All Forum Posts by: Andrew Fredrickson

Hi Connie, I'm here in Morgantown, WV too, and do not know of any REI groups, although I will admit that I have not done much research on the matter... That being said, I'd be interested in meeting from time to time if something was setup. I'm not fully submerged in real estate but am a part-time investor with a few rental properties.

Sorry to hear the situation and I can relate, my 'nice guy' comes out too often with tenants and is not helping my business. Funny I happened upon this post because I went to elementary, middle, and high school in Maple Valley. Great area. Best wishes.

Looks pretty good but you should ask what it fixes to after the first five years. I assume it will be adjusted in relation to the prime rate, which shouldn't change at an alarming rate.

If you find a local bank that is willing, they might base the loan on the income production of the property instead of the income of the applicant. This would have to be a rental property though, and you'll probably have to try quite a few banks. Most people find success with the smaller banks for this method.

I agree with Jason D. If the building is still standing then something must be right, right? I actually bout an SFR that was built in 1860 last year and the bones seem good.

If you don't have the income history then the portfolio lender might be the only option as they might look at the property in question and base the loan off their internal criteria. It would be a good idea to go in with a few subject properties in mind so you can show them exactly what you're looking for and see what they can do for you.

Thank you to everyone who has responded, I really appreciate it. Concrete has been repaired today and this should now be behind me. I just figured the company would rather inspect the property first before insuring, but I guess the insurance companies jump the gun with coverage and then request repairs later. 

I recently purchased a new (well actually really old) rental home (SFR) and after about 2 months my insurance company has contacted me by mail and phone letting me know my policy would be terminated at that address unless I repaired the concrete sidewalk in front of the garage as well as some concrete steps leading to the entrance. There's a photo of the area below. I can understand the steps from a safety standpoint, but there's no structural significance in this spot in front of the garage as far as I can tell, but it was listed as something I needed to repair in order to keep my insurance with them.

Is this common - for your insurance company to come back with repair demands? Would fixing cracks in a concrete sidewalk that has no structural integrity in the dwelling seem fair? I'm all ears as I'm not sure what is standard. Side note - my insurance is through Allstate, and I have 4 homeowner/landlord policies through them as well as an umbrella policy. 

Additions are the structures/buildings on the land you own.

Just wanted to update everyone on the paint progress. I am happy to say that the Sherwin Williams Property Solutions paint seems to be doing well, it went on nice, and some areas needed two coats, and some only one. I didn’t use any primer, or clean the walls prior to painting. Take a look at some of the photos. The grey color is Knitting Needles and the kitchen I used Festoon Aqua. Take a look.