All Forum Posts by: Eddie Memphis

Unless you can prove fault, this one's on you. Your insurance should cover the loss. You did call your agent as soon as it happened and file a claim, right?

Raise the rent.

A property with an indoor swimming pool is worth an extra couple hundred a month!

Find a local lawyer. The extra expense is worth it over online documents.

He will be able to tailor a lease specific to your needs, property and local area. 

The renters are paying off the mortgage. She would be using the money from the rent that is sitting there doing nothing. By not paying them off, money is being wasted on paying interest, gaining nothing.

You need to find an independent agent and discuss your issues with them. There are two types of insurance agents. Independent and captive. Your State Farm guy is captive, as are Farmers, Allstate and others. They can sell only that company's products.

An independent agent can sell any brand he contracts with. This give the independent agent a huge variety of companies to choose from, finding the best fit for your needs. 

Some companies hate rentals and will drop you in a second for your first claim. Others love them, the more the better and have special programs just for rental properties.

Independent agents tend to have more commercial experience and more companies that issue commercial coverage. This may be something to consider as a multiple property owner. However every company has different issuing guidelines for different states.

It never hurts to talk to someone and see what they can offer. It's free and you are likely to save money and have the exact coverage you need for your situation.

If you pay one off, the entire rent will go into your account. Use this to pay off the second property as quickly as possible. Then you own two properties that have amazing cash flow. You can use them as collateral for a loan on another property or invest in the market. Or buy a sailboat!

330 is less than 350. 3000 is more than 2900. Seems pretty easy to me.

Yes. R-value of around 3 per inch. Best for attics since it will settle in a wall.

The complexity of the question should prevent you from doing it.

Each deposit needs it's own account. The owner will have to file with the IRS, you will need to issue the 1099's, the interest is so low that the added headache is not worth it.

If you need to claim some or all of the deposit for repairs to the unit, the owner still gets to keep the interest since it is their money.