All Forum Posts by: Brian H.

$40,000 - $60,000 in attorney fees?! I would be sunk. What is wrong with people?! @Joshua Dorkin, thanks for this share. It was very eye opening and very frightening, yet something we all need to read. I hope none of us have to deal with anyone like this. Doesn't sound like any of his landlords did any screening or pre-rental inspection photos. 

Under contract on two properties now and one has hoarding tenants in it.  Part of the agreement with seller is at they will be out before closing. They are month to month with no lease. I expected them to raise hell but they are in the process of moving, thank god.  I never want to inherit tenants, if at all possible. But I know it will eventually happen. Best of luck to you @Collin Schwartz!

The nicest and most well meaning people can become your worst enemy if they hurt themselves on your lot.  It is very nice of them to maintain it but I would ask them to stop, nicely of course.

@Frank Chin

Ouch. Yes, that is a horrible thing. Losing so much because you wouldn't pay so little!  I need to get renter's insurance... lol    Thanks for clearing up the additional insured piece too... I will absolutely be doing that.  So, if you get the notice that they have canceled and you have in your lease that they are required to have it... they are then in violation and could be evicted, if you want to go that route... correct?

 The "hold harmless" clause is enough to keep you safe?  Would you be able to share that and the adendum that they sign to say they were advised to obtain renter's insurance???

Others on here, is the hold harmless enough? Or is it best to have them get rental insurance?

I had read somewhere that you can require that they have a plan that is paid up for one year (like $150 or so I think?), so that cancelling would then make no sense, for that year.

@Kathryn Daniel  Gotcha. That makes sense.  I can't imagine people that rent their properties out without requiring rental insurance these days... blows my mind.

@Kathryn Daniel

Personal Liability insurance? Or are you refering to Renter's Insurance???

 Did you look at the landlord insurance offered by USAA or just homeowners? 

Hopefully I am wrong, but my red flag alarm is going off.  Just seems too good to be true.  One thing, he mentions they pay damages from "malicious intent". So, you do not collect a security deposit, renters leave, there is damage that needs to be repaired but it was accidental and not malicious... so you cannot collect and also have no security deposit to use for repairs. Am I wrong there or is that what would happen? As with any policy, I feel that the wording is very purposefully picked here.  Not saying they are scamming but the suggestion of not having a security deposit seems unwise. Maybe it's just me?