All Forum Posts by: Account Closed

@Brent Kiger Most of the standard construction contracts out there provide limited language on insurance requirement including additional insured status. We provide our clients with a one page addendum to the contract that stipulates minimum limit an of coverage, additional insured status, indemnity and hold harmles, etc. It is importnt to note that additional insured status must be required in a contract to be triggered. 

Certificates of insurance only show proof of insurances but are not legally enforceable. Contractor says may have to pay $50 or so to name you a son addition insured. This expense can be added to the contract cost if needed. Your insurance agent should provide a template and review any contract upon request as part of their services. 

I agree with everyone else that the type of fire place will probably not effect the rental rate and I would do whatever is less expensive. However, I was in Vail with my family over Christmas and we were all discussing how much of a bummer it was not to be able to burn a real fire. 

@Marc C. Overbuilt markets, increased competition and slowing rental rates seem to me to indicate more of a slowing or small correction in the market as opposed to a bubble. Some areas in the west that have experienced above average rent growth for the past few years will likely see a slow down at some point. However, as long as you are not basing your pro-forma on unrealistic rental growth this should not be a major issue. 

Newbie investors will always be coming in and out of the market with many individual failures in their wake. I am skeptical of crowd funding and would not be surprised to see a number of the platforms fail. However, it is unlikely that these failures will result in a systemic devaluation of the market. 

@Kevin Coggins The rate you will pay for a flood policy is the same regardless of insurance carrier so you should be able to get an exact quote for each prospective property.  However, properties that are not in flood plains are still at risk for flood damage. One of our clients had a property at the end of a downhill street. During a heavy rain the water overwhelmed the sewer system and flooded a number of properties at the low end of the street. This incident was considered a flood and not covered by regular property insurance. 

The actuarial chances of a flood in a 100-year flood plain is 1% per year or is expected once every 100 years. This risk may or may not be greater than the risk presented in the example above and in my experience these properties have very little if any discount in value. 

Property that regularly experiences minor floods are where I have seen a much bigger discount in price. 

@BrannDon Albert This looks like a traditional loss payee clause required by most lenders. The standard clause states in the event of a total loss you will get paid your interest and the lender its (Paragraph A), The type of contracts required for someone to be considered a lender (Paragraph B).It generally goes on to state the insurance company will notify the lender if your insurance lapses, allow the lender to collect if you purposely damage the property and allow the lender to take over premium payments if you do not. 

@Paul Winka I am far from a legal expert but it is my understanding that a revocable to trust is used to avoid the probate process when you die and potentially reap some tax advantages through things like a credit shelter trust. It seems to me like holding onto any ownership in your personal name would sort of defeat the purpose of creating the trust in the first place.

@Ramzi Nuseibeh  @Joe Splitrock In the last year I have had a client get sued due to someone slipping on an icy sidewalk in front of the property and another client get sued by a tenant because they were bitten by another tenants dog.  The damages requested in both of these suits was less than $10,000. 

Most insurance companies realize that the legal fees to defend this type of case would be more than the requested damages and end up paying a settlement of a few thousand to make the claim go away. There are sleazy attorneys that work on contingency and file small lawsuits of this nature against every possible party involved hoping for a fast settlement.

http://www.northwestregisteredagent.com/missouri-llc-amendment.html

http://www.bornmanagement.com/Top-10-Reasons-Landlords-Should-Require-Tenants-To-Carry-Renters-Insurance 

You will probably find this overview of Tower Grove very helpful. Tower Grove Redevelopment

It is definitely one of those hit or miss areas but is getting more traction than most thought. 

I am almost 100% sure that re-occupancy permit is only in unincorporated St Louis County. 

I would not no where to begin regarding the municipalities.