All Forum Posts by: Chris Stromdahl

@Adrian Valdez 

Driving for dollars, leaving a post it  and sending a letter.

Knocking on doors, leaving a post it and sending a letter.

Preforeclosure list, leaving a post it and sending a letter. 

Besides Listsource, the following company provides a similar service but my understanding is that they are concentrated in CA but may be branching out. It is a monthly subscription with no commitment and up to 5000 names for $40 bucks.

That is my understanding, you will have to do your own due diligence.

@Steve T. 

This is an interesting point.

I am closing on my first buy/hold this coming week and my wife and I have been going back/forth about allowing pets. I have communicated extensively with my insurance provider. At this point, we know the breeds that we are permitted and how we are going to structure the lease.

As for the the tenants, we have decided to not require insurance only strongly recommend it, pointing out in the lease where our liability ends and their begins. Having been a former tenant with a dog, we had renters insurance and pet insurance, but to my knowledge renter's insurance for pets is not a product that is offered.

I am charging a $300 refundable deposit plus 25$ month per pet, excluding cats and certain dog breeds.

I would just call the insurance companies. They will have a definitive answer.

@Cedric Mcbride 

I got married in Savannah! I love that town. All the little parks are wonderful. Of course we went touristy and did a ghost tour. Lots of fun.

This is pretty comprehensive, but somewhere to start looking for literature is the following:

http://www.biggerpockets.com/blogs/4342/blog_posts...

Valuable info to share: participate on BP, ask/answer questions on the forums, get out there and meet with people, stay at it.

I am closing on my first buy/hold within the next week. There were times at the beginning where I asked myself why I was doing all this work. REI is a lot of work on the front end, but I needed to be patient and things started/continue to come together.

Take care, Chris

Sounds like a plan.

@Ben G. provided some great insight on how to automate/manage information. Check out his BP blog post at the following:

http://www.biggerpockets.com/renewsblog/2014/10/18...

Not sure if that will help in your specific situation, but they are good tools to consider.

Thanks, Chris

Hi Paul, 

Welcome to BP!

I do not have any direct experience with Sub2 transactions, but @Michael Quarles has been very helpful to me in explaining how they work. Not enough hours in the day.

Reach out to him, he is always willing to help.

Thanks, Chris

@Dan Perrott @Curtis Bidwell 

I called and spoke with my insurance company today.

I am choosing to not require tenants to have insurance but will insert language outlining where my coverage ends and their liability begins.

Thanks for your input.

@Curtis Bidwell 

Thank you Curt. Between your response and the input from @Dan Perrott I have enough outside perspective on it to move forward in deciding how to handle this.

I will call my insurance company today.

Thanks, Chris

@Dan Perrott 

That does help, thank you. I would like to avoid requiring my tenants to obtain renter's insurance and this language indicates that I am requiring it by requesting proof of insurance to be rendered within one month's time.

I think it is the tenant's responsibility to insure themselves and to be accountable to themselves.

My concern is whether they choose to not purchase renter's insurance, is their any liability on me. 

A friend of mine that owns one investment property recently warned me of the need to require tenants to have insurance due to the "loss of use" liability. 

The main water line to his property recently burst, flooding the entire basement and leaving the property uninhabitable. Luckily his tenants have family they can stay with, but he did not require them to have insurance, therefore they had no loss of use protection.

Question:

Do you require your tenants to have insurance?

In your experience, if a tenant chooses to not carry renter's insurance, is there any liability on behalf of the landlord in a scenario such as this/similar scenario? 

• Just assume the landlord had been keeping the property up and the loss of use was not due to negligence.

Thanks, Chris

My understanding is that this can vary from lending institution to lending institution, but in general are HELOCs only available on owner occupied residences?

Do you know of any circumstances where they are available on investment properties?