All Forum Posts by: Parker Cox

@Andrew Greer Welcome buddy.  The forums can definitely get some value from your experiences.  

@Account Closed Not sure about in Texas, but I have never heard of that in CA.  The only thing that I can think of in terms of legality would be if you picked and chose among tenants (discriminatory practices) but as long as it was an equal requirement among all, I believe it can be made a requirement in the lease.  

@Derek Daun  I think that there is an interesting mentality regarding claims and insurance.  In my experience, the perception tends to be that it is black and white--either covered or not and there's no two ways about it--which to some extent is true and certainly perpetuated by insurance carriers in an attempt to scare people out of making claims.  

The reality is though that the handling of claims is about as black and white as the law--usually it is relatively clearly defined, but always it is subject to a person's judgement.  

If I was you, and definitely talk to your insurance agent, go to your neighbor, find out which insurance carrier they work with, take that information back to your carrier and have them pursue a claim against your neighbor.  

A claims adjuster will likely be on your side for all the reasons you mentioned above, but a crappy thing that can often happen is--you need your roof fixed, your insurance carrier wants to help you so they decide they will pay your claim, then pursue subrogation with your neighbor's carrier...x,y or z happens, the subrogation is delayed, the other carrier has a better attorney...whatever, next thing you know, you are stuck with the claim on your record costing you increased premiums for insurance (in potentially multiple ways-auto, rental properties, umbrella...etc) and waiting (indefinitely) for the point/blemish to be wiped.  

Never an easy scenario and always good to talk to your carrier, but I would definitely find the carrier of your neighbor and give that to your company, it should give them plenty to go on to keep this claim on the other side of the fence if you will.  

Best of luck.  

@Account Closed Make Sure you check out this event tomorrow morning in Hillcrest.

https://www.biggerpockets.com/forums/521/topics/283729-free-san-diego-meetup---march-event---hillcrest-rehab

I was there a couple days ago and--for anyone considering attending--this is a FANTASTIC OPPORTUNITY to see the real process of a rehab.  

Any attendees will get a first hand view as to the day by day decision making process of an investor. On top of that, there is a big twist, that could make or break the project, that the investor is going to reveal to the attendees.  

We really hope to see everyone there.  You will get an opportunity to see a war zone--I mean rehab...and network with active investors who can give you a ton of value as you begin or further your career.  

See you soon!!!

Thanks to everyone for coming out and participating.  We will have a full post coming soon for the next event.  

But in the meantime MARK YOUR CALENDARS:

3/26/16

9am-11am

3660 Richmond Ave Hillcrest

It is a conventional flip with a 480 sqft addition master suite.  It will give everyone an insight in to a form of value add rehab that is becoming all the more common in this market while also showing how to craft a deal in one of the most competitive markets in San Diego County.

More to Come!!! 

But I figured I would give everyone fair warning--and stay tuned for updates.  

Invite your friends guys.  We want it to be awesome.  We will also continue with these meetings once per month.

We will post details on the next one soon.

And @John ArendsenI appreciate lenska passing you on please feel free to attend whenever you can and feel free to reach out if there is anything I can do to be of service 

best of luck bud.  You're on a great site and Texas is well regarded in terms of location.  I suggest learning as much as you can as fast as you can.  But also being patient as to your first move.  Real Estate will always be here and though I certainly believe in taking action, you need to make sure your first action is with a purpose.  

On BP you can really learn anything and everything you need to begin.  

Congrats on the big change.

@Russell M. So do you like taking long walks in front of beachfront vacation rentals?

If so, this maybe the perfect place for you.  

In all seriousness--you came to the right place.  I would highly recommend the Podcast if you haven't already, it is a fantastic way to passively build knowledge more passively and when it sparks an idea, I come on here and research.  

Anyway.  best of luck, if there is ever anything I can do to help.  Just swipe left on this comment :)

@John Boby Most umbrella policies (personal and commercial) are nearly identical.  

For personal umbrellas, when it comes to the best rates, you are 9 times out of 10 going to be best off going with whoever has your auto insurance.  A personal umbrella requires auto coverage unless you don't own a car (because that is where your greatest risk exposure is) and therefore in most cases your auto carrier will offer a multi policy discount.  

For commercial, for the same reasons as with a personal, the company who has your general liability will also often be the cheapest.  

Hope that helps.