All Forum Posts by: Jose Linares

@Conor Meehan What market is the fourplex located?  New York?  

@Pat L. makes a good point.  Talk with your insurance broker to identify if sealing the fireplaces will decrease your premium or is required for coverage.  That could be additional savings to you yearly. 

Ultimately, I would remove the option from a Risk Management perspective.

@Jonathan Perez can you provide a better description on where you are with the insurance claims process?  This will help with input on expediting your claim.  Has your insurance carrier already decided that it is a covered loss?  Did you already receive an initial ACV settlement payment? 

Mold coverage is often carrier specific.  Some carriers specifically exclude mold. Some will cover the mold remediation, IF it is a covered loss.  Feel free to PM me with any questions as well.

I second @Frank Wong. You will want to get estimates from asbestos abatement contractors licensed to perform this work in your area.  When they give you the estimate, also confirm who they use or recommend for the air clearance.  This will be a third party that completes the clearance prior to the containment being removed.

@Alina Trigub Thank you for your response & tagging Bernard.

@Bernard Reisz Thank you for your response and very detailed explanation.  This is very helpful information! 

Congrats @Kurt Jordan!  I reached out to a great GC's in the D/FW area and got the same response on distance.  If I hear back from anyone else, I will be sure to forward you their info.  

If we purchase The Book on Estimating Rehab Costs by J Scott today... can we also get the revised edition sent to us as part of the deal, once released??? =) 

@Dan Handford Thank you for the response & message. 

@Carl Fischer Thank you for the response and additional questions.  I have done quite a bit of research & attended a few seminars. Always open to input from experienced investors.  In response to your questions:

• I have reviewed the prohibited transactions.  I will not be directly benefiting from the use of the property nor will any prohibited relatives.  
• I am looking at Value-Add properties.  The rehab/construction expenses will be completed by contractors & all expenses run through the SDIRA.
• It will be third party managed and run through the SDIRA.
• This first deal will be solo.  I do plan on using leverage for the deal.

I plan to be working with partners in the future, however, most likely outside of the SDIRA.  The purpose of this first deal is primarily to take action & continue to build my out-of-state team for larger deals.

Happy Sunday BP community! I am currently working towards my first small, multi-family investment (5-10 units) and would like to use a Self-Directed IRA for this first property. As I compare fee schedules between self-directed IRA companies, I noticed there are companies that offer a lower Annual Fee + additional fees per transaction or an Annual Fee based upon Portfolio Value.

Since this is my first investment property, I do not know all the transactions typically involved.  Does anyone have a breakdown on what typical transactions would be involved for multifamily?  Which type of company/fee schedule would be recommended?

To give perspective on the "Portfolio Value", I am currently looking at 5-10 units between $500,000-600,000 and I will utilizing a property management company.  Any input would be greatly appreciated!

@Brandon P. I am sorry to hear about your loss.  As this is a total loss, there are a few things to keep in mind.  

First, a few people have already mentioned hiring an "insurance adjuster/independent adjuster"... they are referring to "Public adjusters".  I would strongly recommend AGAINST hiring a "Public Adjuster".  You may be coming up against Policy Limits issues and the "Public Adjuster" will simply be taking money out of your pocket from the insurance settlement.

Second, were all the homes of your neighbors lost?  As @Jason Bott mentioned, restoration contractors and sub contractors in the area will be spread extremely thin.  Should you and all your neighbors wish to rebuild, I would recommend having everyone work together to have contractors bid on completing the rebuild for 5+ homes or even the entire block.  Multiple homes, close together will be much more attractive to contractors.  This should help in keeping the costs lower when Policy Limits are involved and increase the production timelines. 

I hope this is helpful and wish you all the best!  If you have any additional questions, feel free to send a PM.