All Forum Posts by: Jason Burr

If the hot water heater is accessible it can be very quick and easy to swap out.  I have a hard time paying license plumber rates when its so easy to do.  If I feel the hot water heater is nearing the end of life during a rehab to rent,  I'll go ahead and replace.  I've learned the hard way that getting a few extra years from a functioning hot water heater is not worth the damage they cause when they begin to leak.   I don't worry too much about warranty and such.  I figure this is one item that just needs to be replaced from time to time. 

Look for the scratch and dents at local big box stores.....and than ask for a discount. 

@Brent Cullipher I also try to keep as high of a deductible as I feel I can safely cover. My view is that you should be prepared to cover small issues yourself and to only use insurance for the large "oh crap" events. 

@Brent Cullipher , I have had better luck with smaller brokers that have multiple underwriters who can provide quotes. I haven't had much luck with the large name companies. 

I typically find rates slightly higher for landlord coverage.  However, as @Kimberly T. Mentioned, I have receive quotes from companies that clearly do not want to be in the rental business. Shop around and ask local investors who they are using. 

As for umbrella policies, I have one to cover me personally.  My rentals are not covered under the umbrella.  However, I generally rely on properties split between LLCs along with operating agreements that are in place and followed to minimize my risk. 

Good Luck!

Please make sure you factor enough money to cover your property taxes.  I do not know how the property tax system is structured in Charleston.  In Greenville county you are assessed at a higher rate as an investor.  In Greenville County, the property taxes alone would be enough to kill this deal for me...not to mention vacancies, turn over, and maintenance.

I've been a member of the site for a while and a fan of the site for an even longer time. However, I have never introduced myself. I'm interested in single family and small single-family properties in Greenville and Spartanburg Counties with solid rental potential. I specifically target the Greer area. I've been a part time investor for a number of years and have gained great advice from this site.

I'm a huge fan of many online forums but rarely take the time to contribute. One of my goals over the next year is to contribute and not just consume.

I'm a huge fan of the podcast and generally have one playing anytime I'm in the truck. I look forward to connecting with other investors.

Jason

If you are planning to become a landlord I would highly recommend the following book:

http://www.amazon.com/Landlording-Auto-Pilot-No-Brainer-Profits-Headaches/dp/047178978X/ref=sr_1_1?ie=UTF8&qid=1391550574&sr=8-1&keywords=mike+butler

I have read a lot of books on landlording but "Landlording on Auto-Pilot" is my favorite. There is great advice the is relavent through all market cycles.

My first task would be to determine the cause of the excessive moisture. Have you determined if there is poor drainage, damaged guttering, moisture barrier etc.?

Thanks gentlemen, for the response. As I suspected this is a poor idea. However, it always helps to hear your fears confirmed.