All Forum Posts by: Account Closed

Aaron,

The best advice I think anyone can give you is to do your homework and talk to people who have used them. Someone telling you they have never even considered them and they are a bad deal is like listening to someone tell you not to carry collision coverage on your car because the insurance company makes money on it and statistically you will save more in premiums than you will receive in coverage over your driving lifetime.

Yes, most do have a trip charge, so I wouldn't use them as a handyman the way Jason describes. Yes, they are going to choose the most cost effective option to make you whole for the repair. Which, btw, is EXACTLY the approach you should take if you don't have the policy.

You can buy coverage to manage the risk of the tenant trashing your units, but a better way is through screening and appropriate deposits and the obvious one, avoid low end properties that attract that type of element.

Generalities are fine, but you don't live a general life or hold general investments. Specific situations drive specific needs.

There is conflicting wording in the various areas here, but you have it from the big guy himself, right there, they retain NO ownership interest in articles.

But, there is, in my opinion, a more basic flaw in their article guidelines...

Articles on the web build upon other articles and content on the web, without being able to cite sources, with links, it is impossible to verify the content in an article or even review the sources the author relies upon. So, to discuss something in much detail you are quickly over their maximum word length for the articles. So, without the ability to cite references the articles can't have the depth of knowledge they could.

Joshua, an article area is a great idea but I would encourage you to look at the way other successful article sites have handled things like this. Look at Wikipedia, references to source material are encouraged. So much so that when they aren't there, the system flags it with a "needs reference" tag. It isn't always someone trying to spam the site with links back to their own sites.

Also, remember depreciation must be recaptured when you sell whereas operational expenses like insurance aren't.

These policies are just that, insurance. In the same way insurance companies expect to receive more in premiums that they expect to pay out replacing hail damaged roofs.

There are situations where they make sense. I have had one on most of the sfh homes I rented out and some of the smaller multifamily.

It all just depends on your specific situation.

You are going to get a lot of different opinions on this.

As to the niche, if you have identified that your niche idea has more profit potential than another niche or being general, pursue it.

As to the rentals, for most of my investing career I have targeted being a little above the average in the area. I always wanted to be the landlord of first resort, not last. It is harder to do this and it takes a lot of planning but I run my investments like a business and this is the way I maximize the profits for myself and my partners.

I didn't know it but even existing users can't invite others.

GrandCentral.com

A real mentor has their own deals going. If they have to take part of yours there is something very wrong.

Now, on the other question about liability. I strongly encourage anyone I mentor to get an attorney, accountant and other professionals and I state flat out, if your attorney (accountant, etc) says anything that contradicts what I tell you, they are right and I am wrong. They are the ones who must stand behind their advice. I will help, suggest and advise but the liability for acting or not acting on that advice always lies with the mentee.

I use efax and have been happy with it.

I also use faxdigits for receiving faxes.

The tenant is interested in the sq ft they will be leasing. Some of them will actually whip out a tape measure and verify it.

Include everything they would be renting that is heated and/or cooled.