All Forum Posts by: Brandi Williams

Prepagent.com was a great resource for me. He also have videos on Youtube.

Originally posted by @Samuel S.:

Thanks guys! Again I so appreciate your help!

I do have one more question (I apologize if this seems redundant): Say I were to go conventional instead of FHA, where I would be renting out all units. Would my best option be to get landlord insurance with a umbrella policy? Being that I wouldn't need homeowners since I would not be living there?

 Hi Samuel,

You are correct that would be my suggestion because you are covering the property itself with the landlord policy then getting the umbrella for additional liability coverage.

Hi Samuel, I am an insurance agent and I have lots of investors that call in to insure their properties. - As others have mentioned you would get a homeowners insurance policy for the property which covers the home and your liability. When setting up your policy they should ask if you sublease or rent to anyone where you would answer yes and would have additional coverage (loss of rental income). It is not required but I would suggest having your tenants get renters insurance to cover their personal property in their unit (fire, theft,etc). -The umbrella policy is an extension of the liability coverage on your home which protects you in the event that someone is hurt on the property and sues you. Most companies require that you have certain limits of liability (300,000 to 500,000 minimum) then the umbrella adds to that amount. Yes, you would still need a homeowners or landlord (once you move and are renting all units) policy so that the liability limit from that policy can be extended. Hope this helps.

Welcome to the site Jonathan. There is a wealth of information here, Charlotte is a great area with lots of investors. Good luck!

Congrats Keith, as an NC State graduate I know the market pretty well. Finding a duplex in a good area and snatching it up quickly is great! Good luck with everything.

Hi Benjamin, when I used the rental analysis calculator it gave estimates (5-10% I believe) I kinda of went with the lower option because the home is completely updated. The insurance I guessed (I'm an insurance agent so that helps a little) and the taxes o looked up. If it was an older or outdated home I would of leaned towards 10%.

Originally posted by @Dyanne C.:

Only thing I'm confused about is how you are getting it for 5% down. The best I can find is 20-25% down! 

 Great question, I guess it's kind of a hope and prayer on that one. I would love to get it for just $5,000 down but I could go for $10,000. This looks like a flip for the current owner, records show they purchased it last year for a little over $10,000 and they did some serious work to it. It does help that it's owner financing, hopefully they aren't stuck on the 20-25% down.

I just became a Pro member last night and have been enjoying the perks, including unlimited deal analysis. I was really interested in two properties in York, SC. They are both willing to do owner financing which is my only interest at this point. The first deal turned out to be a dud for the price they were asking. Here is the information on the 2nd one. The asking price is $83,900 but I want to go in with an offer of $75,000. Please be as honest as you want to be in giving me your opinion. This would be a buy and hold, I would like to refinance the property within a year or two and get a mortgage for 15-30 years. The ARV is listed as $145,000 but I estimate it is more around $110,000-$115,000 based on comps.

Purchase price: $75,000

Down Payment: $5,000

Closing Cost: $1500

Monthly Cashflow: $242.31

Pro Forma Cap Rate: 9.04%

Purchase Cap Rate: 9.22%

Cash on Cash ROI: 44.73%

NOI: $6,918

Rent $950

Vacancy $66.50 

CapEx $47.50

Repairs  $47.50 

Insurance $67.00

Management $76.00 

P&I $334.19

Property Taxes $69.00

Total $707.69 

Hi Robert! Very useful information on BP and quite a few Charlotte investors from what I've seen, reach out and get to know your local investors, new and seasoned. 

Originally posted by @Mike Morrell:

Originally posted by @Brandi Williams:

Hi Anthony! I hope you enjoy BP as much as I do, I'm not too far from you in Fort Mill, SC.

 Where are you in Fort Mill?  I'm a long time Realtor, and brand new investor, in Baxter Village.

 Very close to you, I'm right off of Gold Hill Rd and 160.