All Forum Posts by: Naga A.

I use National Real Estate Group Insurance for my 7 properties (6 in Atlanta, GA and 1 in Tampa, FL) and have had property insurance coverage against perils (like fire) and an umbrella policy (excess liability), basically coverage against loss when landlords get sued by tenants.  I have paid about $6.00 per month per location for the umbrella policy,

They said they received an industry-wide as well as nationwide rate increase from their carriers on the umbrella policy and said if I want to keep the umbrella policy, I have to pay more than $100 per property more!  

My questions are 1.) do you guys experience similar rate increases on umbrella policy? and 2.) do you have any recommendations on insurance agents or carriers in Atlanta Georgia?

Hi @Nick Brubaker 

We met in Tokyo last year!  Glad to see that you are active in R.E. in Atlanta area.  If you decide to go the buy and hold route, you need to take into account the real estate tax.  I own a house in that area (not on McAfee but very close and same zip code).  When I purchased the house in 2010, my tax bill was $300, the DeKalb county has steadily increased the tax since then and last year's tax bill was close to $2000!  It is hard to raise a rent to make up for the increased tax burden.

Just my two cents.

Naga

Thank you all for the comments.  I already accepted three months of rent so I have no choice but to continue to work with the tenant.    

The lease says I have to give 60 days prior notice and pay a termination fee of one month rent. So, if I give a 60 days early termination notice, the tenant probably will stop paying the rent then. 

A tenant failed to pay a rent in Jan, and since then all our collection efforts were failed (he made all the executed, promises were broken and phone called were ignored etc.).  An eviction proceeding was initiated, and after we got a court judgment and just before kicking him out, the tenant all of sudden showed up at my management company's office and finally made all the payments owed to me.  

The problem is I do not trust this tenant any longer and anticipate that he will miss a payment soon and that we will have to do the eviction again.

My question is whether I as a landlord can ask for an additional security depost (about month rent?) to protect my interest from this tenant in the middle of term of lease because of recent eviction incidents.  The lease agreement is silent on whether I can do that.

Hey Guys,

It was fun and hugely informative last night.  By talking to you guys, I have got some ideas how I should pursue my real estate investment.  I look forward to the next meeting .  Thank you for organizing this, Dmitri

Naga

I intend to attend the meeting if my schedule is allowed. 

 Regarding Ken's question, the banks look at the totality of applicant's circumstancesto see if you can repay the loan.  They look at factors like how old he will be when the loan is matured, whether you are healthy or not, the value of a collateral, or how long he has been working at a company etc.  Trevor is right that gettng a loan from a bank is easier nowadays because of recent qualitative easing policies.

Guys,

Sorry I cannot make it this time as I will take a ski trip from that day. 

But, hopefully, I can make it the next time.

Naga

@Ali Boone

That is very interesting because that is what I felt frustrated when I was working with a big property management company.  May be I should change my mindset.  Let me know if you find a good property manager.

Naga

@Ali Boone (how does this inviting function works?)

Just curious. Why do you prefer an individual who does a PM on the side versus a professional management company.  I always thought that a professional management company would be better at managing properties because they tend to be have a team of property managers, more organized and more committed to the property managing business.

Naga

Pyrrha

Thank you for mentioning my name.  I would like to join you guys in the next BP meet up in Tokyo.  

Naga