All Forum Posts by: Christian Weber

The one think I will say there isnt a bunch (im sure someone will say im incorrect) of cash flowing properties on the MLS etc - you would need to get it off market as south florida even up to PSL is more of an appreciation market presently

 Once it is renovated it will be put out for tenants, Currently in the process in replacing the roof and redoing the driveway so have about 6-8 weeks of work depending on how fast people work and how cold it gets up in MI

Once that is done then it will be switched into an investment property

Thank you - I will for sure once it is renovated and before sticking tenants in

Thank you - defo looking into this once it is renovated and before putting a tenant in

thank you for taking the time to reply - I appreciate it. Once I get the few things fixed and move it from vacant building insurance to something needed for tenants I will look into that. Is a land trust a viable item in MI (maybe you know) 

thank you

So the umbrella policy etc would be for once the unit is ready to rent then I would put it on before a tenant moved in and change from vacant policy to whatever was the correct policy to have in that instance.

Under contract in Michigan,

I was planning to keep home in my name and when needed (repairs are done and ready to rent) get an umbrella policy (primary residence in florida) of a few million for it

however I am being told as I am out of state I cant get an umbrella policy on the home, and if I could would be limited to 1mil

Insurance people - advice and info please. 

The home will be empty for around 3 months while we redo the roof etc so would it make more sense to get vacant home insurance initially and then switch it to another policy that will have at least 2 mil in liability

Thank you (I have no agent yet so if you take the time to reply with info and are licensed a deal is yours)

Under contract in Michigan, home was planning to stay in my name and I was going to when needed get an umbrella policy in my name (primary residence in florida) of a few million for it

however I am being told as I am out of state I cant get an umbrella policy on the home.

Insurance people - advice and info please. Thank you

Thanks for taking the time to reply, Hoping go knock them down. the home was on the market for 4 months and didnt sell. Im hoping to get it under 100k it is just highly priced for the amount of work needed. So will see

Would like some advice on this deal - thank you in advance

SFH under contract for $106k (current owners purchased a year ago for $59k and did lipstick on a pig) - neighbourhood nice b /C class neighbourhood - little crime

Inspection brought up a few things

Asbestos tiles in the basement, im told they are fine but I would prob want to epoxy over them to be safe though not needed supposedly I just dont want to have anyone at risk ($1500)

Roof will need to be replaced in the next year ($8-9kish) and chimney needs work

Garage door needs to be replaced (has a hole in it) ($700)

Stairs and driveway need to be addressed - very bad trip hazard, driveway needs serious work ($2k)

Had drain scoped needs to be cleaned out ($500) but otherwise good

AC is working but on the way out in the next year

a few windows needs to be replaced and smaller stuff etc - looking around 15-20k out of pocket to get home up and running

Now all done up this home will appraise for $120-125k and rent for 1400 a month

however and I understand the sellers want to make some money (home was sitting on the market for awhile) but this is a pretty big list of big expenses and while I dont mind taking them on to be all in with zero meat on the bone from an equity standpoint seems not ideal as I will be locking around 40-45k up in the property (from DP and fixing cost) and homes in this area appreciate around $1k a year - so not much appreciation potential 

Insight appreciated - thank you for getting this far