All Forum Posts by: Rod Hanks
Rod Hanks has started 8 posts and replied 639 times.
Post: Paying Tenant Doesn't Live In Property
- Insurance Agent
- Dallas, TX
- Posts 661
- Votes 414
Yes because most insurance polices have a vacancy clause that suspends coverage when property is vacant for 60 days.
Post: Honeowner insurance versus landlord insurance
- Insurance Agent
- Dallas, TX
- Posts 661
- Votes 414
Quote from @James Kim:
Hi,
Is landlord insurance always more expensive than homeowner insurance?
I have a home in California and investment property in Dallas and I'm noticing this difference. Maybe its a state by state difference? But my insurance for investment property is more than my home in CA. Just curious is its normal that homeowners insurance is always cheaper than landlord insurance.
Thanks!
Post: Seller lied about mold in the walls :-(
- Insurance Agent
- Dallas, TX
- Posts 661
- Votes 414
You accepted the seller credit for the mold, the inspector said mold, you had it tested and still decided to proceed. If you didn’t know and seller didn’t disclose you may have a case, but……you knew and took money knowing it was there. Doesn’t seem like you have a chance in court but who knows. I’m sure some attorney would take your money and give it go.
Post: Commercial NNN lease contract , can anyone comment ?
- Insurance Agent
- Dallas, TX
- Posts 661
- Votes 414
Quote from @Daniel Huang:
so if there's a change of ownership the new landlord will not be able to collect more than $12,480 property tax or $2,500 insurance?
Post: Commercial NNN lease contract , can anyone comment ?
- Insurance Agent
- Dallas, TX
- Posts 661
- Votes 414
Quote from @Daniel Huang:
"You" as the tenant correct? We will be the landlord.
Post: Commercial NNN lease contract , can anyone comment ?
- Insurance Agent
- Dallas, TX
- Posts 661
- Votes 414
Quote from @Daniel Huang:
We just made offer for a retail property and some clauses in the lease agreement that we couldn't understand. Can anyone comment on this?Anything will be really helpful?
Thanks in advance.
13 .Taxes : Does above mean Tenant will only reimburse landlord's tax up to $12,4800 in the first year . How does the per diem clause work?
Does landlord gets reimbursed full property tax amount for the rest of the terms?
12. Maintenance and repairs :
It looks like Landlord will only be reimbursed up to $1,500 if any parking structure repair incurred by tenant .
Insurance : Does this mean Tenant will only reimburse landlord's insurance up to $2,500 in the first year . How does the per diem clause work?
Post: Just got paid to purchase a 4 unit in Posen, IL
- Insurance Agent
- Dallas, TX
- Posts 661
- Votes 414
Quote from @Russell Bonds:
*Closing Day* I closed on a 4-unit building and got PAID to BUY this cash flowing asset. I structure the deal to walk away with $5,000 and now i’m the owner of a 4-unit🏢.
I was my own real estate agent and insurance agent on the deal. The attorneys involved in the transaction were surprised how I was able to pull this off but I did a lot of research and preparation for this day.
Thanks to the team at @veteransunited for financing this deal. Also huge thanks to @attyreynoldslaw for their expertise in real estate law and helping me along the way!!
I’ll be posting more on this deal breaking down the structure of it, commission splits, and my plans with real estate. 1st major deal for Golden Heights Holdings!!
Congratulations on your first deal of many more to come!
Post: Insurance for AS IS HOM, roof 17 years
- Insurance Agent
- Dallas, TX
- Posts 661
- Votes 414
Quote from @Juana Suarez:
Insurance for AS-IS HOME Hello someone can recommend insurance for a property with 17-year-old roof with 3 years remaining useful life
Post: Can't paint unit tenant
- Insurance Agent
- Dallas, TX
- Posts 661
- Votes 414
Raise the rent anyway and let her decide is she’s moving or staying. Really impossible to paint the unit if she won’t let you. Also you don’t have to justify a rent increase.
Post: Low Income Multi-Tenant
- Insurance Agent
- Dallas, TX
- Posts 661
- Votes 414
Quote from @Garrett Stembridge:
I currently have one SFH rental, which I've had for several years now, but looking at a 5-plex. It's not section 8 housing but it's a lower income housing complex. Any general advice/tips on ways on how to improve overall cleanliness deal and navigating trying to keep it a drug free complex? Anyone successfully try to incentivize current tenants to get their spaces cleaned and and better cared for? TIA