All Forum Posts by: Andrew S.

Good evening BP!

I'm in Duluth/ Superior for a week with a work conference. Curious if any investors in the area would like to grab a beer or tour a rehab property this week and discuss investing? I'm working through renovating my first deal currently and would be excited to see what others are working on. 

Thanks

Andrew

Chris Davis (on BP) has a property management company in Butte that I would recommend.  He is an active investor with investment properties in Butte.

I'm just about to start my first house hack duplex rehab project here are ideas I'm considering:

-high efficiency toilet system

-ceiling fans in bedrooms and main rooms

-electronic keypad door locks

-programmable thermostat

-programmable electric bathroom baseboard heater

Hey everyone,

I'm working on my first deal for a live in and fix up house hack duplex.  I'm having trouble securing homeowner's insurance on the home and just curious how other's have gotten homeowner insurance on properties that need some TLC?  I think I made a mistake (was honest) and shared my inspection report with the insurance agent(s) about the current condition of the house. I've now had multiple insurance companies/ their underwriters deny the home.  I think I shouldn't have shared the inspection report with them. Curious if anyone has advice on how to secure and what the best homeowner insurance options are for owner occupied duplex that I'll live in and repair for a few months until everything is completed.

Thanks!

I was obtaining asbestos mitigation quotes for findings from the home inspection.  Contractor didn't get quote completed until the morning of inspection contingency due date. Tight timeline with inspection and contractor scheduling...learning the hard way on this first deal.

My realtor basically said my bad... Yes I'm mad at myself for rushing through the document and signing it.  I knew that it had to be submitted within 1 minute so I wanted to get it across and now am kicking myself. 

Luckily it won't too expensive of a learning...

Good tip @Karl B. with walking through the home again before closing make sure all assumptions/ expectations are correct. 

My realtor said he'd give me $100 but I think I'll be in the market for a better realtor to join my team.

Appreciate the feedback guys!

I'm working on a duplex from the MLS under contract and have a couple items that I worked with my realtor on for the inspection contingency. The property is a fixer upper so I'm focusing on larger items that were identified during my home inspection. My realtor missed a couple items on the inspection contingency form and during my review I requested some changes and an additional $1000 off the purchase price. My realtor sent over the inspection contingency form without the updates 1 minute before the inspection contingency deadline and called me to approve it. Being rushed I just electronically signed the form, sent it over, and then after the fact re-read the inspection and noticed the updates weren't made and the additional $1000 wasn't included. I called my realtor to ask about why the updates weren't made and he said he'd send an updated one in the morning. He then called the next day and said the seller has accepted our inspection contingency, and couldn't send an updated one.

Just curious on thoughts how I should handle the situation.  If I should just "eat" the $1000 or if I should work with my realtor to get $1000 from the seller and/ or realtor?  I was talking with my realtor for 2-6 hours before the deadline to send over the updates but he was busy.  I'm a new investor and trying to build relationships in my area but trying not to get taken advantage of.

Welcome Joshua to BP and Helena.  I'd like to confirm that the Helena Real Estate Investment meetup is worth checking out.  I've been going for a few months now.  Let me know if you have any questions or want to meetup and discuss real estate in Helena.

I'd run it through one of the BP calculators or your own calcs. At first glance $1,300 rent to $63,000 purchase price passes the 1% and 2% rule so it would probably cash flow. I'm not sure what CCMUA is. Unsure if renter or owner is paying condo fees, CCMUA, other expenses/ utilities, if condo fees include property mgmt., etc. Depends on your mortgage options and opportunity cost of what you'd use that cash on if you kept it. A mortgage without PMI might be a good option.