All Forum Posts by: Brian Tran

Hello,

I've been shopping for landlord insurance policies and it's my first rental property and I've been running into expensive quotes. (Such as $2500 annually) I know there's a variety of factors that come into play when coming to that number but I can't seem to figure out how to bring the rate down. I've been told by the broker that gave me the quote that it's because it is a foreclosed property and the neighborhood comes into play. I was also told that having a higher credit score could help. I asked my friend who is an insurance agent and she said it doesn't affect landlord policies that much. (My score is around 700)

Any advice? I'm getting confused how people are getting $800-$1100 annually for landlord policies while I have almost double that.

Hello, 

I've been shopping for landlord insurance policies and it's my first rental property and I've been running into expensive quotes. (Such as $2500 annually) I know there's a variety of factors that come into play when coming to that number but I can't seem to figure out how to bring the rate down. I've been told by the broker that gave me the quote that it's because it is a foreclosed property and the neighborhood comes into play. I was also told that having a higher credit score could help. I asked my friend who is an insurance agent and she said it doesn't affect landlord policies that much. (My score is around 700)

Any advice? I'm getting confused how people are getting $800-$1100 annually for landlord policies while I have almost double that.

@Stephen Rooker

Do you mind if I ask how you were able to get insurance that cheap? I've been shopping but I haven't had much luck. Maybe because my credit score isn't high, it's only average.

Hello,

I'm working towards my first rental property and I established a relationship with a private lender. I plan on doing an analysis with the BP calculator, giving the comps, Zillow link, and other information I've gathered to prove my analysis to the lender to make her feel at ease.

What else might I add to make my case stronger in an investor / private lender relationship?

Hello,

I've read that Brandon likes to submit a cover letter with a picture of his family with his offers for properties. I personally really like this idea and am thinking of trying this out myself. However, I look reasonably young and I feel like I may shoot myself in the foot being a young person "wanting to invest in real estate". People may say they don't judge but it does happen, and I don't want to hurt my chances.

I would be using the profile picture that you see here, what do you guys think about a young investor including a picture of himself or herself?

Hello,

I am a new investor that is interested in pre-foreclosure properties and REOs. I've learned the process, but I am wanting to learn all the angles of investing in foreclosures. Any advice or sources to possibly learn more? I thought it would be better to have a straightforward post than to search for bits of information. I understand that foreclosures are a tricky area with all the unexpected liens and so on, I wanted to prepare myself accordingly. Any help is appreciated.

Hello,

I am interested in buying a rental property to rehab then rent out for my first deal. (BRRRR Strategy) I look relatively young despite being 22 years old and I think it's a bad thing in terms of coming off professionally and respect in business. (I say this because it has happened to me before) How would I handle that and avoid being taken advantage of? Also, I have no experience working with contractors, how could I set the foundation of the investor & contractor relationship to make sure my first rehab goes smoothly? From what I've read and listened contractors can hurt your business if your not careful so I'm trying to do my due diligence.

Any advice would be much appreciated!

Hello,

I am working towards my first rental property and I found a local PML at a REIA meeting. They are nice people but I don't have a close relation with them. They are happy to lend to me but require that I send my deals to them for their approval. This is problematic because after I conduct my analysis, it takes some time to get the approval and by the time I do and send an offer, the property has already been sold. It's also understandable considering i'm a newbie not to stumble on a bad deal.

My realtor also said that many house selling agents are less likely to look at the offer without a proof of funds. I asked my PML and they are reluctant to do so, saying they don't need to do that to put in an offer. This is my first established relationship with my realtor and PML. I want to make this work. I thought it would be best to have everyone get together for coffee and discuss a game plan such as times of the day i'll send my analysis and to make them understand why my realtor's asking for POF.

Have any other investors had this problem? How else would you handle this?

I found that foreclosure.com is a website for pre foreclosure homes. It seems you need a membership to be able to use that site but I'm not sure if there really are pre foreclosures on that website and if it's viable to use. Does any investor have experience with this or could explain how the website works? 

I thought foreclosures are before auction process so how would they have the property information on the website? 

Hello BPers,

I've been working on getting my first property and I am looking on how to educate and prepare myself for the rehab side of things. I'm getting an idea of what to be aware of while repairing, but I am unaware of the aesthetic side of things such as bathroom fixtures, flooring (style/color), counter tops, etc. I'm sure many investors have been in this position before, how did you happen to learn or work your way through this? Are there any sources to learn more about this? The only way I could figure is copying other comparable properties in the area but at the same time there's a lack of knowing the other countless options to choose from due to the variety of styles. 

If anyone has been in this position and could provide me their story or any advice it would be much appreciated!