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Landlords Insurance

October 30, 2014

10 Tips For Making Money In Real Estate Investment

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Home ownership is what I am calling the Second Step to Financial Freedom. For many people this is the largest single purchase one undertakes. The sub-prime mortgage meltdown of 2008/2009 was due in no small part to people buying houses that they could not afford. When their mortgages reset to the new higher interest rate ( a common feature and sometimes a surprising feature of adjustable mortgages), they were out of luck as they did not have the means to meet the new higher obligation.

You can always find a tenant with pets and then charge them slightly more than you would for someone without. This usually works out in your favor, as long as the animal is trained, healthy, and not of a violent or banned breed. Dogs and cats that are well-trained rarely cause damage that will cost you money, but they certainly will increase your profits.

When a convenience store owner hears propertyinsure.wordpress.com/ they’re thinking they already have it and they can get it from anyone so there’s no reason to talk to you. However, when they hear about gaps in coverage that could put them out of business they’re wondering if they have those gaps. They’re thinking they need to talk to you because you’re the expert at helping businesses like them.

Heavy vehicles are safe to use during floods. This is also a myth; rushing water is very powerful and can destroy many things. A few feet of flowing water can sweep many vehicles away, even how heavy they are. Regular home insurance covers flooding incidents. This is by far one of the most cost myths in real estate. Many people get complacent by assuming that home insurance always cover damages caused by flooding. This is the reason why one must contact their insurance company to know exactly what is covered in your house insurance.

Did that alarm system come with alarm monitoring? Probably not, so what good is it? Do you really think that an alarm siren will keep today’s burglars at bay? Trust me it won’t. Burglars are crafty. They will test your siren for a monitoring response and work through the sirens loud bells to steal from you anyhow.

On the whole, if you are only using your home as an office then there is probably not going to be any complaints. But if you are storing stock or receiving visitors, then your insurance might need more details. If a business visitor to the house slipped and was injured, there would be a claim on your insurance and if you are not covered for business visitors, then you might find your insurers refusing to assist you in the claim. This could turn out to be a very costly mistake! They might also need to know about any extra machinery that you have in the house in order to complete your home working.

The annual premium for age 45 individual Premier (top of the line) is $361 with Allstate Cancer Insurance. Also, you can qualify for another wellness test paid to you for $100 under the Premier policy. For women, this is huge, your regular wellness exams should be paid by your health insurance but you’ll get these benefits paid to you direct. This feature alone pays for itself! Not all cancer policies are created equal so check with a license professional.

You also need to notify your local tax office that you are working from home and how you will be working. You might be self employed or in a partnership. You might even take it as far as becoming a limited company. Again, if you become a limited company and your registered address is your home address, then your insurers might need to know!

Finally, if you have the means to make extra mortgage payments, than taking out a thirty year mortgage is a great way to go because it will keep your payments lower than a fifteen year mortgage but will also afford you the ability to save a lot on interest because as you make those extra payments, your outstanding principal is reduced accordingly, you will have your mortgage paid off early and be on your way to financial freedom!

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