All Forum Posts by: Ben C

Hi,

I've spend some time reading the posts in BP around rental insurance needs and would like your opinion on whether I am doing the right thing here.

Property #1:rental property (paid off and worth about 200k) I manager for my mother.

Property #2: rental property(90% financed) I currently preparing to rent out.

based on my readings, I definitely needs more liability insurance for property #1 since it's all paid off. I plan to buy 1 million umbrella coverage for my mother (her total assets is less than 1 million). will that be enough? should I still have landlord insurance along with that? I am getting a quote for the following major coverages
1. personal properties( why do I need that? shouldn't that be for the renters)
2. personal liability( is this the same as the umbrella coverage? although it's only $8 extra for 300k limit)
3. water back up coverage ( I am still reading more about if this is something worth to get)
4. Dwelling (limit is 1000, sounds very low to me, they are saying since it's a co-op and my other one is townhome, the HOA already covered it. but I believe I am still responsible for everything inside of the wall. 1000 seems very low. )

in short, I plan to go out and buy the following

1. a landlord insurance for both myself and my mother
2. a umbrella insurance for both of us.

should that give us enough protection? thanks in advance

Ben

I started renting my first rental property(coop) and I haven't purchased an insurance,but I believe the monthly HOA fee provide some insurance coverage, I need to find out how much and see if I need more. as I read more about legal risks involved, I also want to ask at what point do you consider having properties under a LLC? for someone new, is getting enough liability insurance on rental enough? I expect to have 3 rental buy end of next year.

Thanks

Ben

Hi,

Getting ready to rent out the town house I am living in now and just realized I ran out of furnace filter(Central AC). I've been using the expensive ones as kids has allergy. my question is what kind of filter do you use for rental. expensive ones that requires less replacement, or by case of cheap ones and replace often. also, is it fair to ask the tenant to replace say every month?

Thank as always.

Ben

Thanks for the reply Mitch. I meatn to say the private banking division of the bank. not really getting it from private lender. in my case, if I move all my other investment assets to wells Fargo, They will assign me a private banker to work with all my needs including mortgage. I don't know if it actually make sense to do the move.

Hi,

I am shopping for a 30 years fixed mortgage and my credit score falls couple points below the "excellent" range. it's only because I had a $56 collection back 6 years ago, which I was due to a move and paid in full soon I found out. anyways to keep the story short, the mortgage person I currently work with said he couldn't do anything about it. I came across this article where it says private banker is more flexible and have discretion to decide on mortgage loan with possible better rate, fees, and credit. anyone had this experience before? please share if you do.

P.S the credit score is costing me at least $2500 on fees and can get better rate.

Thanks in advance.

Ben

just wondering, instead of launching the site from browser, is there a better way to receive/reply message from biggerpockets in a smart phone(Iphone is what I use).

LOL. Sorry for the Typo(couldn't figure out how to fix it) and thanks all for helping.

I see, thanks Jon. I will email them back to reconsider that if they agree to pay for the key. They seem to be good talent so far, I rather keep everyone happy.

thanks Jon and Bienese. It's a coOP, I guess I need to request for those keys from the building. this is my first rental. trying to learn as I go. I was just concerned they may moving someone else in there. is that a valid concern?

Hi,

apartment is rent to a couple since 1 month ago, now they are asking for an addtional set of key. when asked why, they said " just in case" when they left in the house. I have already provided 2 sets of key to them. so I kindly refused to do so. but I do want to check with folks here to see if providing additional key is something landlords OK to do.

Thanks

Ben