We start off the year with a potpourri of topics.
How do you find a reliable handyman, electrician, plumber, attorney, accountant, property manager, or whatever when you need one? One of the neat things about having our own local TREIA subgroup is the opportunity to get “annotated” referrals for the different services we inevitably need. We’ll share experiences and leads for local resources, and build on our own local Angie’s list. Get information you won’t find in the Yellow Pages! Bring your own leads for a great service-person you recommend.

Come learn how YOU can earn $25 credits towards future TREIA educational seminars.
We’ll also share accomplishments of the past year and set goals for 2011.

See you there!

Location:
Golden Corral
Fuquay Varina (E Broad St, off Sunset Lake Rd.)
NOTE: it’s off Hwy 401S & Sunset Lake Rd, across from Kroger, and tucked behind Smithfield BarBO – Watch out! – your GPS might send you to the wrong end of Broad St!

Event Details
Tuesday, February 1st
6:30pm
Members: Free
Guests: $10

REGISTER HERE!

Please note that there will not be a meeting of the TREIA South sub group in January. Regular meetings will resume Tuesday, February 1.

Rental properties are important investments and often valuable sources of income. What would happen if the buildings you own were damaged?  Or, what if a tenant or guest was injured on your property? At the August meeting of the TREIA South subgroup, David Surles and Norman Watkins from Farm Bureau Insurance discussed the main insurance options to consider when protecting investment properties.

David explained the two main types of insurance coverage:  property damage and liability.  Depending on the number of properties involved, you can get personal or business/commercial coverage.

Property insurance for dwelling/fire coverage covers your property from most damage.  It’s based on the property age, construction, location and fire “protection class.”  The protection class is determined by the property location in relation to the nearest fire hydrant and fire station.  These classes are set by the state.  You can look on country web sites to get class ratings for your area

You can insure rental properties under a personal dwelling policy, but if you have several properties, it’s less expensive to go with a business/commercial policy.  Typically, there is no theft coverage.  So, if the HVAC unit is stolen, the damage and repair costs are covered, but the stolen unit is not covered.  You can get coverage for your own belongings, but there’s no coverage for your tenants personal property – they’ll need renters insurance for their contents.

IF the dwelling is empty, it’s either considered “vacant” because no one lives there, or it’s “unoccupied” if it’s furnished, the habitant is temporarily absent, and the dwelling is secured.  It is difficult and maybe impossible to get coverage on property that has been vacant for more than 60 days.  You have to count the entire vacancy period, not just the period since you’ve held it.  Farm Bureau is the only insurance company who covers vacant property.  And, if it’s been vacant for more than a year, you’re probably out of luck, even with Farm Bureau.

Liability coverage is the other main category of insurance, and it covers bodily injury and property damage and your defense costs.  So, if someone falls through the porch of your rental property, you’re covered.  But, make sure that your coverage provides adequate personal protection to you and your assets.  You can get personal coverage through your home insurance or you can get a separate general liability policy.  Business/commercial liability coverage is also available.  With these policies in place, you can add an Umbrella policy for a few dollars more, which provides protection for exposures not normally insured on the underlying policy.  David says the tendency to sue is growing and awards are on the rise, so this is a good policy to carry.

So, think carefully about those REO properties you’ve been looking at.  You want to be sure you can insurance it.  Your best bet is to build a relationship with an agent so that they can help you consider the risks and maybe swing some exceptions to the rules.

TREIA South July 6, 2010 Meeting

The July meeting of the TREIA South sub-group turned out to be a very informative and fun-filled evening at the Golden Corral in Fuquay-Varina.  Our goal was to get to know our fellow investors better, and we definitely accomplished that task.  Dianna Genest, TREIA Board Secretary, hosted the meeting and set us about our tasks.  First, we got together into three separate groups to talk and find items of common interest to all group members.  As you might expect, the responses included comments like “new investor” and “looking for private money,” but we also found that many of us were always ready for a challenge, excited about investing, and definitely going back to the dessert bar.  Next, we paired up to find out what TREIA could do to help our partner and what our partner could offer to TREIA members.  We took turns presenting and discussing that information with the entire group.  To name a few, Charity can offer web development and marketing services, Andy likes the challenge of solving problems, and Ronnie can help with PowerPoint presentations.   Sam Suresh is looking for minor rehabs and has a little private money to invest.  We finished the evening by passing out Monopoly dollars to anyone interested in using our services.  The challenge was to quickly identify and generate interest and distribute those dollars within the allotted time.  Congratulations to Sam Suresh who generated the most interest and won a prize for passing out the most dollars.  It was a fun-filled and informative evening, and we left with new friends and new opportunities.

Network! Network! Network!

At July’s TREIA South meeting you will have the opportunity to get to know your fellow investors better. Share, learn, get some deals going! Bring business cards, and be prepared to have some fun.

Golden Corral, Fuquay Varina (1420 E Broad St)
NOTE: it’s off Hwy 401S & Sunset Lake Rd, across from Kroger, and tucked behind Smithfield BarBO – watch out! – your GPS might send you to the wrong end of Broad St!

REGISTER HERE