All Forum Posts by: Bob Collett

What zip code?

Thanks... learn something  every day

I just inherited property management client, whose tenant has a big dog. The city has put the owner on notice that this dog is a potential liability. This got me thinking about renter's insurance. (this post is not about dogs)

So, I put a requirement in every lease, that the tenant must purchase renter's insurance. But frankly, I have not been checking to see if they actually get a renter's policy, and I doubt that all of them do. When I spoke to my homeowner insurance agent, he advised me that the renter's insurance should have a substantial liability protection naming the owner and the property manger as named insured.

My thinking is that to ensure that my tenants all follow through with renter's insurance, I want to find a good company that offers good renters insurance at a reasonable price. I do not want this to be a burden for my tenants. I want to make it easy for them... like "sign here" or "call this number for renter's insurance". I have no problem if they get it somewhere else, but I have decided that I want to make sure they have it, and if they do not, I want to make it easy for them to get a good policy. I am going to have them send me the cover page to make sure we have acceptable liability coverage, and named insured.

I am looking for recommendations on rental insurance providers, not so much specific agencies. However, I would be happy to hear from agents in Ohio, or specifically the Cleveland area who have an attractive renter insurance policy. I have seen some advertisers, but when I followed up, they seemed to be offering mostly for apartment buildings.

Thanks in advance.

Benjamin... I agree with everything you said, except that I understand that an unlicensed person may aquire a right to purchase a property, and then sell that contract. However, he or she may not market the property. Plus, the individual must have both the intention and the ability to perform under the contract.

Thus, the vast majority of wholesale in Ohio is illegal. Very few wholesalers have the ability and intention to actually perform (buy) under each contract they enter into. If it ever goes before a court, they would simply count all of the wholesale deals and ask how many you actually purchased.

By their own admission, most wholesalers get into the business precisely because they do not have the funds to buy anything.

And of course they are taking advantage of a distressed owner. This is why wholesale is always illegal for a licensed agent. All agents in Ohio have a legal duty to put the interest of their clients ahead of their own, and to be fair and honest. Thus, if I know your property is worth $50,000, it would always be illegal for me as an agent to instead find you a $30,000 buyer without making a good faith effort to sell at or near fair market value.

I have lived in Cleveland my entire life. My wife grew up in Tremont. Both Tremont and more so Ohio City, vary not only street by street, but even house by house. 

Use an expert before you buy in Ohio City. (not me). I recommend Shelly Fenn. PM me for her contact info if interested.

Welcome

One of my buyer's agents is a HUD expert. Let me know if we can help... we maintain a list if what price hud will take on many listings.

Semper Fi

Good luck with your first investment.

Kiran

@Isaac Rowe is an honest real estate agent who does a lot of work with investors. He and I have been on opposite sides of a couple of deals. I am a licensed real estate agent and can handle your property management. I have a bunch of properties under management in Maple Heights. We both have access to quality contractors.

I agree that high mid to high 40s is about where you should be for a rehabbed ready to rent property in Maple Heights. Maple Heights requires a rental inspection.

Welcome