All Forum Posts by: Rod Hanks

@Sheri Cone

We have access to a landlord insurance program that would be perfect for you. It has a 2500 deductible, 1 million liability, replacement cost, loss of rents, water back up and the premium is very competitive. PM me if you would like a quote or go to my website.

@Stephanie Mccolaugh

Yes, it may impact price and coverage if it’s a short term rental but what you are describing is just a rental property on a month to month lease not a short term rental. Short term rentals are less than 30 days. And yes you will need 2 separate policies if there are 2 separate properties. The policies are called rental dwelling or landlord policies. Not homeowners insurance which is designed for owner occupied properties and include other lines of coverage like personal contents and jewelry watches furs etc. Landlord policies only covers the dwelling and liability.

@Jessie Kristie

I may be able to help. We have a landlord policy with 2500 deductible, 1 million liability, replacement cost and is very competitive on price. PM me address and your email and I’ll send you a quote.

@Doug Bullis

You won't find any 1 or 2% deals on the MLS, they are sold off market. Do your own marketing and deal with sellers directly and you will find those deals easily.

Use the tax rate against the ARV and you won't get a surprise tax hit.

It really depends on what the lawsuit is about. Mold as a result of the leak? Wood rot that was not covered? Bad faith in uncovered damages? One of the questions asked by insurance companies “are there any pending lawsuits against you or the property….” in your case you would have to answer yes which would raise red flags to the insurance company.  Get more details before pulling the trigger. 

@Brandon Rush

Ok gotcha. I use Buildium and get maintenance requests thru the system and I forward to my vendor with tenants contact info. It’s takes you out of the scheduling part.

@Viraj Pateliya

We can do that for you. We are in most states and would love to help.

@Brandon Rush

The problem with taking out the “middle man” on maintenance requests is that you run the risk of a tenant calling your vendors for unnecessary service calls that you have to pay for. For example I’ve had a tenant call me with a major electrical problem in the bedroom (I.e. lights don’t come on) but really the problem was the light bulbs were out. I’ve also had tenants call me that the AC was out but the problem was the breaker had tripped. Also there is no hot water but really the pilot needed to be relit. In those cases you would have been charged trip charges from your vendor for unnecessary trips. If you don’t want to be the “middle man” I strongly suggest you get a property manger or a good trustworthy handyman if your rental portfolio supports that expense.

As a rule I stay away from HOAs. You don't have any control over when they will raise the dues or when they will hit you with an assessment. Also they could change the rules on renting out your unit and it may be hard to sell to an owner occupant if the complex is unwarrantable. Overall HOAs are baaaad as an investor unless you own most of the units and run the HOA.