Lease Option (insurance) HELP - Posted by Nick

Real Estate Investing Real Estate Gurus
1

Posted by Bob in NJ on June 03, 2008 at 18:18:11:

Nick,
I think you already know the answer to all of your questions

2

Lease Option (insurance) HELP - Posted by Nick

Posted by Nick on June 03, 2008 at 07:47:52:

I’m negotiating an awesome deal right now on a lease option, the owner has agreed to help me get permits. The house is vacant and has been sitting for 5 or so years.

Questions:

  1. Owner wants to know if I have somebody doing the work and they get hurt, he doesn’t want to get sued, or be responsible? I can’t blame him for that.

  2. The house is paid off he doesn’t have insurance because its paid off. He said he would still pay taxes on it but what happens if I dunk 5-10k into and it burns down is everything lost?

  3. Is there an insurance policy I can get to protect myself and this property?