All Forum Posts by: Cheryl P.

@David M. it is not an issue of whether someone can afford the repairs/replacements, I am asking if the warranties are worth the money and are they reliable when it is time to perform.   

Would you mind sharing which companies you have used?

@Carlos Enriquez That is what I am trying to find out is how reliable these warranties are for replacement of the major ticket items, again my experience has only been with smaller routine repair issues.

I would be interested in what company you used if you don't mind sharing.  I'll PM you.

@Kim Smith yes, I know they are not insurance but the concept is very similar in that you pay "in case something happens".  If the warranty is free I am all in but I am talking about warranties that I would purchase for my properties.  I do not want to pay for something that when the time comes to perform I get the "oh that replacement is not covered per Section 7.2.9.6.12 of subparagraph B addendum X that excludes it." 

Thankfully I am very good at saving money, I'll keep the reserve building as primary as I learn & explore other options.

@Account Closed, thanks for the links I'll check them out.

@Ben G. I have been in contact with Steve. I would love to do fix/flips but I do not believe that is a smart move for me as a out-of-state investor still learning a market that is very buy/hold heavy. And I can't get comps for market value move in ready, it is even more important to have accurate ARV with fix/flip.

Sorry to be so negative, it is just frustrating to be willing, ready and able to make a purchase and pay for the services of a professional support team but not be able to make any progress.

I'll check out your site but fix/flip is not passive and I need a much more developed team before that is viable.  I will make trips to Indy at least once or twice each quarter until I am comfortable with numbers and local support team.  It is usually just an 1 1/2 flight for $140 bucks if I make the reservations far enough in advance.  

I am going to try to schedule some of the trips around the local REIA meeting so I can start meeting people, so thanks for info the other day. But I am very determined to have something under contract before I leave Indy on 20 Dec.

I really would appreciate the opportunity to meet up and have a coffee or tea while I am in town.

@Derek Daun LoL, I was stationed in Las Vegas for 5 years and I always compare insurance to gambling casinos....you give them your money and they never have to give you anything in return.  At least in Vegas they give you a fun environment and free drinks as they rip you off.

@Angela Montgomery This post is what I have been looking for as I am in the same situation, if I could get access to properties without an agent I would.  If I could get accurate comps with an agent I would.  I actually prefer to not have to rely on someone else's schedule to do what I need.  

But unfortunately until I learn all the in/outs of my new target market which just takes time, I need someone to assist me so I can make the best decision possible.  

I am getting my license in my local market and hope to get one in Indianapolis as well but again that all takes time and I want to see properties in Indianapolis 17-20 Dec.

I'll check out a some wholesaler properties but I am looking to start out with a move in ready because again, I am trying to build relationships from long distance with folks who don't have time for newbies.  It's the what came first the chicken or the egg syndrome.    

But I am an old (not that old) military girl and we get things done...I will find a way, if I have to contact 15-20 listing agents and schedule viewings an hour a part for the four days that I am there...that's what I'll be starting tomorrow morning. 

Would be interested in an update to see how you are doing.

I hope you have found investing success.

@Russell Brazil thanks for the reply, yeah I had mixed experience with them in personal life, for my mom it worked out well with her getting quite a few items repaired in her home at minimal cost.  But I got rid of the one I had for my personal residence because I was paying and never once needed it and haven't since I got rid of it a couple years ago.  

I am hoping to have a property under contract in the coming weeks out-of-state and just trying to plan for how I need to allocate my current cash reserves in a way that will allow me to purchase the next property next quarter but still be covered for the unexpected. 

I guess I'll plan to set aside lump sum for each property at time of acquisition and than utilize a portion of each properties cash flow for maintenance reserve account, maybe dedicate the same $50 or $60 a month that warranty would cost.

Thanks again, it really does help to get a second opinion. 

I would like to get landlord opinions on whether or not you use home warranties such as American Home Shield, etc for rental properties.  Is this something that landlords utilize to reduce repair costs, 

Do you require the tenants to pay the service call fee or do you just roll those costs into overall annual expense budgets.  If you use professional property manager are they authorized to schedule service calls with your home warranty provider?

 Appreciate any feedback.

@Louise A. Excellent, thank you very much.  While I live in Virginia my family is in Indy and I plan to start visiting on a more regular basis to start building relationships with local investors.  

Have a great weekend.

@Ben G. Thank you.