All Forum Posts by: Rod Hanks

Sometimes emails go to spam and simply some people just don't check their email religiously like the rest of us. A good ol fashion phone call or house visit would probably solve your problem. 

It’s great that you’re being thoughtful about the process! To communicate that a candidate doesn’t meet your qualifications without violating fair housing rules, you can simply focus on the criteria rather than the individual. Here’s an example of what I've used if they don't qualify based on what's on application.

Subject: Status of Your Rental Application

Dear xxxx,

Thank you for your interest in the rental property at xxxxxx. After reviewing your application, we’ve determined that, unfortunately, we are unable to move forward with your application at this time, as it does not meet our established criteria for income and (other established criteria)

We appreciate the time you took to apply and wish you the best of luck in your continued search for a home.

Best regards,

This approach is neutral and objective, focusing strictly on the criteria, and avoids discussing any specifics about the applicant’s personal situation. By emphasizing your qualifications as the basis for your decision, you steer clear of potential issues related to discrimination.

To structure a partnership, consider forming an LLC where you handle property management, renovations, and operations, while the investor provides the down payment. Ownership and profit-sharing can be split based on contributions, with you possibly earning equity through sweat equity. Clearly define terms, including an exit strategy, buyout options, and how proceeds will be split. Work with a real estate attorney to draft a formal agreement that outlines responsibilities and protects both parties.

Normally when a pipe burst the insurance company will pay for the damage that the water causes but not the cost to repair the pipe. I would think that your insurance company would cover the damage to your unit and the HOA insurance would cover the cost to repair the pipe but I would have to review the CC&Rs and your insurance policy to confirm. I would recommend getting a letter from your HOA specifically outlining why they are not covering the pipe damage and a letter from your insurance company why they rejected the claim and then contact a public adjustor or attorney to help.

No, insurance won’t pay for preventative maintenance. But I would definitely get it removed asap because you said it was rotting and looks like it’s going to fall over. The neighbor put you on notice, so if it were to fall over you will be negligent and liable for damages. Also the insurance co could deny your claim for failing to take reasonable actions to remedy the situation before it fell over because you knew it was rotting and a hazard.

Been there and done that a couple times. I would refi and rent and wait on appreciation.

If you have been put on notice, it’s your duty to file claim with insurance company. Usually an attorney will call or send you a letter to put you on notice before they file a lawsuit. They want to make sure you have insurance and they can collect before they go thru the expense of filing a lawsuit. 

Get another quote on the flood insurance. Prices are much better if you use private market flood insurance instead of FEMA.

Sorry, but that won’t be covered by insurance. Keep getting estimates from reputable companies, the biggest cost is digging,  the pvc is relatively cheap. Estimates will vary from company to company with the yellow page TV plumbing companies charging the most and just subbing out the digging. Ask other investors in your area for referrals. The sewer line age is the item I look for when inspecting a house to buy, because it can break the budget if it needs to be replaced.