All Forum Posts by: Eli Pluzynski

I would definitely be interested in attending.

@Ryan Sajdera If there current lease doesn't require it there is no way to force them to obtain it. When their current lease is up I would recommend them signing a new lease with an insurance requirement in it. Make sure to include language that states that if they don't purchase the required insurance and provide proof to you before their new lease start date there is a defined additional monthly fee that they will owe.  If they start a fire, cause a flood, etc, they would be responsible for damage they caused, but do you think you could actually collect it from them?  I would recommend contacting your insurance agent and check if it is possible in your state to purchase the coverage yourself.  It shouldn't be much and the peace of mind is well worth it. I have done that for properties in Florida. Our lease included language that allowed us to charge them an additional fee if we had to put insurance in place to cover them.

I am new to this forum. I just read through the thread and I am curious as to what risks needed to be taken into account besides the property being worthless. I know that city liens can be a concern as they may not be recorded at the time of sale, but what are other common pitfalls. Also what do most people use to discover other encumbrances on the property before the sale.

Thanks

Eli