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All Forum Posts by: Rick F.

Rick F. has started 4 posts and replied 9 times.

Hello there,

Summary: HOA charging for cars parked on tight street, wrong side of curb across from my property. Tenant is implicated by the HOA and warned verbally 3 times (as is required by the HOA CC&Rs) then fined. Fine must be paid by us as homeowner/landlord. Tenant admitted but then later denies the violation - claiming it was other's cars. Upon second violation, tenant talked to HOA rep directly and learned that HOA would not talk to him, it's on the landlord to resolve.

Any advice in cases like this one?  It feels like multiple wrongs:

1. HOA tried to enforce violation on city street parking to the homeowners.

2. Tenant violates parking multiple times, at first pays - now refuses.

Thoughts/advice?

Thanks,

Post: Setting up Flip Insurance

Rick F.Posted
  • Investor
  • Portland, OR
  • Posts 9
  • Votes 2
Originally posted by @Jason Bott:

@Rick F.

#1 For any flip, you will want General Liability and Property coverage at a minimum.  There are many national programs for flippers, most of which will bill you on a monthly basis.  Some of the programs are more robust in coverage

#2  I'll PM you some options

#3  Most of my clients will acquire properties in 1 entity to flip and sell them.  If they decide to hold them, they will transfer to a second entity. 

There's a few reasons for doing this.  a) Not many insurance companies like to have buy and holds AND flips on the same policy.  keeping the flips & buys together forces up the insurance cost because you have so few insurance carriers interested in your mixed portfolio.  b) separate entities protects your buy and hold properties from the riskier flip/construction part of the business. 

hope this helps

 Thanks Jason!  I appreciate any guidance on option #1  I also found that the big insurance companies don't like the idea of non-occupied.

Post: Setting up Flip Insurance

Rick F.Posted
  • Investor
  • Portland, OR
  • Posts 9
  • Votes 2
Originally posted by @John Patton:

Hi Rick. We are 4 weeks into our flip plus we have some rentals. I would shop for a good independent agency. When I closed on the house, my first stop was to my insurance guy to pay the premium. With my luck I close and the thing catches fire or blows up from gas explosion.

My guy give me 2 options. I went with Zurich insurance for $587 for 6 months for %150,000 coverage just like insurance on building a new house.

I think Farmers will insure an empty rental home, some don't. If you  have a total of 5 homes including your primary, Met life has a good program.

Good Luck JP

 Thank you John, sounds good and agreed with your first point (sounds like your luck matches my own - aka BETTER GET INSURANCE :)

Post: Setting up Flip Insurance

Rick F.Posted
  • Investor
  • Portland, OR
  • Posts 9
  • Votes 2

Hello all,

We have just begun to delve into repairing and flipping properties.  We have one underway in GA and  our flip is in process already and we do not have sufficient insurance in place.

So: I have three questions -
1) short term, what types (e.g. build/hazard etc.) of insurance for this specific flip should i get in place ASAP?

2) Does anyone have specific recommendations on what company to deal with to get the policies?

3 longer term, we're using an LLC to purchase/own the properties, how should we structure the insurance etc?

I'd love to hear from our experienced community on any of thesethanks!

-Rick Forand @Portland, OR

Post: New member and Firefighter in Jacksonville Florida

Rick F.Posted
  • Investor
  • Portland, OR
  • Posts 9
  • Votes 2

@Scott Dorsett

Hey Scott,

Welcome!  I was born in Jacksonville Florida though I am many years departed.  Cool to see your story, i look forward to seeing your discussions here on RE.

-Rick Forand.

Hello all,

We recently purchased and rented out a town-home, and discovered that after the tenant had moved in, signed lease - that although we had cleaned the place (basic carpet, windows, walls, counters etc.) we didn't know the prior owner had pets (apparently).  The new tenant found pet hair (dog), and their child was allergic - so they requested we replace the carpet (or deep clean). 

Since we didn't explicitly call out our definition of "clean" in our lease, and we didn't know the full prior history, to retain our tenant, we agreed to address the issue.

So I wanted to ask here, how do you define a clean unit - like are things like window hangings, area behind appliances included?  Also on the pet thing, even if we do not explicitly sign-off on tenants having pets, sometimes visitors (even tenants) can bring animals in without us knowing 100% there haven't been any.

Thanks for your advice,

-Rick.

Post: New Member for Oregon

Rick F.Posted
  • Investor
  • Portland, OR
  • Posts 9
  • Votes 2
Very good, thanks Linval, I look forward to learning and participating in the discussion here.
-Rick.
--
Originally posted by @Linval T.:

@Rick F.

Welcome aboard the vibrant BP community. You already have some experience and with additional effort, will quickly climb the REI ladder to its pinnacle.

To be more successful, you simply have to work on the other elements to progress your REI pursuit. Below are some quick links to get engaged on this site.

REI books suggested by BPers

http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?utm_source=search&utm_medium=internal&utm_campaign=books

Simply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.

Feast on the Podcasts, #askbp Podcasts, blogs and webinars

Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

Post: New Member for Oregon

Rick F.Posted
  • Investor
  • Portland, OR
  • Posts 9
  • Votes 2

Thank you Charlie its good to be aboard.

-Rick.

Post: New Member for Oregon

Rick F.Posted
  • Investor
  • Portland, OR
  • Posts 9
  • Votes 2

Hi all,

I am a property investor/landlord in Oregon with 4-5 rental properties to create cash flow now, and into retirement.

-Rick.