All Forum Posts by: Michael H.

Online through the state is super easy and way cheaper

I think it's a great question. Hard to believe you're getting some of these. Her items would not be covered under an insurance policy unless you put her on your homeowners policy. Having her sign a lease would does a few things. 1. She would be able to get renters insurance to cover her items 2. provides additional liability for both. If she accidentally starts a fire they will come after her i guarantee it. 3. If the home does become uninhabitable then you will recover the lease amount from your insurance company until the repairs are completed.

I think it's a great legitimate question and it is pretty sad people are so judgmental about it. I read a few good responses but didn't see anything about insurance. Her stuff wouldn't be covered in any type of loss. Unless you added her to your homeowners policy but at 6 months that might be too soon. As a tenant she could get renters insurance to offset that. Not to mention you would get fair rental value for anytime that was needed to stay out of the house for repairs. I think a loose lease is a great idea.

@Sean Chen By the way if your neighbor tries to sue you there may be a clause in your landlord's policy that your insurance company will provide an attorney to defend you.

As a former fire insurance adjuster I would highly recommend requiring it. You can't lose on the liability side of it no doubt. The saddest thing I would see is people who didn't have insurance and their house burned down. When it did they had nothing and no place to live. If they can't afford $15-$20 a month you may have other concerns too IMO.

You might check to see if the perp had primary homeowners or renters insurance. There's typically liability coverage under that.

If you have no money to offer is there something else you can participate in or partner in?

I recently found an Amish family that's about an hour away from me to work on mine. He made incredible drawers and door fronts with solid wood. The panels were maple plywood. He installed the pulls, used easy glides, and painted all for half of what the local cabinet companies quoted. Very friendly. Only issue was I had to go get them and take them home. Well worth saving $7000 though.

While scouting out areas to invest in I've noticed a whole lot of unlisted vacant homes in great areas that I would be very interested in either flipping or holding. I know for a fact that some of these homes have been vacant 2 maybe even 3 years, but they remain unlisted. I know they're being maintained by a maintenance company by the lawn being mowed and house winterized.

What are some ways to investigate who owns these properties in order to see and make offers?

Thanks

I just started working with Rob Morgan at Lead Bank downtown. They seem to be investor friendly. I haven't closed anything yet so we'll see. Lmk how it goes if you happen to contact him if you don't mind. Message for number