All Forum Posts by: Charles Stubblebine

For my two SFH I need to raise the rent this June 2023 on both. Mainly to cover the cost of inflation and for the Florida home, the insurance down there is going bonkers and I need to recoup that cost as well. I honestly want to raise the rent to $200 per property but on the Florida SFH I just raised it $100 last year. Is there a rule of thumb out there for this or anyone have some wisdom from past experience? I don't want to brake my tenants and I want to be mindful that they are probably just trying to survive this outrageous inflation as well. TIA!

The HVAC condensor unit located in the attic of one of my rental properties had a freon leak which caused the unit to ice over and flood the drop ceiling in one of the bedrooms. I'm looking at a $2000 repair for the ceiling replacment and another $500 for the HVAC repairs bringing the total to $2500. 

I have not called the insurance company yet, but planning to, because I think the deductible is $550. I have never had to use the insurance yet so that is why I am not sure how this process works.  

If I have the repairs done before starting the claim with the insurance company does that cancel the insurance company from paying for the expenses?

@Clifford Paul, Outstanding! I like your path. My problem is since I am in the military a "local bank" is about 3 years at any given location, then I move on like the nomad I am, so this would be challenging but nevertheless I see the wisdom in relationships and not chasing loans. As a Senior NCO I fully understand the power of relationships. 

I have all those Omar. Thank you. Definitely don't want to pay PMI for the life of the loan. This next deal will be somewhere in the Colorado Springs area. Thanks again.

Is it possible to get a conventional loan with as low as 1-3.5% down? How? Who?

Hello BP,

I just recently started renting the SFH I bought. Do I need to contact my Home Owners Insurance Company and have the policy updated for changed?

Charlie

@Samir Shahani thank you for breaking it down for me. one last question, how would I go about getting an attorney and how much do they cost?

@Jason Hirko thank you. I'm not sure what you mean. Would you mind expounding on what/how that works?

@Samir Shahani thank you, if I were to go to a private investor what is a typical set up. Even better, in my situation, wanting to borrow $32,000, how would you see this being structured?

I think I might have found a deal. Asking price is $159,900 on a 4 unit. I need to come up with 20% down which is $32,000. I do not have $32,000 so I am asking for ideas from any body else who was in a similar situation and what they did to make the deal happen?