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As a landlord or property manager, you’ve got a lot of responsibility. From leasing to maintenance, there are a lot of potential risk factors you need to mitigate. One way that you might find yourself in hot water as a landlord is in regards to how insurance issues are addressed in your lease.

When it comes to leasing, it is typical that both you and your tenants will each be held to specific responsibilities and duties. However, there is an additional oneness on your as a landlord to make sure these responsibilities are addressed correctly in your lease. Otherwise, you may be left holding the bag should an issue arise.

This episode, we take a look at some common insurance pitfalls that often go unaddressed until they become an issue.

3 Potential Insurance Pitfalls

Renters Policy – Many multifamily + single family leases require tenants to have renter’s insurance. While this can be a good idea, it can often be poorly executed in the lease. Negligence in enforcing renters insurance often falls on the property manager and/or landlord for not ensuring the tenant does not have valid insurance.

Rent Abatement – If your tenant is granted rent abatement following a casualty at the property, when can you expect to get reimbursed for loss of revenue from this lost rent?

Tenant Improvements - If you are installing tenant improvements, insure it yourself. Leaving insurance on tenant improvements solely to the tenant can open you up to unnecessary risks: preclusive clauses, co-insurance provisions, exclusions, etc.

About Our Guest:

Jimmy Clark is the Senior Vice President and Real Estate Practice Group Leader at Harden, one of the southeast’s largest risk management and insurance firms.

This episode, Jimmy offers up three essential tips all landlords need to know about leases. He shares the common insurance pitfalls that you need to make sure are addressed with your tenant(s) when drawing up your leases.

If you want more information on common insurance pitfalls when it comes to your real estate investment, you can contact Jimmy directly at jclark@hardeninsight.com or 813-367-5609

Don’t miss this episode on protecting your lease from common insurance pitfalls!

The post Ep. 162 Jimmy Clark: Lawfare – 3 Potential Insurance Pitfalls You Need to Address in Your Lease appeared first on Real Estate Investing in Florida.

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Starting a single-family rental portfolio can be a great introduction into the world of real estate investing – but that doesn’t mean it’s easy. There is a big difference between buying a single-family property as a fix-and-flip and one purchased as a rental. There is a lot to keep track of when you invest in a single-family property for cashflow; from finding a good deal to finding and managing tenants.

Often, as you’re starting your single-family rental portfolio, you will be managing those first few properties yourself. Many first-time investors are not a natural fit as landlords and it requires thinking about your investment portfolio as a business – and running it as such.

Our guest this week, Augie Byllott, learned the hard way how to manage his single-family rental portfolio.

Augie and his wife became landlords by default. After getting married and buying a house together, they turned their respective homes into rental properties, never intending management of their rental investment to be their main focus. However, they quickly realized that single-family rentals don’t just manage themselves and that (surprise, surprise) tenants don’t always have the landlord’s best interests at heart.

Managing a single-family rental portfolio

Augie and his wife quickly learned that to successfully manage their single-family properties, they needed to think about their investments like a business – and manage them as such.

About Augie Bylott

Augie is a seasoned single-family investor and the founder of Creating Wealth U.S.A.

With over 500 deals under his belt without the use of bank loans, Augie has become an expert on tailoring his acquisition strategy to fit specific deals. He now share his advice and experience through books and mentor programs.

Contact Augie at (863) 255-5858

The post Ep. 147 Augie Byllott: Landlord Tales – Lessons Learned from a Self-Managed Single-Family Rental Portfolio appeared first on Real Estate Investing in Florida.

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As real estate investors, sometimes what we think is a good investment strategy does not turn out quite as expected. While a single family investor may be able to stick to a strategy and adopt minimal changes, this is not usually the case for the apartment investor.

Your investment strategy should suit the deal you are making. It may become necessary to change your strategy in order to make a deal work.

While this may mean an extra headache in the short-term, a change in strategy could mean the difference between a successful investment and a failure.

Just ask Apartment Investor Kurt Westfiled

Kurt Westfield is the founder of WC Companies, an umbrella brand for his multi-service real estate investment firms.Listeners will remember Kurt’s last episode with us when he discussed his transition from single family investor to apartment investor.

This episode, we catch up with Kurt following his transition to apartment investor. He discusses how he found out early on in his career the importance of finding a winning strategy.

Apartment Investor: Finding a New Strategy

The Deal

• 14 unit apartment building
• In foreclosure
• Expedited due diligence (7 days)
• Intended to be 12 month, light fix-and-flip with capital expenses at $80-100k

The Issues

• Tenants trashed complex
• Property had suffered from neglect

Changing Strategy

• Evicted all current tenants
• Rehabbed entire property, inside and out
• Structured leasing as condo-apartment type w/ one model unit completed while construction was ongoing
• Created brand identity
• Started community engagement activities

The Results

• 3 1/2 year project, cap expenses at $400k
• Property raised market rent 60% in area
• Identified potential of revitalizing fringe market properties
• Focused on developing branded communities rather than street addresses

Kurt is still an active apartment investor, looking for multifamily deals in Tampa and Jacksonville up to 50 units. To contact Kurt with a potential deal, email him at kurt@wccompanies.com.

For any other questions or to find out more about services offered by WC Companies, visit their website.

The post Ep. 114 Kurt Westfield: Apartment Investor Tough Lessons Lead to New Strategy appeared first on Real Estate Investing in Florida.

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Full-time real estate investors know more than anyone that there are only so many hours in the day. Finding time to actively land new investments can be hard when its necessary to manage other investment properties. Maximizing time is one of the most valuable tools a real estate investor can have. Shortening the time you spend on your investment properties can greatly improve your quality of life as a real estate investor.

Gavin Welch, an entrepreneurial real estate investor, knows just how precious his time is. With seven properties in his portfolio and work commencing on an apartment development, Gavin has a lot on his plate. With a goal in place of acquiring 25 investment properties, Gavin simply cannot afford to spend time on everyday property management concerns for each of his properties. He has implemented a method that allows him to attend to his current investment properties while providing himself enough flexibility to focus on his investment goals.

Limiting Time Spent on Investment Properties

• Landlording on Auto-Pilot – Mike Butler
• Google Voice
  • provides automated information for tenants and clients to call in for property info and maintenance requests
• Limited property showings
  • Schedule property showings and open houses for set days and times cuts down on time spent visiting investment properties
• Auto pay system for tenants
  • Tenants pay automatically when monthly bill is due. Landlords and property owners don’t need to spend time tracking down payments
• Passive Marketing
  • Bandit signs circulate property availability
  • Youtube videos provide property details and photos
• Property Uniformity
  • Using the same materials and paints on all properties greatly reduces time on maintenance and up-keep

Gavin is currently in the market for viable single family investment properties in the Lakeland, FL area. Suitable fix-and-flips or rental property offers may contact Gavin through his website by going to the Contact Us page. Listeners should also check out Gavin’s own podcast, The Real Estate Loop for more investing advice.

The post Ep. 100 Gavin Welch: Improve Your Quality of Life by Shortening the Time You Spend on Your Investment Properties appeared first on Real Estate Investing in Florida.