All Forum Posts by: Dustin Wells
Dustin Wells has started 3 posts and replied 6 times.
Quote from @Jennifer Maureen Whalen:
A smaller point that I learned on a podcast on this topic was to be sure that 'common' incidences are included - slip and fall, dog bites while on property were common examples that were given.
Quote from @Richard F.:
Normally you would require the Tenant to add you/your Company as "Additional Insured", or possibly "Additional Interest", depending on the company. This will cause you to automatically be notified by mail of cancellation or non-renewal.
Most people do NOT have it. Most D or C- Renters will not be likely to get it due to cost. However, you can, after checking local law, require Tenants to obtain it. Highly recommended for A and B properties; may be a financial deterrent to C and D prospects.
Be sure YOU have a "Landlord" Policy, not a "Home Owner's", and be clear whether you are covered for "as built" finishes only, or upgrades that may have been made; also, especially for older properties, "ordinance of law" coverage is important in case of a major event.
Thanks for the input!
Hi Everyone,
I'm looking at getting my first rental, and am researching insurance. I'm trying to decide on insurance coverage. Am I right in assuming if a renter has renter's insurance, and they miss a payment on their policy, their policy may be cancelled, or at least any claims after non-payment may be denied? If they missed their payment on the 1st, then something happens on the 2nd, the insurance company could deny a claim based off that? I don't know if it is that straight forward or not. I assume I probably am not able to be notified if they have not kept up with their insurance payments? Do most people have landlord insurance? Thanks!
Hi Everyone,
I'm looking at getting my first rental, and am researching insurance. I'm trying to decide on insurance coverage. Am I right in assuming if a renter has renter's insurance, and they miss a payment on their policy, their policy may be cancelled, or at least any claims after non-payment may be denied? If they missed their payment on the 1st, then something happens on the 2nd, the insurance company could deny a claim based off that? I don't know if it is that straight forward or not. I assume I probably am not able to be notified if they have not kept up with their insurance payments? Do most people have landlord insurance? Thanks!
Post: First rental purchase as primary?
- Posts 6
- Votes 0
Quote from @Eliott Elias:
You can not use a primary residence loan to fund an investment property. You may move out if your circumstances ever change, but it is mortgage fraud to use this loan to fund rental property.
I figured so. Why would the lender be offering this?
Post: First rental purchase as primary?
- Posts 6
- Votes 0
Hey guys and gals, I am looking at buying a property and started talking with lenders. One guy talked to me about considering it a Primary instead of investment for a less costly loan. He was saying they would do that. What are the pitfalls of that?