All Forum Posts by: David P.

As a real estate investor and landlord, I don't want to discriminate against anybody.  I do, however, want to manage tenant activities that result in costly abatement processes that would negatively impact the profitability of a property.  

Does anyone have a solid statement to add to a lease agreement that either prevents the activity or shifts the abatement costs of eliminating strong, lingering odors to the tenant?

Also, how would one objectively determine what makes a strong, lingering and offensive odor?

Shawn, $60 per mo. seems unusually inexpensive for that much coverage? Or, maybe I'm paying just way too much. I have a landlord policy for a property valued at $525K (replacement) with $300k liability and the monthly cost is $178...

I'd jump on the $60/mo premium.

I had a fairly significant water issue in my unfinished basement making the space virtually worthless for any purpose. Water would leak through the walls and through the joints in the floor creating puddles just about everywhere. The solution was having a company called B-Dry fix the problem. Fifteen years later and the basement is dry as it could be.

Here's how they solved the problem:

Completely removed the concrete floor

Dug a 12" trench around the entire perimeter of the basement.

Lined the base of the trench with gravel and them laid in a mesh covered perforated pipe around the perimeter . This pipe terminates into a sump pump.

Next, the walls were covered with a heavy gauge plastic wall panels that extend down into the trench.

The remaining space in the trench was filled with gravel and a new concrete floor was poured .

It's amazing how much water flows into the sump pit but the basement is completely dry.

It was fairly expensive but in retrospect, worth every penny since the space is now usable square footage.

Thanks everyone for the great info...very helpful!

Rob K., First, thank you for you thoughtful response. Your statement: "I don't rent to lawyers or bailbondsmen." made me scream with laughter...it was a bright spot in an otherwise stress-filled day. Thanks! I know this is off-topic--can I ask why you've chosen to exclude those professions?

Looking for some advice-

When posting an apartment for rent on various sites, I typically include a string on words at the very bottom of the ad to aid in search. Here is an example:

"University, Executive, Professional, Airport, Downtown, Yard, Dogs, Cats, Pets, Luxury, Designer, Upscale, Historic"

I was told by a friend that saw my ad that it could be considered discriminatory and in violation of Fair Housing Laws since it could appear that the ad is designed to attract "Executive and Professional" tenants.

My units are very upscale and it's reflected in the monthly rental price. Due to the above average prices and amenities offered, mostly all of my units are leased by executive or professional tenants.

As I mentioned, my goal in adding this string is to aid in search and not eliminate any potential applicants.

Any advice is welcomed. Thanks!

Hi All,

I'm searching for a landlord insurance policy on a 3 family (non-owner occupied) rental property in Richmond, VA. The building was built in 1906 but has been completely gutted (new plumbing, electrical, roof, and HVAC) and renovated this year. The value of the building is approximately $510K. I have excellent credit and no claims but am finding the premiums to be higher than anticipated. Are there any companies out there that specialize in these types of properties that have reasonable rates?

Thanks!

Congratulations Michael!

I looked into this same thing when I purchased a multi-family a year ago and the lender wouldn't go for it. I had to have the property titled in my name and not the LLC. The financing is a commercial business loan. I'm curious how LLCs get set up for real estate--all cash deals?