All Forum Posts by: Dana Winer

@Jason Bott very helpful thanks!! We are contacting our insurance agent today to see about adding to our policy. We have a liability policy for our business and umbrella but sounds like we would need something focused specifically on workers to cover incidents if we chose to go with someone who didn’t carry there own liability and worker’s compensation insurance

@Mike Waller interior painting, laying flooring, bathroom plumbing repairs. Nothing involving ladders. What type of insurance do you want to make sure they have? For example, if they go to ER medical insurance would cover that but I’m guessing there is a specific liability insurance you look for?

@Mike Waller even for basic work? What sort of insurance do you require they have?

@Adrian Moening I think it absolutely depends on the situation. We have 9 doors and we analyze 3 things when determining if we will increase. 1. Has the tenant proactively reached out about a life changing event and have then been a great quality tenant. 2. What’s the market rent and how in line with it are we? 3. Have expenses dramatically increased? Covid has presented more analysis around point 1 but those 3 areas guide us. Typically, if the rent increase is justified due to home improvements, increased taxes and market rates (which they likely research as well) the tenants agree to the new rate.

Good morning! I was curious if everyone requires insurance policies for anyone doing work on there home or only for higher risk projects? If the worker doesn’t have general liability and worker’s compensation insurance and they hurt themselves on the job would it hit our general liability insurance?

Wanted to update all on this thread that we won the eviction. We ended up going to court and saying we didn’t want to have to evict her and as long as she was out by 10/31 we would drop eviction. After the judge told her this was in her best interest based on the facts we provided she agreed and signed docs in court that she would be out by 10/31 with place cleaned. She promised us she would be. She ignored any of our texts after the case to arrange key drop so we figured she would not be out. On 10/31 she was not out as we expected so we went back to the courthouse to file the writ (all part of some case so no new filing fees) and judge signed off immediately. We were scheduled to have sheriffs come 11/15 but she ended up moving out 11/14. We were able to have our contractor do a cosmetic update and had a new renter in by 12/1 at a much higher rent. We just went to small claims and won our case there so now we need to determine if it’s worth it to go after her to pay us. Thanks for all the guidance and opinions on this one!

@Jamia Stevens where there is will there’s a way! I do agree that if you want to do the Deal solo you should have the down payment, closing costs and 10% of one years estimated rent saved. However, if you don’t have the money you can take on a partner. If you can promise a return of say 5% and you know someone who has money in liquid savings they likely get a max of only 2% so that could be a win for them and you! Final idea, are you saving in a 401k? If so, you could repurpose that savings into liquid savings and invest in real estate which pays off now and likely at higher rates vs when you’re 60. My husband and I are lucky because we both do this together and have great corporate jobs that allow us to invest. We personally max 401k and then real estate comes after that but I know many investors who prioritize real estate ahead of 401k!

@Theresa Harris yes she did. 3 days late but she paid.

@Dawn A. Thank you!! Do you know if we go to eviction court and our tenant wins could she ask us to cover legal fees if she used an attorney? I read online they only can do that if our lease said we could do that but she was only in a verbal lease month to month from previous landlord.

@Dennis M. Ugh what a bummer! We usually give one chance if they communicated why it was delayed without a late charge but after that we strictly enforce the $50 fee for anything 5 days late