All Forum Posts by: Carlos Appezatto

Thanks Gail. Perhaps there are more to this that the tenant hasn't told me about (e.g.: clog) that would constitute negligence and/or his fault. From the insurance perspective, would it make sense for my homeowners not to cover that?

Thanks for the responses. It is still not clear how it malfunctioned. Seems something inside the tank broke and as a result it was running however, the water came from the toilet, not from the tank which doesn't make much sense unless it was clogged.

Hello BPs. Have a rookie question related to maintenance/incidents. Last week my tenant called me saying that the toilet malfunctioned and as a result it leaked water for 2 hours approximately and cause a big flood into the closet, master bed, hallway and one of the guest beds (water came thru the wall). He said water was about 5 inches in the master bathroom. I immediately called my insurance company to file a claim and in parallel called a restoration company to go over and contain the problem. They (rest company) showed up to remove the water from the carpets and remove some of the baseboards for drying walls that got most affected. They ended up leaving the house with 20 fans to dry everything. Problem was contained! The problem is that on the next day I got a call from the adjuster saying asking for some additional details and saying that he reviewed my policy and this type of damage/incident was not covered. Called my insurance agent and he confirmed it was not covered but also stated that this seemed to be negligence from the tenant and wouldn't be covered by the insurance anyways. The tenant does have the renters insurance and he did file a claim, we expect the adjuster to stop by today or tomorrow. Nevertheless, would like to ask your any guidance or advice you may give me in this situation. The restoration company provided me with an estimate of $3,500 which, at this point, is coming out of my pocket. Thanks in advance and have a great day!!

Thanks everyone for the responses. Very useful resource and good to know I can get some good advices here. Hopefuly at some point I'll also be able to assist new BPs.

I'm using a broker with my first rental amd like I said, trying to avoit the "buts". She is charging me 1 month of rent and does all showings and screening.

I ended up approving a couple that had "bad credit history" (under 600) but good history with past landlords as my rental was approaching the 3 week of vacancy. It is located in Haslet/TX.

Thanks everyone again for the excellent advices!

Hello BPs. I'm really new to BP and real estate investment. I just bought my first rental property after doing a lot of reading and research. While I'm still not 100% sure we have made the right move in terms of numbers, I'm pretty confident we are in the right track based on what we have taken into consideration Vs what we've been reading.

Now back to my question, our first rental is been on the market for a little over 2 weeks and after reducing the price a little we got a better response from potential renters. The problem is that they are coming with a few "buts". The first has a low credit history (in the 600 neighborhood) the second had a previous eviction and the third had a bankruptcy. We do have a real estate agent assisting us in finding renters and with the showings, however, I'm not really sure we should have a first "bad start"

Should we minimize the risk of the "buts" by requesting a higher upfront deposit (e.g.: 3 rents in advance)? Any other/different recommendation?

Thanks in advance,

Carlos Appezatto

Hello BPs. I'm really new to BP and real estate investment. I just bought my first rental property after doing a lot of reading and research. While I'm still not 100% sure we have made the right move in terms of numbers, I'm pretty confident we are in the right track based on what we have taken into consideration Vs what we've been reading. Now back to my question, our first rental is been on the market for a little over 2 weeks and after reducing the price a little we got a better response from potential renters. The problem is that they are coming with a few "buts". The first has a low credit history (in the 600 neighborhood) the second had a previous eviction and the third had a bankruptcy. We do have a real estate agent assisting us in finding renters and with the showings, however, I'm not really sure we should have a first "bad start" Should we minimize the risk of the "buts" by requesting a higher upfront deposit (e.g.: 3 rents in advance)? Any other/different recommendation? Thanks in advance, Carlos Appezatto