All Forum Posts by: Account Closed

 Victor,

What have the electric heating units done to the tenant's bills?

Tristan

 Marcia,

We are installing two of the same units. Background: I have a small SFH home that I just purchased and am almost done rehabbing in Memphis, TN. Unfortunately the floor furnace has more problems than expected and regardless, it simply dumps heat into a central hallway - no ducts to carry the heat into the bedrooms. The living room addition has a powerful wall gas heater that heats the living room, kitchen and dining room efficiently. A heating and air guy gave us a good quote to install a new furnace, with ducts for $2800. However, then the furnace in the living room would be wasted, so we came up with another idea. For less than $600 total, we are installing a cadet wall heater in each of the two bedrooms.

We are a little nervous about two things: 1) How did you pick a place in the room where they are unlikely to be blocked by furniture. 2) We live in a city that doesn't really have winter. Still, won't these electric heaters be expensive for tenants compared to gas? We don't want to hurt the rentability of the house.

Thanks,

Tristan

Thank you everyone. For all around insurance, I found Keith Linder (901) 754-9339to be the best deal. For investor specific insurance, James Dunaway 816-398-4086 was the best deal.

Thank you @Kyle Penland & @Derrick Craig!

I've seen some $90,000 turnkey properties for sale in Memphis, and the average insurance expenses appear to be about $800. My portfolio consists of two properties that I bought and rehabbed myself, but I recently got a quote of $1,100 for a renewal of a policy on a $40,000 house in Berclair (38122). I have good credit and have never had an insurance claim in my life.

My question is: do any BP members have an insurance agent in the Memphis area that they would recommend?

Thank you!

Syed,

Was the security deposit not listed on the closing statement? If not you may be out of luck...

I had the exact same thing happen to me in Memphis, TN. The difference was that the previous owner had promised the renter a 1 month rebate if they finished the lease terms. I wound up having to honor that in order to get the tenant to sign an extension of the lease.  You may be able to get free advice from the closing attorney. However, in my example I used the same closing service as the bank and then they refused to give me legal advice because they represent the bank (even though I paid them a fee also).

I often recommend keeping the existing tenant, just to limit overall vacancy, but a number of users here recommend against keeping existing tenants without putting them through screening.

I'm sorry that you had to deal with it, but you are not the only one.

Good luck,

Tristan