All Forum Posts by: Nicholas Weckstein

@Nick Heil thanks for the reply. See that’s my worry. New policy takes place on the 21st but the inspection isn’t done yet. I can’t run that risk. Ironic you said space heaters because the heating is electric baseboard which I’m not sure is the same but seems like it. I just don’t need an inspector poking around telling me I have to do certain things. Just going to stay with Allstate. Could have saved around $450 a year but not worth the hassle

@Caleb Heimsoth agreed that was my worry. I’m going to just stay with Allstate No inspection and yes slightly more expensive but I’m sure it’s better than letting them come in

Hey everyone here at BP, Was hoping some one could shed some light on this. I recently decided to go with travelers insurance for my homeowners policy on a live in rental. Switching over from Allstate. Allstate I’m paying around $1,350.00 Travelers through GEICO is $944.00 So a pretty decent savings. The policy is to go into effect on the 21st. I just received the policy in the mail and the first page is about a property insurance inspection. Now I’m aware that a lot of companies will do a drive by but from what this letter is telling me, they’re going to want to come inside. That’s a potential head ache for me, I’ll admit theirs some things that I’m working on fixing. So my concern is they come do the inspection, tel me I have to make XYZ repairs and or they can’t/won’t insure me. Then I have to try to scramble to get my old insurance back. Is this worth the head ache ? I’ve never herd of an insurance company actually coming in to do an inspection. Allstate certainly did not.

So how do you classify A,B,C, and D class neighborhoods in your investment areas? Obviously price has to do with it, crime rate, income levels, condition of properties in area. But is their a guideline ? Something more solid or is it really just a kind of personalized assumption. for me, I have a rental in a C+ class neighborhood. Super quiet, never any crime in this part of the township, working class families. Only reason I say C+ instead of maybe B or B- (if that’s a thing) is because a lot of the houses are older. Pretty even mix of rentals and owner occupied. Maybe slightly more owner occupied. So to me thats C+ but maybe to some it’s not. Maybe some it’s B, maybe some it’s D.

@Mike McCarthy that was also recommended to me. And probably the route I will go. Guess I’m putting the money in my reserves !

@Jill F. Hey that’s actually a great idea !! So they appear to be vinyl glue down tiles. That’s kinda how I got Lowe’s to accept paying me for a whole new floor lol. I said hey well the problem is even with the same exact product, the color would be off. They agreed. But switching out the tiles is a very good idea.

@Jerimy Justice well that makes great sense at that point to do the renovation. If this tenant was moving I would wait. Do the floor, cabinets and paint, and maybe a few other upgrades and instead of $600.00 plus electric I would get $650.00 plus water and electric. (Water bill is roughly $60.00 per month). So we’re not talking a huge rental increase from renovation but still my preference to upgrade and update. I was paid out quite well for the scratch in what could be a 10-15 year old floor. Guess it doesn’t pay to rush into the renovation. She did just get a new refrigerator after all

@Michael Badin if I knew how to upload a picture on the mobile app I’d show everyone. It’s what I believe to be vinyl glue down tiles. The 9 inch scratch is a bit more of a gouge. It spans over 3 tiles right by the front door. I’ll try to get on the actual site here and upload a picture

@Michael Badin I do plan on redoing the unit when the tenant moves out. Most likely looking at paint, cabinets, some minor upgrades and now probably the kitchen floor. Which will help me get higher rent but not much. It’s a 2 bedroom 1 bath she pays $600.00 plus electric. She’s been here since I bought the place and is my best tenant. Not sure when she will move. I probably won’t raise the rent on her for a while. It’s a separate meter for water also so maybe I’ll have her pay that soon. But I suppose your rift theirs no sense in rushing to redo the whole kitchen floor. She’s not complaining.

Hey everyone, trying to get some input here. Kind of a long story but I’ll try to give the short of it. I bought and had delivered a new refrigerator from Lowe’s for one of my rentalstHATS Currently occupied. Lowe’s delivery team scratched the floor in the kitchen when bringing it in. So Lowe’s went through they’re insurance claim. I submitted my quote to redo the floor bc I explained to them I can’t just take up one piece due to the floor being older and a new piece wouldn’t match color wise. So I got them to pay me out for a total new floor plus labor ! ill be doing it myself My first intention was to do just do the floor. But I did think hey, maybe I can and should just pocket this money and leave it in my reserves. It’s literally a 9 inch scratch. The tenant isn’t complaining. One part of me wants to make it nice and new bc I like to have pride in my properties. Any suggestions on which way to go ? Ps going to upgrade to a better flooring if i go that route