All Forum Posts by: Lisa Martin

Thanks Bill that is helpful to know!  I've had to file the claim for the property and I hope it isn't too big of a deal because stuff happens that is out of my control.  Have great day! 

I have had two insurance claims in the past year:

1 my son's ebike was stolen in front of a grocery store.  (that policy was cancelled by the carrier and I will be getting a separate policy)

2 hail damage to Tennessee property  and water damage due to storm (claim is in process) 

Another Tennessee property now has had a water pipe burst in the kitchen ceiling and flooded the whole house.  This occurred in January just before an eviction was complete.  The wood floor is destroyed and needs to be replaced (around $11k) and the other damage may be about $7-10k.    Paying this out of pocket is going to hurt badly after I've already lost rent for the past 6 months plus court fees. Insurance deductible is $5k and I was not planning on filing until I found out about the total loss of the wood floors.  

These properties are not in LLCs (which I regret!)   I fear my policies will be cancelled or my rates will go up if I file another claim. My primary home is in San Diego and insurance is difficult to get and keep.  The F*ing awful tenants are to blame here but now it may trickle down due to what i think is poor planning by not putting my properties in LLCs. Yes I have good policies and multiple umbrellas but that does not protect me here.   I didn't see this coming and I've never filed an insurance claim before this year.  

How do you all mitigate these risks?    Any words of wisdom? 
 

 Yes Jonathan you called it!  :-)  

Hi Richard, Thanks for answering! This is actually what just occurred. I'm supposed to be getting a $10k payment for rents owed and payment for 3 months rent in advance.  

Unfortunately the rent is at $1325 with market rent at $1690 so I let the property manager know to not sign or agree to anything  more unless it is approved by me.   Ideally, they could request a rent increase and the tenant could qualify for 100% assistance going forward.  Otherwise I want her out. I don't like the games being played at my expense here.  I'm not a lender! 

Refinance (BRRR)

 Ouch. Thank you and good luck with your financing :-) 

So helpful Calvin.  I will try Google. 

What's the going rate for 30 year fixed DSCR (loan amount approx $150k) Good credit and enough experience investing. Looking to add to my portfolio! Yay!

You can find Dean Harris's videos on you tube.  Good info. 

Thank you all for the helpful replies. Tenant has been given an eviction notice.  I hope I can figure out who to call and that the property manager shares more detail.  I will be moving this property to my other manager as soon as I can!  I had to do that last month with another property that they were managing poorly   :-(