All Forum Posts by: Jennifer S.

I own two rental properties - one in which I'm househacking and the other I completely rent out. My insurance company, up until recently, was USAA. I've never had an issue with them, and thought they offered decent rates until three weeks ago when I was notified that my primary insurance premium was going up by 25%, and just this week the same thing for my pure rental. I should add that I've never had a home insurance claim that would justify this.

Needless to say, I've shopped around and found better rates with other companies. I made the switch with my primary 2-unit property and am about to for my pure rental. I'm just wondering if anyone else has noticed this and has had to shop around within the past few months. Is this just a USAA thing, or has any other insurance company also increased their rates and by how much? USAA told me they reset the prices due to increased costs of lumber and rebuild, but a 25% increase seems outrageous. Maybe this is MA only (another reason to consider leaving).

The events of the past several months have really made me consider whether or not it's worth owning investment properties in certain states (I own four units in MA). It's not just the current laws and regulations. I've begun to notice a significant amount of open hostility towards landlords and pro-business attitudes from people to the point that I don't feel comfortable telling friends/co-workers that I am a landlord. At the same time, several large companies have announced moving to states like Colorado, Texas, and Florida because of their business-friendly laws and attitudes. With them will come jobs and people looking for places to live. In addition those states seem to be more landlord-friendly as well.

Am I the only person who is considering selling off properties from places like MA and other not-so-landlord/business-friendly states and moving investment dollars (and myself, TBH) elsewhere? Am I crazy?

I think the bubble in urban areas already "popped" last year as people are moving out to the suburbs (and other cheaper places to live). So the question is whether or not these formerly cheaper places are undergoing a bubble - not so sure. Interest rates are low and will continue to be as long as economy fundamentals are poor. As the pandemic drags on, more and more companies may offer permanent remote work and/or people may decide to move. As long as people from places like the Bay Area, NYC, Boston with the higher salaries continue to demand housing in LCOL/MCOL areas, this is probably going to continue for a while. 

I think we're in it for the long haul. An equilibration of housing prices across America has long been overdue with housing bubbles in VHCOL areas having popped or in the process of popping (namely Bay Area and Manhatten). When prices drop in some areas, prices go up in others.

I'm interested in hearing people's experiences as well. Their portfolio of Texas properties is compelling given the number of company headquarters moving there.

Letters sent. Thank you for sharing this!

Why do you think three people sharing a bathroom is too many? Lots of apartments where I live have only 1 bathroom - two sets of my tenants are three adults to one bathroom. Have not had any issues.

I myself had two roommates with one bathroom before getting engaged. No issues.

We might have to do cash for keys in a lot of cases. While the Act states you can't reject based on past evictions, nothing in the law says you can't reject based on bad landlord references (e.g. previous landlord says they didn't pay and had to offer cash for keys).

Everyone - as fellow landlords, we need to work together. I say everyone should absolutely conduct landlord references and be willing to provide when contacted.

Engineer here as well. Not surprised to see so many engineers in REI - engineers have many key qualities needed to be successful in REI including liking math, working extremely hard, and persevering.

She's paying $800 for a unit and her SS + pension are only a little more than $1k/month. Frankly it was unethical for the previous owner to have her in the unit to start with. She needs to find a place much cheaper or get aid/assistance, regardless of whether or not you increase the rent.

Why does the owner want to stay as a tenant at all? Sounds very fishy to me...