All Forum Posts by: Alex Grimes

What do you mean that your insurance company does not cover lead paint? Are the dropping coverage because lead paint was covered? Are they refusing to underwrite a new policy because of a lead paint issue? Or are they only excluding coverage of liabilities associated with lead paint issues? 

I may be slightly overthinking this situation, maybe someone may be able to help clarify my thoughts.

I bought my first investment property a little over a year ago. I am looking into expanding my my portfolio sooner than later. In doing so I am interested in forming an LLC to mitigate liability and increase credibility. In doing so I would be transferring the property into the LLC. How does this effect depreciation when it comes to taxes? Do you continue to claim your original purchase price, or do you now have to claim whatever price you transfer the property for, i.e. $1?

Again, I am probably over thinking this.

I heard of a 4 unit for sale on Mead St in North Tonawanda. I can see about getting a number tomorrow on my way out of work.

One of the things that I considered is moving into one of the units while I am doing the rehab. Thought behind this would be to be able to put current living costs into the property roughly $700/month and then trying to get take a HELOC to finish everything. The biggest hurtle there is the house being quite a ways away from my 40 hour job. I would have to line up weekday lodging... Does this should insane to anyone?

Are there any creative ways to fund a rehab on a rental? I am new to the real estate world. I bought my first duplex recently. I started the deal about a year ago on a land contract. I was able to pay cash to make the deal happen. When I started the deal, I was buying a duplex with both units rented. After everything was signed, the gentleman in the lower unit backed out of the lease because he didn't want to start paying rent. I started rehabbing the lower unit after he moved out. Got to about 60% completion. During this time, I got to know my upstairs tenants. I realized quickly that the payment i was receiving from them was not worth the heartache that they were causing; broken windows, broken doors, broken tubs, moving in the neighborhood. Now I am sitting on a house with no income and trying to fund the rehab out of pocket, making things drag.