All Forum Posts by: Andrew S.

So, Here's what I am doing per CPA. Personally getting LOC/Loan against Lot in my name, personally. Personally loaning money to LLC. LLC will repay my personal loan. Land not at risk. Worst case scenario and LLC gets sued, I'm out the money that was borrowed by LLC.

I'm not sure why this would be a turn off for prospective tenants.  Their deposit still has to be managed and returned according to applicable laws, regardless of who's holding it.

What's the liability issue here?

We can call a truce on the subject but I will give you the agents point of view.  When you are talking about a policy less than $10K in premium... the insurance agent is likely losing money on that account for the first 1-3 years in terms of his cost to sell and service it.  At $100 per unit you are talking about the agent making $150 on your policy (10% of $1500).   We make 10-15%.  Ironically we make less for surplus lines policies (like GL only) because they are typically written through MGA's unless the agent has a direct appointment with USLI.  So they do twice as much work and take on twice as much exposure only to make less money.  Then you combine it with your risk profile:  a fairly inexperienced low income landlord with 15 units, no prior insurance (giant red flag for every carrier and agent) and a attitude of "show me why I need this/you are trying to rip me off".    Most people that don't believe in insurance don't carry insurance... and then once they have a claim or feel like something is brewing... they rush to buy insurance.    The loss ratio on accounts with no prior insurance is something like 800% higher than new business written with prior insurance.  Then you throw in that you have "no fear of litigation" and it is basically the recipe for a agent to run away from.  

I am not saying this to attack you in anyway and I respect your view on the financial aspect of risk management (don't agree with it but respect it)... I am just saying for a business standpoint you are not the client profile that any profitable agent wants to deal with.   High risk classification,   low premium,  high touch (for the agent) and a high maintenance client that is willing to sue you if he misremembers your conversation.    If everything goes perfectly... the agent makes $150 a year.  If something goes wrong with your 15+ low income units and the stripped down coverage you begged for doesn't respond... then he is starting at a lawsuit.  

@Jason Bott @Account Closed

The problem I'm having now is that I contacted a broker in Hagerstown who told me they would not write the liability insurance unless I purchased casualty insurance for the properties. He claimed if there was a fire I would sue him. This just seems like a scam among Maryland insurance agents to force people into policies that are bad for them in order to earn a higher commission.

Any suggestions on a next step to obtain the liability policy?

BTW, the average age for seniors to enter assisted living is 82.  If your mom is average, then that's 17 years of covering her rent.....

 You have to give them 15 days notice prior to their next rent period. So if they pay rent on the 1st of the month, you have to give the notice to them by the 15th of the previous month. I got the notice to them on the 15th of August at 7pm, so just in time. I didn't post the question on here until days later as the thought only just occurred to me as to whether I could try and book in an earlier court date.

 Florida law required 15 days notice when on a month to month lease.

I just bought a duplex and gave the tenants a notice of 15 days notice to vacate.

They don't have a lease and have paid until the end of August.

They have already stated they are not leaving at the end of the month.

My question is, can I lodge the eviction application now, to get a court date booked in or do I have to wait until the end of the 15 day period and then apply?

I imagine the courts are backed up and I will be waiting some time for my hearing date.

Good morning all:

I have a listing in the Hedingham subdivision in Raleigh that needs some work.  With that said, it hit me this morning that promoting a 203k loan for this property just might help to get it sold. Can anyone recommend a good mortgage loan officer in the area with 203k experience?

Thanks in advance.

Sheryl