All Forum Posts by: Jeff Aponik

Welcome and best of luck with your first project! Where are you investing?

Thanks for the feedback so far. The organization runs education and life skills programs for special needs children. They are expanding in the local area and provide housing for their employees. I have been assured that the occupants will be employees of the organization and not any of their students. The employees each have a contract for a minimum of 1 year. I have requested additional details and references as they have rented a few other properties in the area. I have also stipulated that we will require information on each of the residents, so we may run our reports as we would on a regular applicant. I can list the occupants on the lease as suggested. Any other thoughts or concerns? Thanks again! Jeff

Hello all,

I have been contacted by a non-profit organization who is interested in renting one of our single family properties for 3 of their employees. The organization will be listed on the lease and responsible for making the payments. They have provided financial information showing their ability to pay the rent.

Does anyone have experience with this type of setup?

We will be requesting information on each of the residents, so that we may perform background checks...etc. Any other issues that we should be aware of or special considerations?

Thank you in advance for your help.

Jeff Aponik

Thanks for the responses. I will definitely make sure we include an addendum in the lease stating that the tank must be returned at the same level at move out.

Tom S, maybe Tim and his friends were the ones who let your oil tank run dry? haha.

Thanks again!

Hi gang,
We purchased our first property with oil heat and it's not a good candidate for a conversion. I am looking for some advice on how other landlords handle oil heat with their tenants. This is a single family home, so the tenant will be responsible for paying for heat.

Here are the options that we are considering:
1. We obtain the oil delivery service and put the tenants on a monthly budget bill plan. This puts the responsibility on us to collect from the tenant each month.
2. We require the tenants to obtain their own oil delivery service and run the risk that they allow the tank to run empty.

On a related note, the tank was empty when we purchased the house and we had to put oil in it to confirm that the boiler was operational. Should we make the tenants responsible for some of the cost since they will benefit from the oil that is in the tank at move-in?

I appreciate any feedback from the other landlords out there.

Thank you!

Jeff

Stay true to your due diligence and keep it up! You'll find the right deal soon enough. Best of luck

While we have rarely done it for our clients, I don't foresee much of an issue adding the PM as an additional insured as long as your carrier is agreeable to it. There is relatively limited exposure to a situation where they would actually be provided protection under your policy.

I think the larger issue here is whether your PM has their own coverage in place. As the property owner, you should be requesting that you are added as an additional insured to the PM's policies and provided a certificate of insurance. You will also want to confirm that they are carrying both general liability and professional liability coverage with limits satisfactory to you.

Just as they want to be provided protection for your negligence, you should be insisting on the same from them.

Thanks, Joshua Dorkin! I am seeing the benefits already as I have connected with a few local investors. Keep up the great work.

Thanks Mike Nelson ! What part of Philly?

Thanks Brandon! I'm excited to learn and share with the other members!