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All Forum Posts by: Brian Stinson

Brian Stinson has started 3 posts and replied 8 times.

Post: Insurance deductibles for SFR

Brian StinsonPosted
  • Investor
  • Minneapolis, MN
  • Posts 9
  • Votes 3

Curious of what everyone is electing their SFR deductibles to be? My thought was the higher the better to maximize cash flow. I have been keeping them between $9,000 to $10,000, does anyone go higher?

Post: First time Rental Property Analysis - South Memphis TN

Brian StinsonPosted
  • Investor
  • Minneapolis, MN
  • Posts 9
  • Votes 3

Looking at the mortgage rate it looks super low at 4%. I am closing on my third property later this month and with a buy down I’m at 6.375% I would plan on being close to 7% on an investment property. 

@Timothy Pauldon I was just able to get a loan with Guaranteed Rate for a $67,250 house and with 20% down the loan was only $53,800. I would check with them for your property they do investment loans and are able to lend in most states. 

Post: Current Lending Rates

Brian StinsonPosted
  • Investor
  • Minneapolis, MN
  • Posts 9
  • Votes 3

@Michelle Lancaster assuming you have low DTI as well. I would check with guaranteed rate they have reasonable rates. I was quoted between 3-3.5 depending on either 20-25% down for a SFH in Memphis.

Post: Earthquake Insurance for Memphis SFR

Brian StinsonPosted
  • Investor
  • Minneapolis, MN
  • Posts 9
  • Votes 3

I am buying my first rental which is a single family home in Memphis and was reading it’s near a fault line. I talked to a few insurance agents and have received mixed messages on if earth quake coverage is actually needed. I saw the last major earthquake was back in the 1800’s. The cost is around $100 to add and the deductible is garbage at 10% if rebuilt cost so $11,500 if I file a claim. Any Memphis investors here? If so does anyone have earthquake insurance?

Post: Landlord insurance for SFR

Brian StinsonPosted
  • Investor
  • Minneapolis, MN
  • Posts 9
  • Votes 3

I have put a few offers on my first SFR and waiting to here back. I'm wondering who everyone uses for their landlord insurance and what coverages I should get? Property would be $75,000 and out of state if it matters.

Post: LLC Accounting Questions for New LLC Owners

Brian StinsonPosted
  • Investor
  • Minneapolis, MN
  • Posts 9
  • Votes 3

@Monica Kovalsky@Filip Filmar I am looking into LLC's and wondering if you were able to answer those 4 questions? I haven't been able to figure it out myself yet.

Post: beginner real estate investing

Brian StinsonPosted
  • Investor
  • Minneapolis, MN
  • Posts 9
  • Votes 3

@Benjamin Obeng I’m in the same boat. Just got preapproved for a second mortgage to get my first buy and hold property. I would first say read the bigger pockets blog. Figure out what do you want to invest in? Single Family, Multifamily (duplex, triplex,etc). Or do you want to flip. Once you figure that out then you need to do some research on BP and pick a market you like to invest in.