All Forum Posts by: Brian S.

If you still need assistance I can help you with a landlord policy and you would have 60 days to get the property tenant occupied... we have options if you need a longer time frame to get the property occupied. Brian Sr

Originally posted by @Maneesh Joshi:

Hello All,

So I am planning on buying my first investment property in Philadelphia that I plan on renting out ASAP. When speaking my State Farm insurance they indicated to me that the investment property needs to be occupied by someone within 30 days with a copy of the the lease agreement and that there is no way around that(if not the policy will be cancelled). I cant imagine being able to occupy the property within 30 days. Has anyone else encountered this? Any suggestions?

Thanks,

Maneesh

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@Abraham Anderson Great story! You are inspiring me to reach higher and go faster! I purchased 5 single family homes and I’m currently developing 2 brand new double wide homes on a vacant lot I purchased... I did this over the course of 20 months which has me at 7 homes but I need to step up my game! Thanks again for sharing your story!

2 Votes

@Brian Garrett Thank you! I will check out comps! The intial number he threw out was 3 times his purchase price on each property. He did do major upgrades on the properties BUT I’m not crazy! Lol I think it was his starting point of negotiation.

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I listened to @Brandon Turner conference call last week regarding multi-unit buildings. I met with an operator that has three 4 unit properties (fully rented) this morning. The electrical was updated, plumbing was updated, roof on 2 of the buildings are newer, new windows with lifetime warranty on all properties, each property has coin operated laundry, and these properties are fully rented. We went to lunch and did a quick overview of the rent roll, taxes, etc. I plan on using the BP calculators but besides that are there any tips on valuing and making an offer to purchase all three buildings? I appreciate any insight from BP... up to this point I have purchased 7 Single family houses in a short time frame so I'm new to Investing and this would be my 1st attempt at purchasing multi-unit properties! Thanks, Brian Sr

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Wow! Thanks so much Patti! I’m on my 7th deal in under 20 months! I wish I would have known this sooner BUT today is a new day! 🙏🏽 I’m Currently looking for a duplex, triplex, or quadplex for each of my sons so this info definitely helps! I appreciate your sharing your knowledge! Brian Sr

Originally posted by @Patti Robertson:

@Brian S. It would have to be in your personal name when you secure the loan. Many investors quick claim deed into their entity name later. As long as ownership remains identical - meaning the owners of the property are the same individuals and the same ownership percentages, you won’t have to buy title insurance again.

1 Vote

Patti,

i love your response. Can you clarify a little? To qualify for the type of loan you are speaking about... can we do it in an LLC? Or does it have to be in our personal name? Thank you,
brian Sr
Originally posted by @Patti Robertson:

I'll take a different route and share a non-tenant related tip. My husband I consider our biggest mistake when we started is not understanding the financing options available. We were also flipping when we started holding rentals and were operating off bank credit lines. When we bought and rehabbed a rental the the banks made it so easy to just flip it to a commercial rental loan. All of those had five calls, which is not what the problem was. Eventually we learned that HUD allow each individual to have up to 11 Freddie/Fannie backed loans. By the time we learned of that rule it was too late for us because we had too many mortgages to be able to qualify. I tell all new investors to start your financing with Freddie/Fannie loans and load up and max out on those before you start adding any other mortgage types. If you Are married and both have the ability to qualify individually by them in your own names because if you have one mortgage that you're both on it dings you both. You'll be able to buy the most if you buy them individually. To find a Mortgage Broker who does these loans is easy. It's a personal loan officer - the same one you would call finance your own house you live in.

1 Vote

I'm currently in class to get my RE license, I own an insurance agency, and I invest in single family rentals so i expect to sell more insurance, get access to MLS for my personal investing (that's my main goal), and I hope to network for insurance referrals with other realtors, title agencies, mortgage and loan officers

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Allyson,

I spoke to my friend and he said you can call his cellphone. I sent you a private message. Good luck, Brian Sr

1 Vote

Allyson, you are getting very bad advice regarding insuring your rental property. I am not licensed to write insurance in CA but I would be happy to refer you to my friend who understands/specializes in helping real estate investors. It is hard to believe your agent gave you the advice you shared on BP. :(

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Congrats on staying the course and getting this project done! Awesome job! Please keep us informed regarding your final appraisal...

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All Forum Posts by: Brian S.

Brian S. has started 9 posts and replied 73 times.

Post: Getting Homeowners Insurance for a rental property

Post: 51 Units at Age 23 (& Counting)!

Post: Valuing three 4 unit buildings

Post: Valuing three 4 unit buildings

Post: Advice for new landlords?

Post: Advice for new landlords?

Post: Investor and Real Estate Agent - Tough to do both?

Post: Any advice on Insuring my Rental would be appreciated

Post: Any advice on Insuring my Rental would be appreciated

Post: My first real BRRRR!