All Forum Posts by: Bailey A.

Hi Guys,

I’m just wondering if everyone else is feeling the increased premiums like I am? The insurance hikes are killing any cash flow I would have. Yes, mortgage is still covered but my goodness. I swear it feels like when you get ahead something else takes you right back.

When I started out, I remember hearing “Once you have your place rented, you can get a landlord policy and it’ll be cheaper”.

Unfortunately, I changed my policies from personal ones to landlord policies. When my broker mentioned the new premiums I said something along the lines of “Nevermind. Can you just forget I told you that and we can stick with what I have???”. 😂

I’ve shopped around. But to lay it out in numbers:

Prop #1 - 3/1

2023 - $1,655

2024 - $2,471.78

2025 - $2,909.96

Prop #2 - 2/2

2022 - $1,875

2024 - $2,415

2025 - $2,797

For seasoned landlords out there, what do you guys do? I was thinking about looking into just cash value but wanted to hear your thoughts.

Hi Guys,

I’m wondering if everybody out there isn’t feeling the increased premiums like I am? The insurance hikes are killing any cash flow I would have. Yes, mortgage is still covered but my goodness. I swear it feels like when you get ahead something else takes you right back.

When I started out, I remember hearing “Once you have your place rented, you can get a landlord policy and it’ll be cheaper”.

Unfortunately, I changed my policies from personal ones to landlord policies. When my broker mentioned the new premiums I said something along the lines of “Nevermind. Can you just forget I told you that and we can stick with what I have???”. 😂

I’ve shopped around. But to lay it out in numbers:

Prop #1 - 3/1

2023 - $1,655

2024 - $2,471.78

2025 - $2,909.96

Prop #2 - 2/2

2022 - $1,875

2024 - $2,415

2025 - $2,797

For seasoned landlords out there, what do you guys do? I was thinking about looking into just actual cash value policies but wanted to hear your thoughts.

@Kevin L Owens

All of the people who told me real estate was a mistake, a huge headache, I would be “fixing toilets”, don’t do it, etc., had NEVER INVESTED A DAY IN THEIR LIFE. Don’t listen to them. Listen to people who’ve been in the game 20-30 plus years and have enormous wealth. Yah sure, I’ve fixed a toilet. Once. In three years. And it took 30 minutes. Pretty nice trade off for what I have now.

Oh my gosh!!!! The Property Brothers!!! Their black shirts and perfectly quaffed hair seem to never get dirty from all the walls they are taking down.... It must be magical drywall. I take off one piece of trim and I've got black boogs for days (jk. But also, you know what I mean). I've also been in the company of many contractors. None of which have the belt. That stupid belt. 😒

I would do either #2 or #3. I'm also a little biased though because I've only done buy and hold. Regarding #3, it would depend on the cost of renovations and if an additional $1,200/yr (from the $100 rent increase) would make sense. You have a really good interest rate too! I would hold onto it.

@Kwan Suh

Don’t give up! I’m going through my first series of learning lessons now with investing in my second home. $13k is a hard pill to swallow but the sooner you can recognize what you did wrong and move on the quicker you can make some money. From your post, it sounds like your first investment. Mistakes are bound to happen. As my favorite comedian Tom Segura says “Some people suck”. Keep your head up.

 Thanks for the advice. She is extremely high maintenance tenant who has now resorted to name calling so if I can avoid it I will.

My first nightmare is almost over! I’ve got a tenant in TX (who has breached the lease twice including smoking in the property) who’s lease ends on New Years Eve. Of course, I won’t be doing the move out inspection until after that date after getting keys (within four days). She’s requesting to attend the move out inspection. I want to avoid this at all cost. Any suggestions that keep me within the law? I don’t see anything that suggest I’m required to let her attend.

My first nightmare is almost over! I’ve got a tenant in TX (who has breached the lease twice including smoking in the property) who’s lease ends on New Years Eve. Of course, I won’t be doing the move out inspection until after that date after getting keys (within four days). She’s requesting to attend the move out inspection. I want to avoid this at all cost. Any suggestions that keep me within the law? I don’t see anything that suggest I’m required to let her attend.