All Forum Posts by: Andrew S.

I don't have an LLC, so I don't know whether your current "personal" policy actually covers liabilities related that property, but I assume you made sure that is, in fact, the case.

What I do know is that you CAN get a commercial umbrella policy for properties that on personal insurance policies because that is what I have. When I started building my rental portfolio, StateFarm issued landlord policies (in my name, no LLC) and included them at no extra charge in my personal umbrella policy. However, they only allowed that for the first 5 properties (or maybe the first 3, I forget). After that, they wanted me to move all my rentals over to a commercial policy, which they issued just fine. So, my entire rental portfolio is now covered by my personal landlord policies with a commercial umbrella. So, at least StateFarm seems to know how to write these.

Google:  "The Viager Agreement" and/or "Jeanne Calment".

In a nutshell, a 47-year old lawyer stuck such a real estate transaction with a 90-year old lady.  Turns out, she lived to a world-record age of 122 years, outliving him by 2 years.... life is unpredictable - actuary tables notwithstanding....

In MY neck of the woods, it is not that unusual for two properties to share a sewer line.  In fact, 2 out of 12 of my properties are in that situation.  

What (and where) is the actual problem that causes your backups?  Is it BEFORE or AFTER the junction of the two lines?  If it is before, then you are on your own for the fix.  If it is after, then your neighbor should be willing to split the cost with you.  I don't know whether you are dealing with a 4-inch or 6-inch pipe, but even a 4-inch pipe should be perfectly capable of handling 2 single family homes if it is in working condition.

Hard to believe someone installed the clean-out backwards, but unless this is actually where your backup problem originates, I doubt anyone will make you correct that one.

An other advantage of paying with credit card may be that you will not have to send the provider a 1098 tax form (only an issue if the total yearly amount is over $800).  I say "may" because while I have read about this in several places, I have not personally verified this to be true.

I usually pay contractors by check the minute the work is finished and approved.  

 I don't see how you can force the other tenant to pay half for the service call.  I sure as heck wouldn't pay you, if that were me and I can't fathom any judge would be on your side.  In fact, I don't think you should charge ANYONE because it was YOU who accepted that the switch is located in a common area.  You should secure that switch (or that area), so you can control who accesses it.  I strongly recommend you suck up that $180 yourself and fix the underlying problem.

 You may want to check your lease on this, but my guess is that you may not have given her enough notice initially on the rent increase?  Also, her text response "I'm moving out" might have jut been an off-the-cuff comment and not a formal notice.  She was upset and just tried to make you reconsider - didn't expect you to call the bluff... Anyway, there kind of things can get messy if they go before a judge, so if it were me, I would just give her formal notice of termination NOW (allowing for the required days of notice per lease).  Obviously, this means she'll have to pay rent on Jan 1 and if she does not, then you evict.  The exact amount of rent on Jan 1 will depend on whether your notice of the increase was handled according to the lease or not, but you may not want to risk providing her with angles to fight you in court just over a few dollars.

Quote from @V.G Jason:

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@Moderators what's this new Cross Sell feature?

 Whatever it is, it sounds cool

I feel you bro. I wanna cross sell some stuff.

 I'll cross sell your face 

 bruhhhhhhhh

 I think it's something special put together just for you. I'd click it and see what happens :)

 It's gone now. Party's over.

 Looks like they cross sold the feature.

Can BP please allow the feature to where if you quote someone, their actual  message is quoted too? Or maybe we can do that I'm just too incompetent with technology to understand how to do it?

 Just click on thelittle black triangle to the left of the name

Don't know if @Joel Owens is still active on the boards here, but he knows all there is to know about triple nets.  Maybe he'll chime in

 Yes, they definitely should.  And it is very straightforward to file these, so I would expect it to be well within the scope of any operator sophisticated enough to pull off an owner financed deal.  Even mom and pops.

Sorry, but 4 weeks is way too long for an average turn.  That's nothing to write home about...