If you are going to rent out your home, make sure you have a lot of this
12/30/2013 | Author: Marty Kramer
Everything changed when our landlord and his wife had a baby.
Previously, he came to our rental house often. He spent several summer weekends installing a French drain to address a flooding problem. He repaired a toilet. Painted the exterior. Took down a dead tree.
After the baby arrived, though, our landlord was nowhere to be found. One month he didn't even cash our rent check for three weeks.
I learned two lessons from that situation:
- Babies require a lot of attention.
- You shouldn't manage your rental home on your own unless you have a bunch of time to devote to it.
There is an alternative to tackling all the tasks involved in renting out your house yourself (and I'm not talking about neglecting it): Consider hiring a Texas REALTOR® to manage your rental. Your REALTOR® can advertise the property, screen tenants, collect rent, take repair requests, schedule appointments to make those repairs, and ensure you're complying with all rules and regulations that apply to renting out a property.
With a professional taking care of all those details, you'll free yourself up to spend time on your other priorities. Like filling out the pages of the baby book that's been sitting on the shelf.
Farmers, USAA, Liberty Mutual and State Farm will do this, the key is getting to an agent that is experienced with investment property.
I am starting to do rental investment and interviewing some property management companies. However, all property management companies require me to add them as additional insured to my insurance liability. I talked to several insurance agents and none of them can find any insurance provider that can add a propery management company as additional insured. Do you know any insurance agents who can provide liability insurance that can carry property management company as additional insured?