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

2 comments:

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?
makingourway