All Forum Posts by: Katherine S.

@Casey J Burkhead Thank you!  

I'm putting the requirement for renter's insurance in my lease agreements, including $1M for liability.  But I have seen both "additional insured" and "additional interest" as requirements.  What do they mean, what is the difference between the two, and which one should I use?  I want to make sure that I'm notified if a tenant cancels or lets it lapse.

@Chris Nance

I was that reluctant spouse. My reluctance had more to do with the practicality of buying and managing rental properties (hubby has full-time W2 and travels and I am in a wheelchair and generally can't get into most houses). We accidentally acquired our first rental, and it wasn't until after our first tenant moved in that I did the math on it and realized that we would be earning over 15% on our money; that's when I got the REI bug.

This might not work with your wife if she's feeling that the retirement savings/IRA/401k route is better. Have her listen to Michael Swan's podcast, especially when he talks about how much money you need in your retirement accounts in order to live a life in retirement above the poverty line. (But hey! you're in a lower tax bracket!) Then follow up with RD/PD. Then find a small investment, something not too drastic that you can use to test the concept.

https://www.biggerpockets.com/renewsblog/biggerpoc...

@Peter K.

Your estimated expenses are a bit higher than I would calculate, but your market is undoubtedly different than mine.  That said, your Cash on Cash return is just over 1.4%.  

Do you really want to tie up over $17k to get less than $250/yr return?

The I've attended a few after the fact (PRO member perk!) which had a fair amount of the same content at the beginning (BP promos, etc), which is fine, but I don't want to sit through it a second time.  If you could post the time when the actual content starts, I'd appreciate it!

The ability to watch them on my own schedule (after the live version has run) is a worthwhile benefit of being a PRO member.

@Jeremy Tallman

Jeremy, thanks for your post.  I'm in the process of implementing this requirement now.  

Could you please explain the difference between "additional interest" and "additional insured"?  Should I be listed as both?  And should that be in our personal names or is our business name the way to go?

TIA

@Joe Splitrock 

Joe, I've done the very thing you suggest...swap calls (sounds a little eeeww) at a meeting to create a contact.  The problem with that is when I go home from a networking event, that contact is indistinguishable from all the other contacts in my phone.  If I forget your name, you are lost!  With a card, I can take my time entering contact information, and I can take some notes as well.  If I want to keep you within really easy reach, I may even add you to my contact list in OneNote for a relevant notebook or project.

I don't keep cards very long anymore.  But to me, they are still relevant and useful.  

@Alex Babayev Here's a different perspective on business cards. I am a visual learner. If I meet someone and only hear their name, I will have a heck of a time remembering it the next time we meet. However, if I read your name either on a legible name tag or on your business card, I am far more likely to make that connection in my brain. If I (the visual learner) am selling to you, a business card only helps me. But if I am potentially buying something from you, a business card benefits you.

@Larry Turowski

Forgot to tag you.

I'm not afraid to make an aggressive offer, and I know what would work for me.  This package would be a good fit of properties for us, so I'd like to at least have a shot.  But I don't want to make a rookie move and pay more than I have to!