All Forum Posts by: Elise Hazzard

Hello Zibran,  this is a good question.

I'm a little concerned about A & B. 

In these pandemic times, if something happens to either member of couple A , they may have significant issue, could not maintain the rental budget on one salary. If something happens to husband of couple B, they will be out of income and may not sustain, plus they have children that will be their priority (I.e. not the rent.)

Best indicator of tenant willing and capable of paying rent is the credit score.  Maybe that can help you get to your determination.

Stay warm & well.

Élise

Hello Joe,

 Have no first hand knowledge but do recall that florida landlord assoiation (www.flalandlord.com) offers this service.

Best wishes for a Happy New Year.

@ Paul Vail, ditto on the income math and hugely different pricing.

Relieved that our rental income/deductions would lead us to the holy grail of favorarble formulas for reduced BCBS (FL) premiums now from 1785./month to 197./month !!
We had been 1099 independent contractors with our small business, but closed the business during the pandemic and now find that it does not pay to work for that big premium.  Our HSA  plan still has a 8k deductible for each "plan member" , but the actuaries make certain we never meet that limit. 

Good luck to all who need to wrestle the insurance beast, but wrestle we must.  As a licensed health care provider, I can report from first hand knowledge that the reduced quality of life that comes with avoidance of medical care among the uninsured is totally miserable.

Hapypy New Year!

Hello Jay,

Never heard of any policy like that (!) , however I have been engaged for short term work in Franklin recently enough to know that someone at the county may need revenue bad enough to send it.

If the offices are open, it may be worth a visit to learn other options for researching yourself from a supervisor. 

Good luck.

Market remains hot, but I'm continuously surprised by new residents from large cities (i.e. Boston and D.C.) complaining about property taxes and rising property insurance rates.  The Gulfcoast and SoFL are not synonymous with an inexpensive lifestyle, even in a state void of income tax.  There is a cost to paradise, and even tenants must expect those trickle down costs.  So many transplants neglect researching housing costs before they move. Reality can be brutal.

Jose, while you are considering insurance options, don't forget to factor in the things property owners may not control.  A friend had the property management company secure a tenant who signed as a single person on the lease; without pets. Per the lease, there was no requirement for renters insurance.  Within a month there was an additional person living at the property plus a full grown pitbull. Sadly, she learned of the additional occupants when the property manager was notified by the person who was bitten by the dog.   The homeowners policy excluded any coverage for dogs of this breed.  Because the the injury happened on her property, the damages were her problem.  Ugh.

The responsibilities of the tenant should be clear in your lease. While I do not allow animals, I do include a clause that if the tenant ever considers an animal, they will be reviewed on an individual basis and they would be required to have a breed specific bite liability policy. This sets the tone for any future conversations and situations.  

I am an advocate for tenant insurance and expect any claim by tenant or guest will get filed on their policy, although the liability limits are low (<50K . Insurance here in FL is astronomical with many large carriers pulling out. Any additional policy (with my LLC as the also insured) is a help.

Good luck. 

@Luke Hoffman

Congrats on the acquisition. Be sure you have read your state statutes pertaining to landlord and tenant rights. Using state specific forms is great but there are often timing and other obligations you cannot miss.

Also, use an app that can store texts; most tenants want to text but you will need a paper trail of communication.

good luck and happy hunting for a good tenant

@James Tackeberry

hello, just sending encouragement. Sounds like you are in the right track. Hope you acquired a copy of the lease with the property so that you will be in compliance re: sending notice of non renewal.

Good luck- Élise

HI Sean,  

if you have not yet funded the self directed IRA, is it possible the funds are currently in a 401K?

from fidelity:

401(k) loans:

With a 401(k) loan, you borrow money from your retirement savings account. Depending on what your employer's plan allows, you could take out as much as 50% of your savings, up to a maximum of $50,000, within a 12-month period.

Remember, you'll have to pay that borrowed money back, plus interest, within 5 years of taking your loan, in most cases. Your plan's rules will also set a maximum number of loans you may have outstanding from your plan. You may also need consent from your spouse/domestic partner to take a loan.

If you have not yet selected a custodian, you may want to check out DirectedIRA.com.  They are comprehensive and reasonably priced and able to provide service in every state. Video library available to all.

Best, Élise

@Damir Mujkic

Welcome aboard Damir, are you local?