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Author Topic: Rental Property with a pool  (Read 3305 times)

Offline ARP1979

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Rental Property with a pool
« on: January 20, 2005, 03:31:04 pm »
I am looking at purchasing a SF home to live in.  Eventually (2-5 years from now), I plan on renting out this property.  Current market rents allow me to rent this property for slightly negative cash flow, but this is not so much an issue, because I plan on living in it for a while.  

The real issue is that this property has an inground swimming pool.  Does anyone here rent a property with a swimming pool?  Is this a major problem liability wise?  Shold I plan on filling it in before renting out the property?

Thanks

Offline WilsonTaylor

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Re:Rental Property with a pool
« Reply #1 on: January 20, 2005, 09:42:39 pm »
I had a property with a pool at a rent house.  I would recommend that you require the tenant to have a pool service or have the pool service yourself and add it to the rent.  I did not have a problem with liability issues, but I may have just been lucky.

Wilson

Offline ARP1979

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Re:Rental Property with a pool
« Reply #2 on: January 20, 2005, 10:09:54 pm »
Thats kinda what I was thinking.  And thanks for the reply.  I figure a pool (especially here in the south) would be a major selling point (though not necessarily increased rent) to a renter.  I will aquire a blanket insurance policy or transfer to an LLC prior to converting this property to a rental.

Thanks again.

Offline WilsonTaylor

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Re:Rental Property with a pool
« Reply #3 on: January 20, 2005, 10:28:56 pm »
I once heard a pool referred to as a hole in the ground that you throw your money into.  Just keep in mind that not all tenants or buyers want a pool.  If a buyer wants one and the property does not have it, they can always add one.  A pool might be a selling point for a renter or a deal killer.  You never know.

Wilson

Offline telarsen

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    • NY Property Insurance
Re:Rental Property with a pool
« Reply #4 on: January 29, 2005, 04:47:31 pm »
You won't have a problem with the pool issue while you are occupying it - just make sure you bump up the liability limit to $500,000 (about $25) or $1,000,000 (about $30).

Once it becomes a rental, 7 out of 10 companies will NOT insure it due to the pool issue. Make sure you do your insurance homework before turning this into a rental.

Good luck!
Tom Larsen,
President,
Larsen & Associates Insurance Agency Inc.
(716) 684-3203
[email protected]

 




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