All Forum Posts by: Gorden Lopes

@Denise Evans

Sorry for the delayed response and thanks for this great information! Really appreciate you takin time to respond to my query!

Regarding personal property, you are right the personal property is insured. 

As for the renters insurance, the PM company has various clauses mentioned that mentions that the renter is responsible for insuring their belongings! 

At this point I am satisfied with the clauses and gives me a better understanding of the whole insurance thing.

BiggerPockets rocks!

@Denise Evans: Really appreciate your detailed response!

I spoke to my PM and he/she mentions that they cannot legally put the requirement (of having renters insurance) in the lease and doing so is illegal in alabama. PM says that they can just encourage the tenant to buy renters insurance thats the extent  of what they can do.

I also spoke to my insurance company and they said they don't cover personal belongings.

I am really confused here, you mentioned that I can add the renters insurance requirement in the lease but my PM says that they can't coz its illegal.

Is there a sample lease copy that you have that might help me understand this little better? At this point I am not sure what options I have.

Hi My Fellow BP members!

I recently bought my first investment property in Huntsville AL and was able to rent it out quickly. Tenant moving in on June 7th. 

My PM told me that in Alabama its not mandatory for tenants to have renters insurance, this made me a little nervous and I just wanted to know what sort of insurance coverage do other landlord take?

As landlord, do you still put a requirement to have renters insurance?

Would appreciate your response! Just trying to find my options.

-Gorden

@John White thanks! I am currently looking for my second investment property. 35758 35756 and 35757 are good zip codes with great schools! How are things at your side? 

I am using Rocket City Property Management and so far I am satisfied with them. Based on my interactions it appears that they are really active in the five point neighborhood. You might wanna talk to them.

@Juan Pablo Murillo: I just closed it a month ago and it got rented pretty quickly; tenant moving in on june 6th. I bought it for 100K and it appraised for 105K and it got rented for 950$. I guess what got me to look at new market was the school ratings. 

I am looking to buy my next property in the huntsville area just from diversification perspective. But I would definitely buy again in new market if the numbers make sense. 

Hi Juan,

I also had a similar requirement and I ended up buying one buy and hold rental in New market 35761 zip.

Check it out. Hope that helps.

Congratulations!! Really great to hear such positive stories! Being a newbie investor this gives me a lot of courage.

@James Piercy Hi James! Did you have any luck finding a good CPA? I am in a similar situation as you. Bought my first out of state rental and just finished reading Tax strategies for Savvy Investor and wanted to find a CPA to work with and plan my year out.