All Forum Posts by: Padma Mody

I bought the single family house two months ago which was rented with section 8 tenant. Last week I received the letter from section 8 to repair 4 items. 3 items are easy to fix but they ask us to fix HVAC - not cooling whole house... During the inspection, I found out that house need to fix HVAC and also some drip behind the wall between kitchen and bathroom. HVAC is between bathroom & Kitchen wall on hallway. For HVAC cooling problem, I am going to call HVAC guy and if he will tells me to change the whole entire HVAC, I prefer to do all renovation at one time.

Yesterday, I find out that the lease is month to month. Other thing is that, the rent is only $685 for 3BR and 1.5 bath. Which is very low compare to other house in the same area. And I know that tenant can't afford to pay more rent if I raise the rent. With tenant, I can't do the major repair in this house. And after renovation, I like to get more money! 

Can I just tell my tenant that I am not going to continue her lease? How many days of notice I should give to her? For month to month lease, how many days of notice is required?

I am looking for a handyman / contractor to rehab single family house in Sanford area. Does anyone have good handyman / contractor who can do the kitchen and other rehab job in limited budget? Also, looking for the roofer to replace the roof.

Thanks.

@Mitchell Miller I would love to read your book. Please email me. Thanks!

@Wendell De Guzman 

Do you have any property in Orange & Seminole county, FL?

@John Thedford 

Can you please let me know your insurance company name? What kind of separate policy is require? 

Thanks everybody for the reply.

Here in Fl, not many company are writing insurance policy. It is hard to find the company who is writing insurance policy for LLC rentals. We don't have Farmers Insurance here.

@Jason Bott 

- If the agent is asking for SS# & other personal info he/she is trying to write your rental through the personal lines underwriter.

 Can you please make me understand that - personal lines underwriter... What that means? 

@Brian Cronin 

I have a LLC with my partner. So, our LLC is with two partner. I am not comfortable that they ask our SSN since we are getting policy under LLC.

@Colleen F. 

You are right Colleen. Before I have policy under our name and it was for $700+ and now new quote is $1189 under LLC. Even, they ask us to do the home inspection again and still asking too many questions.

@Account Closed 

First they quote us and after that they asked us to do home inspection. In a report, it came that couple of roof tiles were loose and they told us to fix that. After providing the proof of repair they send us these questions. Once we answers all questions, they will take next step. 

I have couple of SFH and condo under personal name and one house under LLC. When I try to get home insurance under LLC name, it is almost double premium I am paying and not all company is ready to write the insurance policy under LLC name.

I am wondering, how other BP members are handling this issue? Do you buy insurance with Liability? Or it is good to buy umbrella coverage?  

Or what is the best way to buy property - under personal name or LLC?

I bought one SFH with my partner in our both name. Once we fix the house we change the name under our LLC name. So when we bought the house, we got the home insurance through Allstate and now they are not going to insure our single family house since it is under LLC name. So after calling many agents, one company is ready to insure our property.

In order to finalize the application agent is asking for the following information: 

My question is - Is it necessary to provide our SSN, DOB and other personal details? 

Why they need a copy of our current AllState dec page?

We have inspection done again to get this policy and still agent is asking lots of questions regarding property... Is it necessary? 

-Full legal name for one of the owners of the LLC – a person has to be listed on the policy along with the LLC. We will also have to provide the information below on this individual:

-SSN

-DOB

-Occupation

-Employer

-Years in occupation

-Marital status

-Has applicant (including LLC owners) had a foreclosure, repossession or bankruptcy during the past five years?

-Is there a trampoline on the premises?

-Does your home have asbestos siding or roofing?

-Is this still the only property owned by the LLC?

-Any losses within five years at this or any location?

-What mailing address should be used for this policy?

-Is there a swimming pool on the property? If yes, is there a diving board and/or slide? Is the pool fenced/enclosed?

-Does your home have a heat source? If yes, what type of heat?

-Does the property have/plan on having any of the following: electric space heater, kerosene heater, wood burning stove?

-Is the property currently rented on an annual basis?

-Is the property managed by a licensed management company? If yes, I need the company name, phone number, license number, the contractual responsibilities the property management company has, and the tenant screening process.

-Have applicants maintained insurance continuously on all owned dwellings?

-Is home visible to neighbors?

-Does applicant, tenant or any resident have any animals? If yes, I need to know breed of animal and if the animal has any bite history

-Any business conducted on premises?

-Does applicant own any watercraft or recreational vehicles?

-Are there any residence employees (full or part time)?

-Any coverage declined, cancelled, or non-renewed during the last three years?

-Is the building undergoing renovation, vacant or for sale?

-Is the property within 300 feet of a commercial or non-residential property?

-Is there any unrepaired pre-existing damage to the property?

-Is there a sinkhole on the property or within 1000 feet in any direction?

-Is there currently or has there ever been any mold infestation on the premises?

-Is there any structural damage, cracks or settling?

-What pay plan would you like to proceed with?

-A copy of our current AllState dec page.

Today, I have a closing for single family home which is rented to section 8. The lease expires on Feb 2015. My question is - do I have to create new lease for tenant for reminder of lease time? Or how to tenant to notify about ownership and about lease?

Thanks @Steve Babiak. I will contact Tim Norris soon.

Insurance agent replied to my questions:

The umbrella coverage up to $1,000,000 - is this for the LLC or for me? 

-We should be able to put the umbrella policy in your name; however we will need to double check that with the underwriters. How many rental properties do you own? How many properties are in the name of the LLC? Please advise. We only have options of $1,000,000 and up.

Are there other options, such as $500,000, $300,000, $750,000? And what are the premiums for them? 

-We only have options of $1,000,000 and up.

What does the umbrella policy cover or protect us against what? 

-Provides additional liability coverage above the limits of your homeowners, auto, and boat insurance policies. This protection is designed to kick in when the liability on these other policies has been exhausted.

Provides coverage for claims that may be excluded by other liability policies including: false arrest, libel, slander, and liability coverage on rental units you own.

Since the Elliott one will be in LLC name, and therefore, liability removed, what do we do about the liability coverage? Is umbrella policy an option? 

-You would need to obtain a separate liability policy for that property.