All Forum Posts by: John Clark

"see if there are any activities that may be currently excluded from self-managing my units."

FORGET the "self-managing" aspect. This is NOT about you. It is about your business pursuits. You may or may not have sufficient primary insurance, but I highly doubt your PERSONAL umbrella policy covers business pursuits, no matter how hands on you are.

"My umbrella covers the process because I the umbrella covers me. Is there something I am missing?"

My umbrella policies have always covered me, too, but they exclude my business pursuits. That's why your car insurance doesn't cover you while you're out delivering pizza. Pizza delivery boy is a business pursuit. 

Read your policy. Figure out what it excludes. I'm not going to read it for you.

Corporations and LLCs cannot represent themselves in legal proceedings, unlike individuals. Corporations and LLCs must engage lawyers for any legal proceedings.

I sincerely doubt that your personal umbrella covers your apartment management now, since every personal umbrella policy I've ever had always excluded business pursuits. Review your policies.

Dunno about licenses and stuff. Ask the City maybe? or a lawyer?

Steve Vaughan Investor from East Wenatchee, Washington
replied 2 days ago

"As a seller (You don't want my car advice, trust me) of many houses, I am turned off by the 'Escalade', big hair and pumps. But that's just me."

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Ah, but to have the big hair and pumps in the back of the Escalade (after hours of course). . . 

A good clean car conforming to the minimum expectation standards for r.e. agents in your area, seems to be the theme, and is the best advice anyone has given. People will know you are just starting out, so use that to your advantage. Splurge on the Caddie after 20 years in the business and you have an established base.

You leave out the most important facts: W-H-Y is this woman's credit bad? Medical bills is one thing, and a landlord will be more amenable to help someone who has some chronic condition that left them broke. Irresponsible borrowing shows a lack of discipline, and no landlord wants that. Carries over into lifestyle and behavior too often. As for "self-employed," we all know that's code for "unemployed." Can she show you her income taxes or statements?

"We having concerns all around about the standard protocol for an inspection. "

The standard protocol is very simple: "He who has the money makes the rules." The seller's agent has a fiduciary duty to the seller, not to you. Tell him your guy, 6 to 8 hours, or no deal.

Remember, the seller agent's inspector wants repeat business from the agent, so he's got a bias against full and fair problem disclosures right from the jump; you're just a one off buyer

You'll still have to get a varience from the city to develope the second lot since the set back might not work, which involves notifying neighbors, etc. An easement might work. Have a local lawyer look at zoning and building codes  and se back requirements before doing anything.

1. If you put the money into the car loan, can you pay off the car before the credit card debt kicks into high gear? Also remember that if you pay off the car loan, you could get rid of your collision and comprehensive insurance, which is usually expensive, and protects the lender more than it does you. Consider the risk and decide, but treat the cost of collision and comprehensive insurance as if it were interest on your car loan -- it's a cost of borrowing money.

2. If you can't pay off the car loan before the credit card teaser rates expire, pay off the credit cards and put the additional $7k towards your car loan. Then take the credit card payments and apply those to the car payment as well.

3. Keep your credit good. If a deal comes along, you can arrange financing then.

Happy clauses and such are nice, but ask yourself these questions first: Are the systems that were failing near the end of their life cycles? Did the systems suffer from benign neglect (washer leak from lint clog, etc.). The air conditioner failure could have taken a tougher response from you, but you probably did the right thing. As for the wet carpet, would you prefer tenants who said nothing until the mold got established? NEVER, EVER, let a water problem sit. You know that.

Once you finish asking yourself those questions, then you can decide whether the tenants are unreasonable or not. Act on that.

You should also prepare a checklist for every system/appliance in the house that you go through for preventative maintenance between tenants (e.g. washer lint tube clean out, dryer lint house clean out, inspect gutters, fridge compressor check, window drafts/movement, etc. etc.). Nobody moves in until everything is checked out and disclosed to the prospective tenant.

I had a landlord who was pissed at me because everything started breaking/leaking while I was there. His own repairmen told him that things had gone beyond their expected life cycles, and there was no sign of abuse. He and I stayed friends. Sounds like your air conditioner was just bad luck. I don't think I would have given the tenants a portable conditioner, but you did the right thing, and if the tenants raise cain later on something, it's an example of you trying to do the right thing.

Two things: First, if you were negligent in allowing the branch to rot and did not do preventative maintenance, you can be sued. Most states have laws that allow neighbors to go onto their abutting neighbor's property in order to maintain their own, and certainly as a good neighbor, you'd ask permission and explain the situation anyway, getting permission and not just showing up claiming right of temporary ingress and egress. A little civility goes a long way. You can, however, be sued. That is a given.

Second, those who say that the damaged neighbor has to go through her own insurer first are simply wrong. They assume that she has collision and comprehensive coverage. What if she doesn't? And that doesn't prevent you from being sued by her/her insurer for your negligence.

If your neglect of the tree was the cause, do the right thing. Pay for her damage, and ask her for permission to go onto her property in order to maintain your trees. Be a good neighbor, not a jerk.