All Forum Posts by: Franc B.

OK thanks everyone - I appreciate the quick responses - I've confirmed my deductible with State Farm and its not worth claiming anything under $4K and yes I am getting a discount due to my zero claims history. I will fix the floor damage and move on. Thank you BP community!

Quote from @Franc B.:

A slow leak has caused $2.5K damage to a rental property of mine. Does anyone know if home owner’s insurance would cover this? Looking for guidance before I submit a claim. Thank you.

Thanks everyone for the reply. Checking my deductible but I will take the experienced advice here - will check with insurance but will refrain from claiming if it impacts my coverage.

Quote from @Bruce Woodruff:

Home Owner's Insurance is usually for your primary residence. Or is this specifically for the Rental, meaning that it is a business  policy?

My rental properties are insured with State Farm - however you want to call the policy type - it’s specifically for rental property.

A slow leak has caused $2.5K damage to a rental property of mine. Does anyone know if home owner’s insurance would cover this? Looking for guidance before I submit a claim. Thank you.

Hi BP,

Looking for referrals for a Real Estate agent servicing Pocono PA area. I'm an interstate investor and looking to invest in this area. Preferably looking to partner with an agent that is geared for the investor and has some local STR knowledge. Thank you!

Hi BP,

I'm looking for a referral for a reliable real estate agent who works the Poconos area. I am an out of state investor looking to invest in the Poconos townships. Need a real estate agent that is knowledgeable in the area but has a solid perspective in rental investments, BRRR and STR. Thanks in advance for your referrals! Appreciate it.

Quote from @JD Martin:

Quote from @Franc B.:

Hi BPs,

We have a rental in Georgia that has a washer dryer hookup. Unfortunately the placement of a water heater in close proximity to the water and vent hook ups is preventing the tenant from fitting a washer and dryer unit set up in the cabinet space provided (side by side and stacked config not possible). A contractor has quoted $7K worth of work to move the water heater, relocate the hook ups, remove and replace walls etc in order to allow for a conventional 2 machine setup. 

The only option is to buy a 2-in-1 combo machine that does both dry and wash. But the tenant says they cannot afford such a set up (it approaches $2K). What are my options here?

1. Purchase the machine and make it part of the rental? I’m concerned about having to maintain it.

2. Make the tenant pay for the machine and subsidize it for them?

3. Take a hard line and make tenant find it. They are a good tenant btw.

Open to any ideas and advice here. Thank you.

 Depending on how big this unit is, I would probably bite the bullet and pay for the relocation, then add a washer/dryer and raise the rent by some amount to cover the cost. Personally, I like the all-in-one units but they are expensive and poorly suited for larger units where it will take forever to get a load of laundry done (since you can't move the clothes from the washer to the dryer). You can look at the relocation as an investment in the property since it will be an issue if you ever want to sell.

Years ago we only provided w/d hookups, but these days we include w/d in all units, raise the rents accordingly ($25-50 per unit) and enjoy some extra cash flow. If you buy basic units, no frills, American companies (Whirlpool, Frigidaire, Maytag, etc) the machines will last years, repairs are simple and parts are everywhere. I would rather spend some front end money now and do a relocation, then be able to use simple side-by-side units than to be forced into stackables or all-in-ones. We do have stackables in some of our units but those are ones where side-by-sides are impossible. Otherwise, they're more reliable, cheaper and harder to break. 

The only issue is the property itself was a $115K purchase. The relocation + cost of appliance  machines would cost over $9K total. I’m really not sure that’s worth the investment - even at $50 per month extra rent that would take 15 years to recoup.

 
I’m current of looking for alternative quotes, but not looking promising.

Hi BPs,

We have a rental in Georgia that has a washer dryer hookup. Unfortunately the placement of a water heater in close proximity to the water and vent hook ups is preventing the tenant from fitting a washer and dryer unit set up in the cabinet space provided (side by side and stacked config not possible). A contractor has quoted $7K worth of work to move the water heater, relocate the hook ups, remove and replace walls etc in order to allow for a conventional 2 machine setup. 

The only option is to buy a 2-in-1 combo machine that does both dry and wash. But the tenant says they cannot afford such a set up (it approaches $2K). What are my options here?

1. Purchase the machine and make it part of the rental? I’m concerned about having to maintain it.

2. Make the tenant pay for the machine and subsidize it for them?

3. Take a hard line and make tenant find it. They are a good tenant btw.

Open to any ideas and advice here. Thank you.

Hi BP folks,

Can someone please recommend a highly reputable real estate agent servicing Huntsville AL? I’m a single-family strategy investor looking to build a team in AL. Thank you!

Great responses TY all!