All Forum Posts by: Ting Lai

Hi - I have a couple of SFH in Tucson, AZ and am looking to shop for better rates for the home owner's rental insurance. I had a claim (water damage, mitigation, and repairs) in one of the houses which resulted a hike on my premium. Does anyone have good recommendations on brokers or providers?

Much appreciated your help!

@Jason Bott Thank you for your advice. Things have come to a happy ending and they have decided to cover mitigation and repair fees. However they also decided not to reinstate my policy and my home owner insurance rate has jumped to 60% higher than before...Still I am very grateful that the bulk of expenses were covered and now I am on my journey to search for lower cost insurance providers...Thank you!

@Justin Vedder I vetted some but have not hired or confirmed any candidates at this point. Am actually considering to reach out to more folks. How about? What's your approach when looking for CPAs? 

Thanks all for your help and sharing your expertise with me! 

The policy is supposed to be in effect since July 12 and I have filed a claim (regardless whether I have an effective policy) last Friday. The loss occurred in mid Aug after the tenant moved in and started using the washing machine.  

@Jason Bott that is a really good point that you mentioned - I know the insurance broker is still trying to negotiate with the insurance company (on behalf of me) to seek coverage. When would you recommend that I file the claim? I assume it's when they've decided NOT to cover, but let me know if you disagree. 

@Matt K. I have a copy of policy saying I have policy effective since July 12 but in mid August they said I don't due to "a missing signature"...My house was also able to close without issues and the insurance premium / coverage was in escrow.  

@Matt Moylan Thank for you offering your help. Hope things are turning out well!

Some unexpected situation occurred this week in one of my rental properties in Tucson, AZ.

I was about to file a claim for the house restoration (leaking / flooding issues) only to discover I had a lapse on my home owner insurance. This is due to a "missing signature" on the policy, according to my home insurance broker. 

However, things did not sound right.. because:

7/2: I received full landlord insurance policy via email --> can this happen with a missing signature? 

7/12: I closed the property with insurance policy in escrow --> can this happen with a missing signature?

7/20: I received full confirmation of the policy payment from CSE via email --> AGAIN, can this happen with a missing signature?

I have not received any email or notification that my policy was invalid till 8/10. The broker admitted that didn't see the request from the insurance company that they needed another signature, and they didn't inform him as well". As a result, "I need to proceed as if there is no coverage."

Any people had such experience? Any advice of how I can proceed this? 

@Tommy HoangThank you for sharing! I would LOVE to hear your experience regarding how you and your partner decided on Phoenix and Tucson, and what agents you are using in these areas. I have vetted 2 CPA / firms so far, and have not made my decision yet. Please let me know if you have any good leads!

@Allan Bishop Jr. Curious why your area has shortage of rentals? Is it due to strong demand for home ownership? Insufficient rental infrastructure? Or just purely the fact that it's a hidden gem? I'd definitely be interested in exploring opportunities in KY and TX as long as the numbers check out. 

@Michelle Eisenberg Amazing! Seems we are on the same journey. I liked your questions about the break-even point because that also came up during my cost-benefit analysis. I want to have a partnership-type of CPA relationship (meaning, not just to talk to him / her once a year, but engage with them before I make decisions on investment) at a reasonable cost. (By the way I used to study / live in STL and would love to hear more of your investment experience there!)

@Daniel Hyman That's a great idea. I am not against to this at all and would like to here more of how this can be executed! 

@Allan Bishop Jr. I am actually thinking to diversify my portfolio to include not just SFR but also multi families. :)

Hi Everyone! 

I just started my journey as a real estate investor this year! Currently I have two rentals (single family) in Tucson, AZ and have been actively looking for deals / opportunities to expand my portfolio (mainly, out of California). I have thoroughly read @Brandon Turner's "The Book on Rental Property Investing", @Amanda Han's "The Book on Tax Strategies for the Savvy Real Estate Investor" and am currently reading @David Greene's "Long Distance Real Estate Investing". 

I am also actively looking to identify a CPA specializing in real estate investment as my business partner (sort of) so I do not repeat mistakes that @Amanda Han outlined in her book. Any good recommendations for me in the Bay Area?

Look forward to exponential learning on this forum!