All Forum Posts by: Austin Hoover

Always Get a dwelling Fire 3 policy. My company covers it as long as you have someone listed as a renter and the home is not vacant.  There are 3 types. DF1  is a named perils ACV.  this policy can insure vacant homes the biggest thing is pipes bursting not covered or theft of items not covered. DF2 with our company it’s RC with names perils. You always want to have special perils on policies. Because if it’s not named no coverage.  I’ll keep it short and not go into details on other details like  exclusions. 

Turn in an insurance claim. Since they were still "living there" the policy should cover busted pipes since the home was occupied.

Hi all,

Finishing up my first BRRRR.

I have created 33,000 of new equity on my first rental. I can pull out 26,000 on cash out refinance.

New mortgage will be 400 a month with taxes of 78 a month and insurance at 40. Rent is for 650 a month to  Section 8, with MGMT Fees of 8%.  I can't raise rents till October. Tenant loves the place.

New property I am offering on is listed for 100,000 with about 3,000 in repair costs. Interest on loan is 6% 20 YR  Arm. 25% down payment required.

House is a VA foreclosure 3 bed 1.75 baths in a B neighborhood.

The new location is tax assessed at 149,000. rents I can get about 1250 all said and done.  Taxes will be 192 a month with Insurance at 80 a month. MGMT fees 8%  New mortgage will be around $600 a month.

Is it worth not cash flowing my first property to gain equity in the other one?

I live in rural North Dakota.  I invest in an Air Force town Minot 1 hour away.

I have 26k to play with on a cash out refinance. I am in the process of buying a duplex but I have some concerns. 75k is the current offer they gave me. I don't want to pay closing costs. The owners are paying for heat and water. Utilities are around 150 a month. Taxes 104 a month insurance is 77 a month. PM Fee is 8%. The rents are 900 total 450 per unit. I have to put 25% down because its going to be owned in a LLC. My interest on the loan will be 6%.

I am looking at buying a VA foreclosed home in Minot, ND. Its in a great location and the numbers are good. However the home flooded 7 years ago and I will have to put in 5k in repairs. Our flood insurance maps will be updated in the next 18 months with a rezoning which the house will be in. Flood insurance as of now would be $750 a year with the possibility of increasing all the way up to 18% per year. Does anyone gamble with flooded homes.

Do you know how many people you plan on having ?