All Forum Posts by: Toby Thompson

@Rolando Garcia

I would also make sure to check out whether the other structures coverage was for ACV or RCV value- many policies only cover ACV (with depreciation applied) value for Other Structures, which could crush you if it is older.

Cheers!

@Cody JensenIt all depends on the tenant and the condition of the unit- I generally get calls about 2-3 times a year per tenant.

I highly recommend making a relationship with a PM or a handyman BEFORE you need them. Sure as Murphy exists, you will get your first call when you aren't able to devote time to it and then you will pay top dollar for some emergency responder that pops up on Google if you haven't reached out to someone prior to the first call. Just find a few names/numbers, call them and explain that you would like to have them work on property sometime, then save the number for when their service is needed. Congrats on the duplex!

-Toby Thompson

Thanks Scott! It's a tough crowd on here lately, kinda makes new people such as myself second guess sharing their knowledge/experiences. Luckily, I am too hard headed to be easily discouraged and will continue sharing in hopes that others will help me with my questions!

Originally posted by @Kieran Donahue:

Unfortunately waiving the deductible is perfectly legal.  Another falsehood spread by the roofing industry.  Quote - “A situation in which a person providing a good or service does not seek payment from an insured of the amount of his insurance deductible does not constitute a criminal offense under section 27.02(a) of the Business and Commerce Code.” - End Quote

 Hey Kieran,

Not to get too into the weeds but you posted a questions asking for advice/help. When you received mine, you immediately denounced it as "another falsehood spread by the roofing industry". As stated in my original response I have never worked in a state where it was legal. There may be some states where it is, but I have not come across them in my travel.

I live in GA and I pulled this from the GA Insurance Commissioner's website, not from my rear end. Again, just trying to help answer your question, I am sorry that you did not see it that way and wish you the best of luck with your repairs.

"It has come to my attention that some roofing contractors operating in the State of Georgia are offering to waive or rebate homeowners’ insurance deductibles. I am issuing this bulletin to address frequently asked questions related to this practice, and to advise public adjusters, roofing contractors, and homeowners of the applicable laws. Must anyone who negotiates with an insurance company or files a claim with an insurance company on behalf of insured homeowners in this state be licensed as a public adjuster? Yes. Any person who agrees to represent a person who is insured under a homeowner’s policy and who files a claim or negotiates with an insurance company on behalf of a Georgia homeowner must be licensed as a Georgia public adjuster. This includes roofing contractors who file insurance claims or negotiate with insurance companies on behalf of homeowners.1 May a public adjuster waive or rebate a homeowner’s insurance deductible? No. Pursuant to O.C.G.A. §33-23-43, a public adjuster may not pay the insured any form of compensation (directly or indirectly) or give any allowance or discount against the fees to be charged.

1Pursuant to O.C.G.A. §10-1-393.12, a residential roofing contractor shall not represent or negotiate, or offer or advertise to represent or negotiate, on behalf of an owner or possessor of residential real estate on any insurance claim in connection with the repair or replacement of roof systems unless the residential roofing contractor is licensed as a public adjuster under Chapter 23 of Title 33.May a roofing contractor (who is not filing a claim or negotiating with an insurance company on behalf of a homeowner) waive or rebate the homeowner’s insurance deductible? A roofing contractor and a homeowner may both be in violation of Georgia law if the homeowner submits a contractor’s quote to the insurance company seeking full payment of the quoted amount, knowing that the actual cost to the homeowner will be less than the contractor’s quote. See O.C.G.A. §33-1-9(a)(1)(B)."

https://www.oci.ga.gov/ExternalResources/Announcem...

@Kieran Donahue

I will also mention that your insurance carrier likely paid you at ACV value (value with depreciation applied). In order to recover the full replace cost value (RCV) you will likely need to have your contractor provide an invoice for the full amount of the claim or show receipts from materials/labor totaling up to the insurance claim amount. Without that, you won’t receive the full claim value.

I have been an insurance adjuster and I have been a roofing/GC contractor so I understand both sides. The contractor is likely trying to make sure that the estimate covers what is needed, and possibly trying to maximize profits. Insurance contractors take it on the nose quite often and you have to make it up where you can; reputable contractors need to make money as well. If you had 20 or 25 yr 3 tab shingles some companies will upgrade you to a 30 year laminate/composition shingle for the same price based on insurance payout and size of your roof.

Look for contractors that offer longer warranties as a sign of work quality. Ask how many jobs the PM has going on at once and how often he/she will be on site to inspect. Make sure the company has GL and Workers Comp insurance if it applies in your state.

Final Note: Many contractors will offer to waive or “discount/absorb” the deductible in order to help seal the deal. This is technically illegal in all states I have ever worked, so keep that in mind and make whatever decision you are comfortable with.

Congrats on your new roofs lol!

-Toby

Thanks for posting Jose! I will be attending my first REI meeting at this one and I am very excited to see what it's all about!

@Isaac Pyle

I started when I was 23, culminating a goal I set when I was 18. I lived in the house and rented out the basement, so the tenants knew I was involved in the property. Like others have said, you don’t have to tell them you are the owner. You can tell them you manage it, which is true. I strongly agree with another poster who said start by being professional. Get a solid, state specific, lease and read it. Then go read it again. Read it till you understand it and then ask someone who is experienced to validate your understanding of it. Do all this before presenting it to your tenant and then you are able to address all matters professionally and by the letter of the law. Explain that nothing is personal, good or bad, and that it is your business to enforce all aspects of the lease. Do this and act as a well educated professional and know your subject matter and it will be easier.

Yes, some people may have an issue with you being younger than them, but my question to you is why does that matter? The lease is the governing body- feelings have no place. Who cares whether the tenant likes you or hates you? As long as rent is paid, deposits maintained, maintenance split between responsible parties, and all rules are followed, you don’t have to worry about being drinking buddies (in a year or so). It’s all in how you present yourself and your business.

I actually interviewed multiple professors at the college I was attending for tenancy in the House! Quite an odd feeling, but whatever was best for the asset/business goes!

Good luck, and feel free to reach out if you have any specific questions about “young landlording”.

-Toby

@Matthew Scott Of course! Lord knows I will need help with my questions as I learn more.

@Matthew Scott There is no need to spend time and money preventing mold if it isn’t a problem now. You do want to lay a vapor barrier down- 6-10 mil thick polyethylene. Lay it all over the exposed earth, tape all the seams with vinyl tape. Run 1x1 wood strips along the perimeter and wrap the vapor barrier over them a few times. Affix them to the foundation walls wrapped 1’ up from the floor then seal the edges with silicone caulk. Whether you insulate the joists for more comfort above is up to you, but if you have a moisture issue in the crawl space the insulation will make it worse.

@Salman Vora I do mold inspections/remediation at my company and I can safely tell you that the only way to remove the smell is to remove the source. You have to pinpoint where the moisture is getting in and then create your response from that. Start by eliminating the sources that you can yourself and also paying closer attention to the weather to see if it has any bearing. Fogging will not do much of anything for you in the long term. IR camera may be useful if there has been a recent intrusion event. You might call around to local water mitigation or remediation companies and see who will come out and give a free inspection. Ask them what they think the cause is and compare the various answers to your opinion and common sense. Many companies will do free inspections to try and sell the remediation job.