway, etc).

But just to be clear. You have no liability when it comes to their belongings. That’s why they get the renters insurance. It’s for their stuff. Oh. And if they trash your place you can make a claim as long as you are an additional insured. (Which you should require).

Best,

Andrew

@Roshan Tiwari

It’s a licensing thing I suspect. They have to pay for bonds and insurance and all of their subs do too. If you pull it and act as gc they do the work and as a homeowner you’re allowed to do your own work as long as it’s up to code.

From an insurance stand point you should make sure that they have insurance (general liability) and probably workers comp - although by the sound of this, this is a smaller contractor who likely doesn’t have it. If one of his subs gets hurt on the job, you’re not at fault, his workers comp should cover that (the mail through the foot example comes to mind).

Lastly and this is IMPORTANT you should get them to give you a certificate of insurance naming you as an additional insured BEFORE they start. As many here can attest, if things start to go south with a contractor, they go south quickly and if a claim is brewing, they will likely cut ties and you’re left holding the bag. By getting the insurance info before that start, you can make a claim against their insurance should you need to (if they accidentally started a fire or something if that nature and it becomes a he said/she said sort of thing.)

Hopefully this helps.

Let me know if you have any other questions,

Andrew

@Jaime Hernandez

Construction management and some business degree. Business would be important starting out but eventually you’ll probably hire out the more complicated business aspect (legal/accounting). Construction management would stick with you for the long haul though.

Best of luck,

@Theresa Lemoine

I can handle the insurance portion of things.

Let me know when you’re ready.

Andrew

@Donte Hurt

Unless it’s repaired I’d say it’s basically uninsurable. You MAY get a company to cover it, but it will be a tough one for sure.

Andrew

@Carmichael Lewis

Call me and we can discuss the insurance options. I insure these types of properties all over the south and west sides.

Thanks,

Andrew Wicklow

@Thornton Drury

If you’re living there there is a homeowners product that covers the building, your stuff, and liability coverage (which covers you if someone Sues you).

Renters insurance will cover the tenants personal things and also liability in case they mess something up in your unit (as the landlord you should be named as an additional insured which allows you to tap the tenants insurance should they cause some sort of damage to your unit).

It’s ideal to have both.

Good luck,

Andrew