All Forum Posts by: Terrance Mcclendon
Terrance Mcclendon has started 2 posts and replied 9 times.
Post: Tenant Liability Waiver for Balcony Access
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Originally posted by @Jason Bott:
@Terrance Mcclendon as insurance agents we are ask all of the time for waivers/legal sign offs, etc. The fact of the matter is unless a lawyer writes it up in accordance with the state laws where the property is domiciled, the waiver doesn't hold any weight in court.
I'd recommend risk avoidance on this and just seal it off, but if you decide to go the waiver route, call your lawyer for the proper legal advice.
Thank you for your response and the perspective as an agent. I am probably just going to seal it off to mitigate risk.
Post: Tenant Liability Waiver for Balcony Access
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Originally posted by @Angela Smith:
nope. nope nope nope. I would take it off, maybe put a flower box there, or nothing at all. That is not adequately supported. The angled brace against the building causes me to say this. Plus, it's not big enough to be functional anyway. If you want there to be a balcony, rip that thing off and put a proper balcony in place, with support posts from the ground.
Thanks for your response. The pics I posted were from my inspection report and there were some updates made before I closed however, I am definitely leaning towards just sealing off the door.
Post: Tenant Liability Waiver for Balcony Access
- Posts 9
- Votes 0
Originally posted by @JD Martin:
Originally posted by @Terrance Mcclendon:
Originally posted by @JD Martin:
What kind of balcony are you talking about? Is this a second-floor deck or a 70th floor juliet?
I just don't see closing off pieces of a house/apartment that are functional because the tenant might be too stupid to use it properly. If the balcony is dangerous, have it repaired or removed. If it is not dangerous - meaning it is structurally sound, has railings that meet building code, etc - I don't see it being different than any other function of the property. You don't have tenants sign waivers that they know how to use a garbage disposal, step safely in and out of a tub, or walk up and down a second-floor staircase.
This is a 2nd and 3rd Floor balcony. I just purchased the property and had one of the balconies repaired however, the inspector recommended sealing it off and so did the insurance agent. I was trying to accommodate the long term tenant but also wanted to mitigate any risks I may be exposed to. Thanks for the input.
OK, then that for sure is your answer. If your inspector recommended sealing it off because of inherent danger, then I would not let the tenant use it under any circumstance and would look into having it removed.
A picture of this would be easier to understand.
The pics may be a little hard to see however, these were the pics that were in the inspection report. Inspector said, the wood was bad however, that has been since addressed however, he still recommended sealing it off due to age of home.
Post: Tenant Liability Waiver for Balcony Access
- Posts 9
- Votes 0
Originally posted by @JD Martin:
What kind of balcony are you talking about? Is this a second-floor deck or a 70th floor juliet?
I just don't see closing off pieces of a house/apartment that are functional because the tenant might be too stupid to use it properly. If the balcony is dangerous, have it repaired or removed. If it is not dangerous - meaning it is structurally sound, has railings that meet building code, etc - I don't see it being different than any other function of the property. You don't have tenants sign waivers that they know how to use a garbage disposal, step safely in and out of a tub, or walk up and down a second-floor staircase.
This is a 2nd and 3rd Floor balcony. I just purchased the property and had one of the balconies repaired however, the inspector recommended sealing it off and so did the insurance agent. I was trying to accommodate the long term tenant but also wanted to mitigate any risks I may be exposed to. Thanks for the input.
Post: Tenant Liability Waiver for Balcony Access
- Posts 9
- Votes 0
@Bjorn Ahlblad Thanks for the feedback. You bring up a valid point
Post: Tenant Liability Waiver for Balcony Access
- Posts 9
- Votes 0
@Taylor L. Thanks for the input. I kind of thought this however, I wanted to put it out here to get thoughts from others.
Post: Tenant Liability Waiver for Balcony Access
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I have a tenant that would like to use her balcony. We dont allow balcony access/use for insurance reasons however, the tenant says, she is willing to sign a waiver releasing me of liability if something happens. I talked with my insurance agent and they said, it's okay however, they obviously will not provide the waiver. Has anyone done anything like this before? If so, what are your thoughts and does someone have a waiver that they have used in the past that they are willing to share.
Post: Off market deal. Seller filed bankruptcy
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I am working on an off market deal where the seller is wrapping up a ch 13 Bankruptcy that ends in September. The bank dropped the loan on the home however, based on what I am being told them home is in the bankruptcy. My question is, can I buy the home while still in ch 13 and/or can I buy the home after September? I am sure someone has came across this situation with more experience than me so, I thought I would put this out there.
Post: looking to build a team for a BRRRR in Milwaukee
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@Rebecca Knox hey would you mind also PM me preferred local Milwaukee lenders for Hard Money as I am also getting started in RE investing.