All Forum Posts by: Michael Ash

I have a background in commercial real estate. When I do a commercial real estate lease I require the tenant to carry a liability insurance policy of $1-$5 million and to name me as an additional insured. I've looked at two or three leases for residential and all I see is that there is a recommendation that the tenant carry renters liability insurance but no requirement and also no requirement to name me as an additional insured. Shouldn't we be forcing our residential tenants to carry insurance and name Landlord as an additional insured? 

anybody have a good plumber recommendation in Modesto area?

Thanks for the replay Debra. Glad to hear it is working.

Anybody have experience with fumigation for termites? Pest inspection recommends it. It seems to me that the termites will just come back...the pest company will guarantee for 3 years...not sure if this is worth the $1750. Any help is appreciated.

I bought a home last week and have a handyman taking off the popcorn ceiling today. Do I need to sign anything with this guy? Contract? Release of liability? he'll be done tomorrow...but I could have him sign something tonight.

All: 

I am under contract on my first rental home and have begun the process of reviewing lease agreements. I heard on a BP podcast that Landlord's tend to favor a Rent Due Date Extension. The provision may allow the Tenant a 3 day grace period in which to pay for a $50 extension fee.  I was wondering how you all feel about his provision and also if there are other unique but important provisions that you include in your agreements that I should consider. If any of you have the language to go along with that, it would be helpful.

I have all of the "boiler plate" provisions covered...just need any outside of the box good ones that you all use.

ps. what is a reasonable late fee?

Thanks for the help. 

Best, 

Mike

Yes, the property owner can call. I live in Modesto and have dealt with this in the past. The property owner has to be a bit of a pest and call often. The police will come, arrest the person, take them to jail for 30 minutes and release them and the transient will be back the next day. Then the owner needs to call again...until such time as the transient is tired of getting arrested and moves to the park. Or a novel idea might be to have your tenant go chat with the homeless person and ask them to move....??

Wesston--that's exactly the project I was thinking of. A local broker told me good things about it.  Said it would always lease up because it is newer and most of the units for lease in town are older and less desirable. Maybe I should rethink that...The numbers look great compared to CA...but that is assuming I can stay occupied.

Thank you. I am aware that some CC&R's cap number of possible rental properties and also some condos cannot be purchased with FHA...any other possible concerns with having condo rentals; please let me know.

Thanks for the great response. How are you getting such high returns?  Are those before tax, are you buying foreclosures/fixer uppers? I'm guessing you are financing those properties as well right?