All Forum Posts by: Noel Tijerino

I understand why you would assume it is triple net since that is so common, but because I inherited this long time tenant and am inexperienced, it isn't triple net, consequently, I pay for property tax and insurance on the building. I think you have a good idea. I'm going to look into it. 

Yes, it is a restaurant.

My long-term tenant switched to a new insurance company for his business, which is in my very old building. The new insurance company wants electrical and plumbing inspected and updated if needed. This is the first time this has come up for me, so I have no experience with this. Who pays for the inspections? Who pays for the updates if needed? I'm in California, which, I assume means I pay, but I'm hoping.

My tenant is asking me if I have current insurance on the building and if it covers fire, which makes me a little nervous. I'm in the building next to his, so I brought him into the office and showed him the copy I scanned into my computer that has the dates of effect, the amount, and other information. He is asking for a copy of it. I know that there are papers that are best not to share, but I don't know if it is safe to share the insurance information. While I'm at it, the tenant did provide proof of insurance when I purchased the building, but I have not asked for proof since then. Should I be asking for proof of insurance annually?