All Forum Posts by: Blake Weldon

@Tom Kaser

Require all tenants to carry renters insurance and make sure you are listed as additional insured on every policy. That way when they cancel it after a month you will be notified. Make it a condition in their lease that they have to have an active policy starting the day they move in and have them e-mail you the Dec page before you give them keys. Renter's policies cost on average $10-20 a month. He could have filed a claim and received a check for $1,500 within a week($500 deductible is pretty standard). The majority of the problem would be solved and you didn't have to do a thing. All of us have learned the hardware with situations like this and we can't change the past, but you can make sure this never happens again in the future by requiring this going forward.

*If you have properties with basements, be sure to require the tenant to carry the backup of sewer and drain endorsement.

@Jacob Phillips

Personally, the only way I would do that deal is through a lawyer. Let's say you own house 50/50. Sadly, Grandpa passes a few months later. What happens with Grandpa's 50%? It may go to his brother/sister or your aunt/uncle. They may want to be hands on, they may want to sell immediately, they may take you to court to get their way. Or he doesn't specify in his will, and now the 50% is in probate and getting fought over by relatives. If this was a $1,000 loan then who cares? Being this could amount to tens or hundreds of thousands of dollars... spending $500-$1,000 on a good lawyer to button things up is the only prudent route.. It's also the only guarantee you won't have any future surprises that will cost you a whole lot more than a grand after he passes.

Have you asked him what will happen to his 50% share when God forbid he does pass?

Inheritances can bring out the worst in family so make sure you know his expectations on the subject before you lock yourself into a deal you could end up regretting later on.

@Nikki Closser

This is a crime! Those who passed this should be personally responsible to assist landlords if the tenants do not pay.

It's sad but I will never invest in a far left leaning State for this exact reason. Once you can no longer control your own destiny is the juice worth the squeeze?

@Mike Jacovelli

People will hate you for primarily 2 things in life:

1. If you are happy

2. If you are successful

They will really hate you if you are both!

Everyone single person who discourages you from getting in real estate either doesn't have the courage to do it themselves or they have a random great uncle or third cousin who bought a house in a low income area and surprisingly the tenant tore the house up and didn't pay etc...

You truly are the average or reflection of the five closest people around you. I have a completely new set of friends since I started in real estate. All those friends really build me up and teach more lessons weekly. Find people in your area who are the level where you strive to be, ask them to lunch, and pick their brain. I guarantee you every single one of them will say yes to lunch.