All Forum Posts by: Nathan Gomes

@Frank Chin

Lowering the rent and giving the tenant the difference seems more approachable, but still requires some extra steps. And the tenant could cancel the policy any time, unless there is a way to mitigate against this and take punitive action? It's an easier sell to give a rent credit for getting the insurance rather than imposing an additional charge to the tenant. It would feel like a bait and switch on the advertised rent.

I don't know why I said 15/month is 300 per year, it's only 180. Anyway i don't like the thought of forced insurance. In New Hampshire you don't even have to get car insurance. Live free or die!

Yes, it's personal responsibility.  The owners were correct that it was the tenants' duty to insure themselves if they wished.  Red Cross and GoFundMe can take care of them.

$15/month is $300 in a year, not a small amount for low income folks.

I like this position and it makes the most sense to me.

I agree with JD here.  I've been doing this for less than a year, but the points JD makes are logical to me.  It seems too difficult to enforce.

During my years as a tenant, I never bought rental insurance and I would have balked at requirements to do so.

 Yeah at 2.2% APY $300k should pay about $550/month

 But a 2.2% APY account would pay a lot more than $25 on $300,000.  I make $25 per month on only $15k in my Ally savings.

Yeah, I'm aiming for $1 million yearly income rather than $1m net worth.  One million net worth doesn't carry a lot of weight these days.

I only recently got my first property occupied but I plan to raise rent every year, even if it's by a tiny amount.  Have to enforce the expectation that it will increase.  

What if you bluff and see how the tenant responds?

My Chase Business savings account pays negligible interest, and I would like a higher interest bearing account in which to place security deposits so I can keep the interest (in Michigan where this is allowed).

Where is a good place to put security deposits to get significant interest? My personal savings account is with Ally and pays 2.2% APY presently, but I cannot open an account under my LLC there. If I open another savings account there under my name it feels like commingling.

Thanks guys--

Will cost segregation end up costing me more to perform than the amount I end up saving? I closed on my first SFH on January 18, so I'm just starting out in this. But I want to deduct and depreciate wherever I can.