All Forum Posts by: Blake Weldon

@Tory Sheffer

Sounds like you are being pretty selfish not wanting any investors tough guy!!!

@Russell Brazil

Don't worry bud, I read the whole conversation, my position doesn't change despite you questioning my capability of reading comprehension! Maybe if I was a top 1% realtor in the country you would appreciate some truth from me?

@Eric McCarty

How much of a premium are they willing to pay?

What is the maximum amount of kids she will have there? Is it 5? 15?

Liability insurance would be my biggest concern. After that, the amount of additional wear and tear would be something to consider.

I would require them to carry at least 2-3 million in liability. You will also want to call your insurance company and see if they have a daycare endorsement. If not, I would increase your liability limits to the maximum allowable.

I would also want to have an attorney design a specific lease or terms to insure she is staying State compliant, etc. As to cover your back.

I think the above is just starting to scratch the surface, so you really need to ask yourself is the juice worth the squeeze?

@Tory Sheffer

Hope you have similar results with your newest Linden property :)

@Jan Styrczula

Agree with Russell, you are never going to see a penny of that money. Go to the local pony track or closest casino to his house and you will see him there with defeated eyes.

I fell for the bs pitch on giving more money to get my original money back once as well, won't ever happen again! Best lessons learned unfortunately are always the hard way.

@Josephine Wilson

Ha ha ha ha ha, funny stuff.

I recently purchased 2 new apartment buildings with 8 total common area doors. They had the old school locks with every tenant needing keys to enter. I like making like easier so I ordered some keyless entry doors called Turbo Locks off Amazon a few weeks ago. I am less than pleased with them and already plan on replacing them with something better. Does anyone have any recommendations or links for keyless locks they have used that both tenants and management companies have been happy with?

@Emanuel Ohunwu

They can give your name or LLC and list either business or personal address for notifications. I require them to e-mail me proof of insurance with my LLC listed before they get keys. If they make any policy changes, cancel, or anything you will recieve notice via mail.

When you get the original declaration page it will clearly show you listed as additional insured.

@Mary Mitchell

You ideally want to avoid a claim on your own policy unless it's unavoidable. A claim usually impacts your rates for 5 years, it even can on policies at other addresses as well. Plus many companies will deem you ineligible if you have a single claim on a rental dwelling in the last 2-5 years. Plus, if it's for anything other than a liability claim you will be responsible to pay your deductible, which is usually $1,000 or more. If the damage or loss occurred because of the tenant's own doing then they can be responsible to pay the typical $500 deductible. There are obviously exceptions, but I mostly referenced the industry norms here.

@Mary Mitchell

Let's say the tenant causes a kitchen fire. If they have a renter's policy, it will carry $100,000 in property damage. So the renter's insurance can pay out to fix the damage caused by the tenant, replace the tenant's damaged items, plus pay for the renter to stay in another house or hotel until the work is completed.

Their renter's policy will also carry liability coverage as well, which can come in handy if their pet bites someone, etc.

I require all my tenants to carry it, with $500,000 in liability and being in Michigan, I require them to carry the backup of sewer and drain endorsement as well. Make sure they list you as additional insured so if they cancel the policy after a week, you will receive notice.