All Forum Posts by: Don Belsky

Just ask your insurance broker to write your personal name on the certificate that they send to the mortgagee. As long as you are a member of the LLC they should be able to do it. You might wanna add your personal name as additional insured to the policy, at which point they should definitely be able to write your name on the COI. Discuss with your broker...

Thanks Kevin Harrison for the advice. You can be quite sure that I will never sign a lease before payment anymore... I forgot to mention that in the interim she had transferred the utilities accounts to her name.. would this make it harder for me to get out?

Here's the story. I showed a single family house to a woman who had left her job because her father was ill and needed her help. Her father died and she was looking to relocate and start a new job soon... I agreed to rent the house to her because she would pay a full year in rent up front via cashiers check. She was supposed to meet my realtor on Saturday, sign the lease, pay and get the keys. On Saturday she had an accident on the way to the realtor... After being an hour late she called him to cancel the meeting and reschedule for Monday morning. Monday morning she doesn't show up to the meeting. I call her and she's busy trying to rent a car.... My realtor was fed up and advised me to continue showing while I might wanna try and communicate with her directly.. So I contacted the woman and made up a time to meet at the property the following Monday at 2 PM. After waiting at the property for close to an hour she texts me that her mother fell ill and she's with her at the hospital... She really was hoping to leave, but she realizes that she can't... So we made up that she'll sign the lease electronically and overnight the cashiers check to me. Sure enough, she signed the lease electronically, and said she'd go next day to overnight the check. Long story short, it's now over a month since then, she's used every excuse in the book, and the money is not here. I haven't communicated with her the past 2 weeks and I have some serious interest from quality tenants. What do I need to do in order to terminate the lease? Or is it by default not in effect because she didn't pay the down payment? Bottom line, I wanna be protected if she comes after me with a copy of the signed lease.. In hindsight I should've never signed the lease before she did... I should've gotten her to sign & pay and only then sign it...

Raja S. I can't seem to figure out how to send you a private message. If you send me a private message, I'll respond with full contact info. His name is Allan Pollak and the name of the agency is Evergreen Insurance located in Monsey, NY.

Raja S. I'll PM you the contact info.

Lisa Misuraca Key features you should look for is "water coverage" and "theft coverage". These 2 things are very common to happen on flips. A pipe burst or a burglar trying to steal copper piping. I had once a very bad experience where on one flip I had 2 separate incidents, a pipe on top floor bathroom broke and leaked all through the rest of the floors, and later a thief broke into the property and stole all copper piping. All together, both totaled up to 25k in damages. Unfortunately I didn't get a dime from Foremost (my insurance company at the time), because I had a "basic" policy. Now I've learnt how important it is to know which insurance your buying. I actually now have a very good master policy that covers the pipe bursts as well as theft, so I'm safe now. I use Evergreen Insurance - they are from NY but they insure nationwide. PM me for contact info. Good luck!

Need my NY friends here... Anyone know a good HELOC option in NY area? My brother in law has a mortgage on around 75% and he's looking for 90% LTV. This is his primary residence.

Evergreen insurance has a special investors program. PM me for contact info.

As I've mentioned in previous posts, I'm a tremendous fan of "master policies". I insure my properties thru Evergreen Insurance (PM me for contact info) and they set me up with a master policy called: Master Investors Program, which I can use to add or remove properties instantly as I buy or sell them. A big advantage is that you only pay AFTER you've used the coverage. You get billed on a monthly basis only for the properties you had in your portfolio for the past month. In other words there is no waiting for refunds when you sold a property... And even more, often the typical stand alone policies will not offer a refund even if you sold your property. Whereas with this master policy your rate is pro rated to the exact amount of days you owned the property for. Another advantage is that this master policy insures you while your property goes through all stages: Vacant; under renovation; vacant; rented or sold. I highly recommend this setup for all fix and flippers. P.s. They insure nationwide.

Thank you all for the replies. I told him to basically go fly a kite and if he wants he can make a police report. He's upset that he didn't yet make money on my property. But guess what... He's lazy and he could've sold it or rented it by now... So he's upset at whom?? Should be at himself.