All Forum Posts by: Peter Sik

Want to know is this usual for paying 10% of repair cost to management company for their supervision.

"A charge for supervision of repairs for a remodel, reconstruct or rebuild will be ten percent (10%) of the total cost of the repairs. This charge will be billed to the Owner/Lessor and is due upon receipt."

Do you think this is acceptable?

Thank you for the replies. Good to hear he is in the fair market range. 

Hello Barry, appreciate for your information. It is very helpful. 

Yes, $215000 dwelling coverage is way too much for my property, I should lower it. 

For the Dwelling Extra Repl cost, I don't really get what you mean. Isn't it no matter you have solid contractor or not, you should have insurance to cover your construction cost?

For the Personal Property Coverage, yup I don't have anything valuable items in there.

For Premises Medical Payments, isn't it good to have this coverage when accident happen? Even if someone slip in front of your property can sue you? 

Thank you

I am looking for property management company to handle my new rental property in Montgomery, AL. The first quotation I got saying "Finding a tenant (Marketing & Leasing) is equal to 100% of first month's rent." Want to know is this normal? Or I should negotiate for that?

Hello, I got 2 quotations from insurance company. Some coverage are higher then other and the premium are like $200 different. As I ahve very limited experience of insurance. I would like to hear your advise on which one should I go with. My purchase price for this property is $137000. Thank you.

Insurance 1:

Coverages Dwelling (Coverage A) 215,000 959.00

Dwelling Extra Replacement Cost Excluded Dwelling Extension 21,500

Personal Property (Coverage B) 32,250

Business Liability (Coverage L) each occurrence 300,000

Business Liability (Coverage L) annual aggregate 600,000

Premises Medical Payments (Coverage M) each person 1,000

Loss of Rents (Actual Loss Sustained) Deductibles Policy deductible 1% 2,150

Charges / Credits Home Alert (37.00)

Policy Options and Endorsements Replacement Cost on Contents - Opt RC 74.00

Total Annual Premium 996.00

Insurance 2:

Thanks a lot.

Thank you for the reply. It is sure a good business to open a pet shop there. 

I own a SFH in MURRIETA,CA 92563 and the lease is about to be ended. So, looking for new tenant now. One of my requirement is no pet but I heard from my management company said there is like 95% of tenant have pets? Said that will definitely bring down the amount of people willing to apply for the home

is it true that such large amount of families have pet?

Just purchased my first rental property in Montgomery AL, the property price is $136000, Want to know what home insurance company do you recommend?

I am in contract of purchasing a property in Montgomery AL. According to the contract, I need to  provide "Verification of funds within 5 days". Listing agent is asking for bank letterhead for that. But the thing is there is no CHASE bank in Montgomery, the closest one is like 2 hours driving for only one way. So, I said I am willing to provide my bank statement to fulfill that "Verification of funds within 5 days". But they said no, I need to ask my bank to get the bank letterhead letter. 

I want to ask people here is it my bank statement is consider "Verification of funds"? For me, sure it is. Just want to hear more opinion. Thanks

i am at montgomery , al now. just found two properties at the same location, almost same price. one has 4rooms 2 full baths, the other one has 3 rooms 2.5 baths. For rental, which you think is more attractive to tenant?