All Forum Posts by: Ed B.

Christopher Below is some info that I posted in the past. It may be helpful: I can give you some general info on insuring the property: Here are some things to look for from an Insurance prospective: 1.Any in-ground tanks (active or inactive) 2.Any Knob & Tube or Aluminum Wiring 3.If built before 1978, does the building have Lead Safe certifications 4.Any wood stoves or secondary heating units. If so, were permits pulled & were they installed by a professional 5.Are any of the homes rented to students 6.Is there a flat roof 7.are there asbestos shingles 8. Do any of the tenants have Dogs (Breed restrictions are individual to each company). These may not prevent you from getting insurance but they may limit the number of companies willing to insure it. That may increase your cost or limit the coverage you can get. The Year that the following were updated (either partially or fully) would be good to know: - Heating systems - Roof - Plumbing - electrical Some companies will not write properties with systems that have not been updated. As long as you are living there, the proper policy for a 1-4 family is a "Homeowners" policy. If the property is solely tenant occupied you will be looking for a Dwelling/Fire Policy (may be called a Landlord policy or similar name) or a commercial policy such as a Business Qwners or Package policy. Most homeowners or dwelling/fire policies include: 1. Dwelling (Building coverage) The limit should be based on the Replacement Cost of the building (cost to rebuild with the same kind and quality excluding the foundation) 2. Contents (Personal Property): most homeowners policies give a set % of the Building limit for Contents. Dwelling/Fire policies require that you request a limit for contents. 3. Detached Structures: for other buildings on the property (ie. sheds & detached garages) Again, there is normally an included limit of 10% of the building limit. That can be increased if needed. 4. Loss of Use / Loss of Rents: Normally, there is a 20% included limit. Loss of use is for your additional expenses if you can not live there due to a covered claim (ie. Fire). The Loss of Rents is for the loss of Rental income if the tenants can not occupy the house after a covered loss. 5. Personal Liability: For claims due to Bodily Injury or Property Damage that you become Liable for and which is covered under the policy. Companies normally offer limits up to $500,000 but some offer $1,000,000. Buy the max. 6. Medical Payments: Provides coverage for an injury suffered on the premises. Does not require proof that you were at fault. Used to keep small loses into becoming lawsuits. Normally offered up to $5,000 but check to see if higher limits are available. 7. Deductible: This is not a coverage but rather your portion of a claim. Most better policies will not have a deductible for either the Liability or Medical payments coverage. It will apply to the other 4 coverages. You can select the amount of the deductible, usually ranges from $500 to $5,000. The higher the deductible the lower your overall premium but get quotes on all the deductibles you are interested in. Sometimes the incremental savings from $1,000 to $2,500 or from $2,500 to $5,000 are too small to make the higher deductible worthwhile. ***depending on how far the house is from the coast, you may also be required to have a separate Wind or Hurricane deductible. Most times, the deductible will be 2% to 5% of the building value. That is a significant amount (on a $500,000 building that comes to $10,000 for 2% or $25,000 for 5%). A policy with a higher premium may be a better deal if it does not have a wind deductible. There are many endorsements that are available on the homeowners policy. Without knowing the details I can not suggest which would be right to add on. Several you should pay attention to are: - Ordinance & Law: Provides additional building coverage to deal with rebuilding cost Increases due to changes in Zoning or Building laws - Personal Injury Liability: Libel, defamation of character, wrongful imprisonment, etc. (normally recommended, especially if you are a landlord) - Water Backup: For water damage due to the backup of Sewers or Drains. - Personal Articles: Coverage for belongings that have a special or collectors value such as Jewelry, Furs, Fine Arts, Collectibles, etc... Your age should not be a factor on the pricing but, depending on the company these other factors may get you credits: - Insurance Score (company pulls certain info out of your credit report). It is not your credit score but generally better credit will result in a better score - Time at your job - Education level - time at current residence Good Luck & feel free to PM me if you have any questions.

I'm an MTR Property Manager in the Charlotte NC market. Have you tried reaching out to local LTR/STR management companies to see if they're familiar with MTR strategies? I know (for now) I'm the only one in my market who focuses on MTR specifically. I've met with several LTR/STR managers who have referred me business from those seeking specifically for MTR. They might be able to help point you in the right direction!

@John Boby

Is there a reason why you are choosing a land trust in the first place?  Can you just use a more common living revocable trust?  Or is that what you're referring to?

*This post does not create an attorney-client or CPA-client relationship.  The information contained in this post is not to be relied upon.  Readers are advised to seek professional advice.

Interest rates will not go down unless the FED's #1 target goes down....and that is inflation.  We are currently running close to 4% inflation, and the FED's target rate is typically around 2%.  So, not until we get closer to that target rate of 2% will the FED begin to cut interest rates.