All Forum Posts by: Bill B.

I assume anything less than 100k/100k is wasted money. I run 300/300k as it’s required for my umbrella policy, the premium change is tiny. Ps. I also run $2500 to $5,000 deductibles as you don’t want to make any claims befow $10-$20k anyway. 

Building insurance is not meant for $2,500 or $5,000 claims. Especially as you gather more and more properties. A clean claims history saves money. I’ve made 2 x $30,000 claims in 15 years on 12 properties. (Both were toilet supply line leaks of the knights armor/snakeskin looking type steel lines rather the modern  braided type.) neither caused my premiums to increase. 

If you put your addendum in writing make sure you’re willing to lose the deal over it. When your addendum says something will be fixed before I buy or I’m not buying the sellers then ave the ability to sell to someone else.

If it’s a great deal and it’s a $200 problem take the deal, if it’s a good deal and a $1,000 problem, use your best judgement. Etc...etc...

Landlord insurance should be cheaper and is required if you want to be covered on property you are renting out. Landlord policies don’t cover any personal belongings inside the building (hence the reason they are cheaper and you should require tenants to get renters insurance.) they are meant as liability shields and sometimes lost rent will be covered. Ps. You also have to mention to most insurance companies any time a unit is empty more than 30 days. 

Wrong policy is like no policy. Have a loss and they’ll say wow, you shoulda had landlord policy the homeowners policy doesn’t cover this. 

How about raising the rent the amount of your desired late fee? If they aren’t willing to pay on time to avoid an extra $50/mo they most likely aren’t willing to move to avoid it. 

Yes. Almost everyone has additional fees. They pay a referral fee to realtors of $300 that bring you a tenant (sometimes their realty company, sometimes unrelated realtor.) they don’t mark up repairs. You should have your money electronically deposited around the 10th. You can check out their website to see their current inventory and research company. 

Brian Hartsell @ key properties has been good to me @ 8% a week vacancy has been long and the average stay is over 3 haven’t heard good or bad about golden west. 

@misty rossman

A quick google search says they only had 30 days to return your security deposit in Nevada. If there’s truly a property manager involved you would think they would know that. Do you have a copy of the walk through inspection?

I don’t know how I would go forward with this personally. BUT, I personally would probably take option 3. 

If you want to be more proactive than me, or more fair, you could go with option 2 and include a note regarding how state law said they only had 30 days to eternity your deposit...

“Nevada Revised Statutes Annotated § § 118A.240 to 118A.250.”

To save $500 every 5-10 years on repairing/replacing washer dryers that you own you want tenants to go out and buy washers and dryers they probably won’t need for their next place. Try not to damage your walls during move in and move out, hopefully hook up correctly every time and not cause a fire, water leak or gas explosion doing something they may not have ever done before. 

How much more rent would you pay if it meant you didn’t have to go out and buy a washer dryer and install them and then dispose fo them when you move?

Why would you include a fridge? They break 10x more often. 

Charge $10/mo more rent with washer and dryer so you don’t turn away 1/2 your possible applicants. If the place is empty one extra week you lost money not providing them. 

The house I’m sitting in now was sold to me by  the realtor that owned it. I offered $215k, it appraised for $185k. Her option was to take $185k or find a cash buyer. I loved the home so I upped my offer to $190k and came up with an additional $5k out of pocket. I saved $25k. 

The sellers realtors should be walking the seller through their options. 

I use quicken with 12 rentals. I’m sure mint (the online financial software quicken bought) can do it as well.