All Forum Posts by: James Kim
James Kim has started 29 posts and replied 89 times.
Post: Honeowner insurance versus landlord insurance
- Investor
- Los Angeles
- Posts 89
- Votes 23
Quote from @John Mocker:
James,
I have found when comparing Homeowners policies to Landlord (Dwelling/Fire) policies that the Homeowners is generally less expensive. Usually the Homeowners is less expensive even though it provide some coverage (Contents for example) that the Landlord policy does not (or at much lower limits). It has to do with the average claims for the type of business. Generally a Homeowner is going to treat their property better than a tenant occupied property.
Hi John,
thanks for the feedback. Yours and other responders all make sense. I just found it interesting that my ca home that is far and away (more than 3 times) more expensive than my investment property in Dallas is much cheaper than the investment property insurance. I'm talking half the cost. But I guess I can see the point.
Thanks!
Post: Honeowner insurance versus landlord insurance
- Investor
- Los Angeles
- Posts 89
- Votes 23
@Adam Martin thanks for the feedback!
Post: Honeowner insurance versus landlord insurance
- Investor
- Los Angeles
- Posts 89
- Votes 23
@George Red thanks for the feedback!
Post: Honeowner insurance versus landlord insurance
- Investor
- Los Angeles
- Posts 89
- Votes 23
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: Single family hone versus duplex rent
- Investor
- Los Angeles
- Posts 89
- Votes 23
Quote from @Bria Johnson:
Quote from @James Kim:
Hi,
I was just curious whether rent rates for a duplex are lower than for single family homes if all else was equal. If the duplex had a back yard and covered garage just like a sfh, except you're sharing one wall with the other duplex, would you, as landlord, generally expect rent to be lower than for a sfh?
If so, then how much lower is typical?thanks!
Hey James! Rental comps may help with this. In my area - I know some duplexes that have rents close to SFR - and that is because the only thing the tenants share is that one shared wall. There are no shared entrances/ basements/ driveways and the back patio/lawn appears separate too (like townhouse style).
If the tenants have to share anything of what I mentioned above, the rent will be lower to reflect that.
I always believe in pricing rent as high as you think you can get. The number of leads/applications will let you know if is too high.
I hope this helps.
Thanks Bria!
Post: Single family hone versus duplex rent
- Investor
- Los Angeles
- Posts 89
- Votes 23
Quote from @Eliott Elias:
You can not comp single family rents with a duplex, rents are generally lower. Look at comps and see where other duplexes are renting out.
Post: Single family hone versus duplex rent
- Investor
- Los Angeles
- Posts 89
- Votes 23
Hi,
I was just curious whether rent rates for a duplex are lower than for single family homes if all else was equal. If the duplex had a back yard and covered garage just like a sfh, except you're sharing one wall with the other duplex, would you, as landlord, generally expect rent to be lower than for a sfh?
If so, then how much lower is typical?thanks!
Post: Texas LLC and liability protection
- Investor
- Los Angeles
- Posts 89
- Votes 23
Hi, i'm in the process of purchasing investment property in TX. I plan to transfer the property to a TX LLC for purposes of liability protection not too long after closing. I was told recently that in Texas, unlike some other states, it did not matter whether you put the property in an LLC or any other entity as a tenant can still sue you (the owner of the LLC) and all your other assets can also be subject to risk. I thought that if the LLC held the property then you could keep all your own personal assets away from any potential liability. Did something change in Texas recently that changed things? or am i understanding things incorrectly?
Post: Moving/transferring property to a TX LLC
- Investor
- Los Angeles
- Posts 89
- Votes 23
I'm in the process of acquiring property in TX. I plan on moving the property to a TX LLC at some point after acquisition either before or after its leased. Other than making sure the lender and insurance company for the property don't pose any issues. Are there any other issues one should be aware of? Note: I'm not sure if it's as simple as filing a warranty deed with the county clerk and whether these acts would be prohibited for someone that's not an attorney in TX. Just my first time and starting out with investment so not sure.
Thanks in advance.