i like how u explain what terms mean like additional insured ect you wrap it up in a full examples like the ice and nuisance carpet issue ect . job well done derosa!
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I'm not in property ownership/management but I have a question: Does it pay to have security cameras outside and inside your buildings? I mean there is a cost to installing and operating them but are there benefits to having recordings so you can check something that happened on a given date and time? - Maybe the cost outweighs the benefits? Just curious
+jacob spair Hi Jacob - It really depends on the deal. If its a small to mid-sized multi family we try and buy above an 8 cap and raise the value from there. We really focus more on the Cash on Cash return and the Internal Rate of Return for a deal versus Cap Rate, especially on smaller deals or renovation projects. Thanks for the comment!
Derosa Group thanks so much! I just found a 25% cash on cash, 8 unit, near orange county, ca. Im an agent, feel free to email me if you ever want to invest in the socal area. :) jacobspair@gmail.com thanks!! Rock on!
I inherited 4 rentals, to keep it simple can I just have an umbrella policy in Florida and skip the LLC? Also can I keep them in my name only to protect myself in case of divorce?
Marty Forkwater it pays to document that you addressed any repairs request from tenants. we use a work order system that is signed by the tenant for every repair. we also ask them to submit their repair request via our website if possible.
great info very helpful. do you ask all you sub contractors to add you as an additionally insured or just your main one? secondly does it cost that subject contractors insurance to go up if he added as an additionally insure?
Hey Carl - We always get additional insured on their policies. Adding someone as additional insured does not cost anything, insurance companies do it for free.
I slipped on the ice and fell on the sidewalk in front of my neighbor's house. I didn't sue. Now I have to have back surgery on my upper back so my health insurance is suing my neighbor.
IntarwebUser unit upstairs had a toilet overflow, which loosened up a small piece of sheetrock and caused it to fall. The tenant had no medical bills or hospital visits from the incident so I don't think she was injured, and the insurance company did not pay her out.
The landlord who get sued normally don't care. They have extremely poor customer service.
i like how u explain what terms mean like additional insured ect you wrap it up in a full examples like the ice and nuisance carpet issue ect . job well done derosa!
Marty Forkwater thanks Marty! We appreciate you also!!
It's a good idea to have a camera surveillance system
I agree. Thanks
Was hoping to hear more about the LLC side as well
Hey! thank you for being a viewer and supporting our channel! here is a playlist with an influx of everything you need to know about LLCs! th-cam.com/play/PLwMizf219eEJbmzKrSVVvjcTqFfWgfUjz.html
I'm not in property ownership/management but I have a question: Does it pay to have security cameras outside and inside your buildings? I mean there is a cost to installing and operating them but are there benefits to having recordings so you can check something that happened on a given date and time? - Maybe the cost outweighs the benefits? Just curious
So if I outsource my property manager should they add me as additional insured?
Absolutely yes!
I needed to information to properly inquire insurance quotes: property and liability.
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@@DeRosaGroup Thank you! Will do so today. Working on getting my tenant in this week on my first rental. It is hectic time.
awesome thanks! im curious what is your highest cap rate in new jersey? how many units? thx for all ur vids. God bless
+jacob spair Hi Jacob - It really depends on the deal. If its a small to mid-sized multi family we try and buy above an 8 cap and raise the value from there. We really focus more on the Cash on Cash return and the Internal Rate of Return for a deal versus Cap Rate, especially on smaller deals or renovation projects. Thanks for the comment!
Derosa Group thanks so much! I just found a 25% cash on cash, 8 unit, near orange county, ca. Im an agent, feel free to email me if you ever want to invest in the socal area. :) jacobspair@gmail.com thanks!! Rock on!
Hi Jacob - We aren't investing in that area right now but it seems like a good deal, good luck!
I inherited 4 rentals, to keep it simple can I just have an umbrella policy in Florida and skip the LLC?
Also can I keep them in my name only to protect myself in case of divorce?
when a tenant is occupying an apt does all maintenace on that apt need to be documented with a picture? like pictures of patching a roof leak ?
Marty Forkwater it pays to document that you addressed any repairs request from tenants. we use a work order system that is signed by the tenant for every repair. we also ask them to submit their repair request via our website if possible.
fantastic advice derosa that way u have everything in writing from both parties
What’s the benefit of forming a LLC for liability intents if you already have these insurance coverages?
An LLC provides additional coverage and prevents / makes it harder for you to get tied up personally in a lawsuit.
great info very helpful.
do you ask all you sub contractors to add you as an additionally insured or just your main one?
secondly does it cost that subject contractors insurance to go up if he added as an additionally insure?
Hey Carl - We always get additional insured on their policies. Adding someone as additional insured does not cost anything, insurance companies do it for free.
I slipped on the ice and fell on the sidewalk in front of my neighbor's house. I didn't sue. Now I have to have back surgery on my upper back so my health insurance is suing my neighbor.
That's crazy, sorry to hear that
Tnx a lot for advice, it’s serious and will save money in future
Yeah you right.. People will sue for anything stupid things these days...
Useful information. It will improve my procedures. Thank you.
Do you need liability insurance even if you have your properties in an llc?
Ice Fishing absolutely, it's another layer of protection
Very good insights! Thank you!
Thank you, Like always your videos are one of the best
"... if you are in this business long enough..." WHAT business is that?
Specifically, landlording. But I think it applies to all real estate businesses, and perhaps most business overall.
Sheetrock falling off the ceiling and hitting someone in the head doesn't sound like a nuisance claim... How the heck did that happen?
IntarwebUser unit upstairs had a toilet overflow, which loosened up a small piece of sheetrock and caused it to fall. The tenant had no medical bills or hospital visits from the incident so I don't think she was injured, and the insurance company did not pay her out.
Thanks for these videos!