All Forum Posts by: Cameron Marmon

Hi all, this weekend I will take my first steps in my real estate investing career by listing my home for lease. I feel like I have everything covered except for one item, insurance.

I have been advised to get a policy in my name to cover the property and general liability. I know the tenant needs renters insurance, but should I be added as an additionally insured? Do they need coverage that is sufficient to fix/repair/rebuild the home due to their negligence?

Also, lets say the value of the home is $310,000. How much in coverage for each should I get? 

I would appreciate anyone's advice on how they structure their insurance.

Thank you

Thank you for all the insight folks! Y'all are great. 

Hi all, I have decided to rent my current home out once I purchase another. The realtor I am using to find my new home is also going to lease my current home. She sent me the completed lease agreement on the TX Assoc. of Realtors form. In y'alls opinion, is this lease good or does it have holes that could lead to issues? I am trying to decide if I need to draft my own lease or not?

Thank you

Hi @Cody L. , thank you for your reply. Question for you on that point, if you do not verify the income what do you do to get comfortable with a deal of this size? 

I too am not concerned with what he does on his taxes, what he reports, or how he collects rent. My concern lies in how much rent he is actually collecting. This whole deal is dependent upon its income. If the income cannot be verified then how can you proceed?

Its hard to get a straight answer, but the seller said they are not available because of the way he files his taxes. Today he said he collects rent in the form of cash haha.....My concern is he is not being truthful with the income the property generates. According to the info he has provided the properties have amazing cash flow and this is a great deal.

At the end of the day though, for you all as investors, if you all did not obtain tax returns or at least CPA prepared financials then you all would likely pass because it is a huge red flag?

Thank you Chela. I'm not familiar with an estoppel. Is there a particular one I should request?

Thank you Val. That is exactly how I am feeling about it.

Hi all, I just got under contract on a multi family deal in Mobile, Alabama. This is out of state for me as I live in Texas. 

The contract is for 3 properties: one property contains 2 studio apts and 19 boarding rooms, the second property contains 1 studio apt and 11 boarding rooms, and the final property contains 9 boarding rooms.

My current issue is I cannot get tax returns from the seller.....Long story short, they just are not available. I do have a fairly detailed rent roll though, containing names and phone numbers.

My question for y'all, would you purchase a multifamily deal without tax returns or CPA prepared financials? Also, does anyone have experience with boarding rooms? 

I'm looking forward to attending!

Hey @Bart H., sorry for not responding I just got back in town. I appreciate the heads up on the group. I'd love to come to the next meeting in June. Do you know what day everyone is meeting?