All Forum Posts by: Rod Hanks

Last year a tenant invited her sister over. Sister starts to dance and trips and falls. I get sued for her injuries. I turn over to my insurance company and they are paying for the lawyer to fight the lawsuit. 

Not a deal breaker at all. Those are some of the best deals. Usually with  a new coat of kiln and paint the odor will go away. If not, buy an ozone machine and that'll do the trick. 

If I were new I would simply stick to areas close to where I live. Go to some networking events in the area and meet other investors. 

I've sent letters to the owner on tax roll. Also putting a business card and flyer on the door could work. A more intrusive approach would be to Google the owner name and see if you can find relatives and skip trace and call them.

If you already have the judgement you can turn it over to a collector. I've never heard of anyone collecting but I'm sure it's worth a try. Usually they don't own anything to attach it to. If in the future they try to buy a house, the lender may require it to be paid but that's a long shot. 

Sometimes emails go to spam and simply some people just don't check their email religiously like the rest of us. A good ol fashion phone call or house visit would probably solve your problem. 

It’s great that you’re being thoughtful about the process! To communicate that a candidate doesn’t meet your qualifications without violating fair housing rules, you can simply focus on the criteria rather than the individual. Here’s an example of what I've used if they don't qualify based on what's on application.

Subject: Status of Your Rental Application

Dear xxxx,

Thank you for your interest in the rental property at xxxxxx. After reviewing your application, we’ve determined that, unfortunately, we are unable to move forward with your application at this time, as it does not meet our established criteria for income and (other established criteria)

We appreciate the time you took to apply and wish you the best of luck in your continued search for a home.

Best regards,

This approach is neutral and objective, focusing strictly on the criteria, and avoids discussing any specifics about the applicant’s personal situation. By emphasizing your qualifications as the basis for your decision, you steer clear of potential issues related to discrimination.

To structure a partnership, consider forming an LLC where you handle property management, renovations, and operations, while the investor provides the down payment. Ownership and profit-sharing can be split based on contributions, with you possibly earning equity through sweat equity. Clearly define terms, including an exit strategy, buyout options, and how proceeds will be split. Work with a real estate attorney to draft a formal agreement that outlines responsibilities and protects both parties.

Normally when a pipe burst the insurance company will pay for the damage that the water causes but not the cost to repair the pipe. I would think that your insurance company would cover the damage to your unit and the HOA insurance would cover the cost to repair the pipe but I would have to review the CC&Rs and your insurance policy to confirm. I would recommend getting a letter from your HOA specifically outlining why they are not covering the pipe damage and a letter from your insurance company why they rejected the claim and then contact a public adjustor or attorney to help.

No, insurance won’t pay for preventative maintenance. But I would definitely get it removed asap because you said it was rotting and looks like it’s going to fall over. The neighbor put you on notice, so if it were to fall over you will be negligent and liable for damages. Also the insurance co could deny your claim for failing to take reasonable actions to remedy the situation before it fell over because you knew it was rotting and a hazard.