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Nicklin Property Management Login – It may go without saying, but a number of homeowners and investors do not have any form of insurance for their rental property. Of course, if you have a mortgage, your lender will require a landlord or fire policy. In this way, if a water event, fire or theft occurs on the property, they know that it can be remedied since the property is a guarantor against the loan. However, if the property does not have a mortgage, it is up to each homeowner to obtain insurance coverage. And some either choose not to or don’t realize they have to get it. Why get a landlord or fire policy?
First, in the event of an unexpected major event, such as water damage, fire or theft, insurance can cover costly repairs or losses for a reasonable deductible and annual premium. Most insurance deductibles range between $500 – $1,500. A significant water or fire incident can cost thousands of dollars to remedy, or in the case of a total loss, hundreds of thousands of dollars. Without insurance, the homeowner must foot the entire bill instead of just the deductible. Protection against theft is also an important part of the insurance cover. In addition to items that can be stolen from the property, such as expensive appliances, the damage caused to gain access to the property can also be expensive. Among these are broken windows, doors, door frames and frames. The total cost of a theft can easily add up to thousands of dollars.
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In addition, all rental properties have a liability risk. Insurance, on the other hand, protects an owner by offering liability coverage should a circumstance arise where the owner is found liable. This may include injury or death to tenants or visitors while on the property. Without insurance, the financial responsibility will rest solely on the home owner.
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How does renter’s insurance play a role? Tenant’s insurance is designed to cover the tenant’s personal possessions, displacement and liabilities. It offers a different type of coverage than homeowner’s insurance. Thus, it does not provide protection to an owner for damage to property or owner liability.
Yes, insurance is designed to protect an owner from incurring financial liability on their own. It is designed to transfer the risks that exist when you own personal property and rental property. Risk can come from many sources. Being well protected is the key to managing risk properly.
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Well here we go again. Another eviction moratorium. Many homeowners are finally breathing a sigh of relief when it looks like things will be back to normal by the end of July. And for 2 days things are technically back to normal. Until 3 August. That’s when the CDC enacted a new eviction moratorium, this time until October 3, 2021. For those rental owners who have been relying on mortgage forbearance because they lost rental income — income they relied on — this was unexpected.
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To clarify, we are not here to discuss the reasons for the moratorium, the motivation, or why it was enacted. We’re here to explain how this latest moratorium works and what you can do if you own a rental property that has essentially had its income frozen. While what we’re saying isn’t going to be an automatic fix, it can be financial damage control.
It applies to any county in the United States that does not already have a moratorium in place that meets or exceeds the CDC, such as a state or county moratorium, and where the county has a significant or high rate of COVID transmission. Where does your county fall? Here is the link from the CDC showing transmission rates: https://covid.cdc.gov/covid-data-tracker/#county-view
If you’re in Clark County Nevada, Las Vegas, Henderson, North Las Vegas, Boulder City, which is where we are, well, you have a place with a high transmission rate and subject to the CDC moratorium.
Now, of course, a tenant must complete a specific declaration via a CDC form to qualify. And the landlord can take steps to confirm the truth of that, to ensure that their hardship is legitimate and meets the standard of the CDC moratorium. The moratorium covers a wide spectrum.
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So, say as a landlord, you get the declaration form from a tenant, or maybe they already qualified earlier under the moratorium we had between March 2020 and up until last July and gave you the CDC declaration (which is still in effect). What can you do?
Work to cut your losses. The eviction moratorium is in effect no matter how you look at it. Although tensions can run high, you must work hard to maintain a positive relationship with your tenant. This will help preserve your property. A sour relationship, or one that turns into mistrust, is never in the best interests of your property. It creates tension and hard feelings. Focus on the end result, one day getting your property back in, hopefully, reasonably good condition. A positive relationship will go a long way in that.
And focus on the options you have for mortgage assistance, beyond calling your bank to get a mortgage foreclosure. Or just throw in the towel on your property. Now, this may require work and some research to find available resources in your state or county to help you compensate for lost rent. But it is possible, and we’ve seen it firsthand, that landlords receive checks for thousands of dollars in unpaid rent. Look up your state and county housing departments and see what resources are available, what applications may need to be completed. Work to cut your losses as much as possible. In many cases, money has been set aside to offer help. Just find it, apply for it and then collect it.
So while all of this is far from ideal and not what investors and rental owners signed up for, it is the new, temporary norm. And then we have all had to change and adapt to the unexpected. If you approach it the right way, take the right steps, be proactive, get the help available, you might be surprised how things work out for you.
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Https:///wp-content/uploads/2020/11/nicklin-property-management-300×66.png 0 0 Adrian Frankfurter https:///wp-content/uploads/2020/11/nicklin-property-management-300×66 .png Adrian Frankfurter 2021-08-05 15:18:03 2021-08-05 15:22:51 The New Eviction Moratorium – What should I do?
If you are looking at today’s real estate market and want to make an investment, you will join countless other real estate investors looking to get their hands on a piece of Las Vegas real estate. Although prices are at an all time high, so are rents. In fact, according to Realtor.com, rents rose 16% from a year ago. Many investors are starting to see significant returns, especially if they bought a rental property a few years ago.
Nevertheless, many investors are in the market now, sifting through the dense inventory, looking for that golden nugget. However, as with any investment, there are a number of factors that will determine how profitable a rental property can be. Or the amount of expenses that may be associated with it. So, what factors should you consider?
Everyone loves the smell of a brand new car. But not everyone can always turn the bill in one go. So the used car market is popular. The same applies to housing. Most investors prefer brand new homes – not because of the new house smell necessarily, but because everything is brand new. All the main components of the house are brand new and should have a significant life expectancy, which minimizes expenses in the first years of ownership. However, brand new homes are in demand and usually priced higher than a resale home – although this gap has closed somewhat. The higher price prevents many investors from buying brand new. So the resale market is popular. When looking at resale properties, what should you keep in mind? Here are some points:
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Las Vegas has an abundance of housing. There are detached houses, condominiums, townhouses, mid- and high-rise buildings and multi-family buildings. Have you decided what you want to own? Perhaps your budget will determine what you want to consider. For example, the median price for a detached house is higher than for a condominium in Las Vegas. But what other factors should you consider?
Finally, you need to do a side-by-side comparison to see what the constant, ongoing costs will amount to. This, combined with potential repairs, will prepare you to own a rental property. Of course, it is necessary to investigate what the potential rental price for a property will be. A good property manager can be an invaluable resource in this process. This way, you can be a well-prepared, knowledgeable investor who has done their homework and knows exactly what kind of property you are looking for.
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While most homeowners are
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