Saturday, December 27, 2008

new tenant obligations

Now that I'm a landlord all over again, there are certain things I have to do:

1. Convert my insurance policy from a home owner's to a landlord's - will save me $400 per year. NC has a wind policy component due to hurricane's that's pretty expensive and doesn't seem to diminish for a land lord's policy. Consider competitively shopping the insurance.

2. Make sure tenant converts utilities to his name - will save about $120 per month.

3. Make sure tenant contancts lawn mowing service and uses them or does hisself - will save $80 - $120 per month.

4. Ensure management company can send me payments via EFT.

Anything else anyone can recommend or suggest?

Regards, makingourway


2million said...

Do you have an umbrella policy?

makingourway said...

excellent question!
I have a umbrella policy for my personal residence, but I'm not sure that covers my second property (the rental).
Should i extend my residence's policy or obtain a second umbrella specifically for the rental?
They are with two different insurers.
Any thoughts?