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All Forum Posts by: Alexi Polenur

Alexi Polenur has started 4 posts and replied 5 times.

Post: Insurance for flips

Alexi PolenurPosted
  • Investor
  • Baltimore, MD
  • Posts 5
  • Votes 0

I have used Foremost, myself in the past, but I was explained by my agent that it is good for "vacant houses", but not covers "major renovation". I guess it is a gray area ... The real question is if they pay in case something happens or they will try to prove that it happens because constuction took place ...

Thanks everyone for great answers. It really helps. 

Post: Insurance for flips

Alexi PolenurPosted
  • Investor
  • Baltimore, MD
  • Posts 5
  • Votes 0

Hi all,

I am relatively new to flips and wondering how others insure their flip properties during rehab process.

Currently I am using "high risk" policies from Loyds of Londons.

For the property apprised at $150 K they quote me about $1100 for a year.

So for 6 month which I hold the property I pay $550 is it normal ?

Other people I know use some cheaper options from Erie, which end up around $500 a year.

However my agent says that Erie does cover empty properties so if something happens they will not pay.

Please let me know if somebody knows cheaper way to insure flip properties.

Thanks, Alexi 

Post: Investor friendly banks in Maryland

Alexi PolenurPosted
  • Investor
  • Baltimore, MD
  • Posts 5
  • Votes 0

Hi all,

I am tired of Bank of America and trying to find a smaller bank where I can establish relationship. 

The bank which holds their loan on books instead of selling to Fanie.

The idea is that if I bank with them for couple of years and they get to know me, perhaps they would be willing to finance some of my real estate deals.

Is it realistic idea ?

Any suggestions on the bank ?

Some people recommend to go with really small "community bank" other saying : "go with larger regional bank ..."

Any advice is greatly appreciated

Post: New member from Baltimore, MD

Alexi PolenurPosted
  • Investor
  • Baltimore, MD
  • Posts 5
  • Votes 0

Hi All,

My name is Alexi, I live in Baltimore County for past 17 years. Originally from Kiev, Ukraine.

I decided to try myself in flipping this year. Still have a lot of things to learn, but already moderately successful.

The problem is that I have trouble finding good properties in Baltimore County. I cannot find properties which meet "70% rule". If I bid using "the rule" I get outbid. Seams that a lot of professional flipping crews are working in the area and good houses get snapped first day they come to marketI mostly look at REO at MLS.

Would like to learn  more on how I can find better properties.

Perhaps get to  know some good wholesalers.

Move to different area in Baltimore city or around it, where I will have less competition.

Any advice is welcomed :)

Thanks, Alexi

Post: Tax deduction for losses

Alexi PolenurPosted
  • Investor
  • Baltimore, MD
  • Posts 5
  • Votes 0


Hi,

I have couple of rental properties which currently generate losses (because of depreciation etc).

My accountant is telling me that I cannot deduct losses from my income because I make more then 150k at my day job. Thus I cannot take advantages of losses I have on my rental properties.

Any suggestion how I can put this losses to good use to decrease my taxes ?

I am open to any suggestions (forming LLC or what ever).

Thanks in advance for your help, Alexi