All Forum Posts by: Kyle Sosnowski

You will really need to call a local agent to get an idea. It is very slim pickings right now, Citizens is the only option for many people. If you do get stuck with Citizens remember they only offer 100K liability, you'll have to buy an excess liability policy from another carrier to get higher amounts.

When buying a property here, allow for the expenses of updates to make the property insurable. They don't allow aluminum wiring, poly pipe, or (generally speaking) roofs more than 15 years old here. If someone does insure a roof at 15+ years it will be at a very jacked up premium.

Hi Jason, this was a very awesome reply, thank you! I a couple questions for you. 1. When it comes to what you mentioned about the liability from Citizens (which I have heard about on a podcast now that you mention) being limited to a coverage of 100k. Would you please give any insight on to how the process and or rules apply to having two different liability policies from different providers? 2. With the expenses you mentioned, obviously these would be something that you probably figure out after an inspection I assume.. or is this information provided to you somewhere before inspection such as on a tax record or some online resource?? and thank you so much in advance!

1) the excess liability policy will be written by some company that does this kind of policy -- usually USLI. They may be able to write your umbrella policy too. These type of policies are written all the time in Florida due to Citizen's limitations. An agent will be able to advise you.

2) the home inspection will give you the knowledge you need for hidden problems like aluminum wiring, poly pipe etc. Also just facts like the age of the house and whether any part of the roof is flat -- you can find that info out on your own via public records and photos online. You may be able to find out the age of the roof by looking at county permit records.

3) When you are ready to apply for a policy the carrier may require a separate 4 point inspection. This usually isn't a big deal unless there are some very old systems in the house that need to be replaced, or things that a big no-no like poly pipe. You can google 4 point inspection to see what it entails.

Awesome Jason.

I have one more question for you, if an agent required the 4-point inspection on the house. Is this something you would conduct during the phase of an "inspection period" if I was to have a contingency before purchase? Or is this something I can just ask the seller to allow me to do?

I guess just a little insight into how that would play out.

And again, thank you so much for your wisdom!

0 Votes

Jacksonville, Florida

Quote from @Jason Cox:

Quote from @Kyle Sosnowski:

Quote from @Bill B.:

You basically have zero insurance. You might as well stop paying it. Hopefully you have no net worth yet so you don’t mind losing it all. Hopefully it’s just a trip and fall or a fire and not an underage drinker.

This is all ignoring you're renting to a known liar. Start the eviction process and make sure your future leases say STR is not allowed, owner occupants only, no sub-leasing, etc.

Hi Bill,

I am 100% in agreement with your post here.

I just have a question for you, besides going straight into eviction, would there be any other reasonable solutions to help you re-structure the lease agreement without loosing that tenant (if you were to come to an agreement with them to not continue this act)

I hope this makes sense, and thank you sir.

I'm not the person who wrote what you are responding to, but in my opinion there is no reason to restructure the lease. If you wanted to keep the tenant you would serve a Cure/Quit notice to them to stop subletting and then you would have to monitor the house closely for awhile to make sure they aren't using it as an airbnb again.

As far as losing this tenant, not much of value would be lost if they moved out. This is a major lease violation, assuming what OP says is accurate. It would be hard to trust this person in the future.

Understood, I appreciate the response Jason!

With what you suggested with the C/Q notice (which this is actually the first time I heard of this before, since I believe I heard this called by another name), would you happen to know if BP provides that form within Landlord Forms that are able to be downloaded by state?

Again thank you:)

0 Votes

Houston, Texas

Quote from @John Mocker:

Gurjot,

As Ryan Mentioned, you want to be listed as an Additional Insured on their policies. They will provide proof of that with a "Certificate of Insurance". Minimum coverage I would suggest requiring is General Liability and Workers Compensation. If they have Business Auto coverage I would get named on that as well.

Some other things that the big Landlord/Property managers require:

1. That the Contractors insurance be Primary & Non-Contributor

2. That the Contractors insurance waive subrogation against you/your insurance

3. If they use subcontractors, that they require the same things from their subs as they are required to do.

Also, those Big Landlord/Property managers use contracts with language requiring the Contractor to hold them Harmles and Indemnify them. I would suggest discussing the contract and requirements with your attorney. Note, the Contractor may push back on any of the requirements so you need to know what you are prepared to do (look elsewhere, back down, etc.)

Hi John,

I really appreciated this reply here.

Could you please dive a bit deeper into No. 1 / 2 that you mentioned.

I have not dealt with a contractor yet, but I would love some more insight into this requirements you listed here.

Anything would be much appreciated, thank you sir!

0 Votes

Hi Gurjot,

Better safe than sorry.

Obviously you seem to have a smaller job here, but getting that additional coverage for yourself will not hurt you (for the security it provides in return)

You are very correct to request proof from the handyman you hired, this should be a staple for any job. And with this project, especially with being closer to the roof (regardless of that) there is a million ways for something to go wrong on a job, you know that.

Your extra caution is thinking as a professional.

Good Luck!

Just out of curiosity, where did you source that handyman you chose to hire?

0 Votes

Hi Ricardo,

First off, you have a gorgeous listing there on AirBnB. Im sure you aware that your chosen area is very competitive based on the demand for your location. But this should give you a boost to even try harder.

Your listing is beautiful, and your photos are also very clear and professional. Definitely take the advice about the garage roof (very good tip) as well as the amenities. Obviously with a STR, you having the "wow" factor will put you closer to that top spot you deserve.

Focus much on what your competition is doing, and without breaking the bank, put your own spin on it and get creative on how to implement those things into your booking for people.

You have a gorgeous place, with great potential. Explore more of your options to add here and make this on that first page!

You got this.

0 Votes

You have people waiting and people continuing to strut forward.

I think people who chose to wait for rates to come down are missing out. Although there are historically cycles and they "should" come down. Waiting for rates to come down would be a hurtful chose to many.

Anyone who follows RE investors online know that people make it work regardless of the market situations.

I think anyone who chooses to "wait" should consider exploring what options they can find today.

Keep our heads up and make it work!

0 Votes

Quote from @Bill B.:

This is all ignoring you're renting to a known liar. Start the eviction process and make sure your future leases say STR is not allowed, owner occupants only, no sub-leasing, etc.

Hi Bill,

I am 100% in agreement with your post here.

I hope this makes sense, and thank you sir.

0 Votes

Houston, Texas

Quote from @Jeremy H.:

Hell nahhhhh

He's violating the lease - you have the lease written for a reason, right? He's essentially increasing your liability tenfold then placing all the risk on you

And now you KNOW about it

Seems like this has the potential to get messy for you. For that reason alone I'd out a stop to it

Now - I don't have a problem with the strategy or getting paid in full every month. But the lease need to be amended or re-leased to accommodate for this new use

Hi Jeremy,

I appreciated this reply of yours, but I have a question for you.

Would you please explain a bit more about the process of "amending" this lease to create a new lease. I am just not familiar with the whole process of solving this subletting issues besides an eviction.

Anything would be very helpful, thank you sir.

0 Votes

Houston, Texas

Keep the BP books coming!

Always enjoy reading every paragraph they have to offer!

3 Votes

Hi Wilson,

You are asking the right question. Just as a few other of the posters have mentioned, it would be a great idea to get in touch with an insurance agent.

Get an idea of the history of the area your property is grounded on, and most definitely speak with people in the area if acceptable.

I myself am considering an area pretty close/within flood zone parameters and your post even helped me as well. So I appreciate your post, and wish you all the best on your journey!

1 Vote

Jersey City, New Jersey

All Forum Posts by: Kyle Sosnowski

Kyle Sosnowski has started 7 posts and replied 70 times.

Post: Recommendations for Florida insurance policies for rental properties

Post: Renter placed my property on airbnb

Post: Handyman working on my long distance property. Any further due diligence I should do?

Post: Should I get added as additionally insured with my handyman for this type of work?

Post: Innovative ways to increase bookings

Post: How many offers are you submitting Now?

Post: Renter placed my property on airbnb

Post: Renter placed my property on airbnb

Post: What is the best book title?

Post: Home in Flood Zone