All Forum Posts by: Alan Clarke

This was a fun read, I for one am in the boat of hiring a property manager but that is just me, I am 1,000 miles away from my property and I like to travel, so I don't want to deal with it.  I like collecting my check each month and the cost of a property manager is a small price to pay for a little more freedom.

The PM does the job I don't want to do and I have never had to deal with a single issue, except going to the bank.  I invest because I want freedom, not more money.

Without understanding the details and I have no advise, only curiosity, why is the rent so low?  Area, size of units?

$61,500 for a fourplex still sounds like a good deal when I am looking at a duplex for $80,000.

Thanks

I had the same question about a year or more ago:

https://www.biggerpockets.com/forums/52/topics/174368-property-manager-and-insurance-question

I wouldn't be surprised if they asked to be listed on your home insurance too.  Which I thought was odd, but my insurance agent tells me this is common as well.

I feel they crossed a line and I would pass on renting to them, but here is a story.  My

next door neighbor was renting his house out and not once but twice, I had a knock on the door of a potential tenant ask me if my neighbor was a doctor in some African country.  I said no, he is not.  The first person got off easy where as the second person got scammed, by sending the first months, last months and deposit by e-transmit or similar.  She lost all her money and she was very upset because as most that was more than she could afford to lose.  As soon as he put his unit up for rent someone created a bogus Craigslist advertising his unit.  So I can see a tenant doing their background check on a landlord, and I can see someone checking a FB or Googling a landlord but I would still pass on renting to them.  Kind of a double standard but because I got an actual knock on the door, when yours is internet.  Internet feels more invasive as a knock on the door seems more normal but I am old so there's my reasoning.

thank you

I have a tenant who is asking permission to run a small E-Bay business out of the second bedroom of one of my units.  He said absolutely no foot traffic only e-commerce.  I personally don't have an issue with this but what are my unknown factors that I should know about?  My unit is in Little Rock Arkansas and it a single family house.

Thanks

Sorry, I left out an important detail, I am moving 1000 miles away for reasons not important to this post but I am so close to paying off this house that I want the credit bump and the income if I can find a good PM.

I am about to rent my first house and I will be using a property manager, I have some question about the contract.  The hold harmless part states:

HOLD HARMLESS:  OWNER (me) agrees, at OWNER'S expense, to indemnify and save the AGENT FOR OWNER (pm) harmless from any claims or damages, including, but not limited to costs, expenses, and reasonable attorney fees and accounts thereof, that may be made by anyone in the connection with the management of the property and/or injuries suffered by employees or any person whomsoever, and to carry, at OWNER'S expense, Comprehensive General Liability Insurance with limits of $300,000 death or injury, and $100,000 property damage, The AGENT FOR OWNER shall be named as an additional insured under OWNER'S policies at OWNER'S expense unless such naming is contrary to the Insurance Company's established procedure.  In the event this insurance is canceled, a thirty (30) day written notice of cancellation will be sent to the AGENT FOR OWNER, and the AGENT FOR OWNER is specifically authorized to place , at OWNER'S expense, liability coverage if a copy of any existing liability policy is not furnished to AGENT FOR OWNER within thirty (30) days after the effective date of this agreement.

Is this normal practice?  I know I should have Liability Insurance to cover my house and myself but is it normal to include the PM on my insurance too.  Shouldn't the PM have their own insurance to protect them from incident?  What if I have a problem with the PM, what protects me from them if they make a mistake.

I will have more question to follow, so I thank you for your time.

I found a website (seems I have visited this site before too)

I don't quilify but it looks good for those who do.

Question:
Do I need equaty in my home to refinance? When I bought the house 5 years ago I got it for 15k under value, today my house is valued exactly at what I owe.

Reading the site makes me believe that I do.

http://www.governmentrefinanceassistance.com/

I have heard about a plan where the government is covering the cost to refinance ones home.

I bought my first and only home about 5 years ago with the intent to fix it up and resell it. It has taken me 5 years to aquire tools, skills and money to pay for renovation. Now I am thinking of renting the place, I am within walking distance of a Collage. Houses in my neighborhood are just not selling for the price I can afford to sell at.

I want to get a lower percentage of 4% if possible to make renting it more profitable but if I do manage to sell the place I don't want to lose money on the refinance.

I am checking out the internet but I feel I can't find a site that will educate me without them wanting my personal information or me feeling like I might be falling into a scam site.

Any direction would be great, thanks