I think you mean mike, gpre.
sorry, over to PropertyManager:)
gpre,
My insurance company doesn’t get involved until a suit has actually been filed. We fight them from the very beginning. Even after a suit has been filed, I’ll just handle it myself (with my lawyer) unless it’s for a LOT of money. I have a $5,000 deductable and therefore certainly wouldn’t involve the insurance unless it were significantly higher than that. The lawsuit we’re in right now is for $3,000. Obviously, that’s on me since my deductable is $5,000!
It’s usually cheaper to fight the suit than to have the insurance raise the insurance premiums on dozens of rentals. In addtion, I can’t afford my low income tenants to think I would settle - that would just make me a BIG target!
Mike
Quick way to rid the lawsuit hassles, market to illegals, they have no rights. Last eviction I did, took off the doors and shut off the utilities, they were gone the next day.
Last eviction I did, took off the doors and shut off the utilities, they were gone the next day.
Gotta Like That!!!
Mike
In the state of Texas if you lose a suit they can’t take my home, car, retirement funds, or tools of my trade. They don’t garnish wages in Texas either. Most people that means that they can only get any lose cash you have. Now they can go after any rental properties that I may have. But all my properties are heavily leveraged and the mortgage companies all have first position which means that they can’t make me sell them. They can place a lean on the properties preventing me from selling or refinancing them.
What I have then is a Mexican standoff. They can try to wait me out until the mortgages are paid off in the year 2030 to get their money or they can settle with me for what I can give them.