All Forum Posts by: Jose Linares

@Jake Thompson If the $14K debt are only two auto loans... I agree with @Dan H., go for the BRRRR strategy all day! If any of the debt is related to credit card debt, absolutely tackle that first before investing.

It seems like you are going out of state for a $25K SFR down payment. Do you have your team in place for long distance investing? That will help alleviate the fears upfront on how to execute on the BRRRR strategy.

Thanks for the update @Travis Rasmussen & @Olena M.

Unfortunately, I will be out of town.  I will keep an eye out for the September event.  Cheers to continued growth!

Glad to hear the first one went well!  Looking forward to the next one.   Will this be a monthly event moving forward?

I see two dates listed on the Events page in San Diego.  Is this the 7/28 or 8/10 event?  @Travis Rasmussen @Olena M.

Rentometer.com is a great starting place.  Put in your address, projected rent, & number of beds to get a decent gauge. 

Proposition 10 will make California’s housing crisis worse.  Here is info from the California Apartment Association that can be found at www.noprop10.org

PROP 10 REPEALS A HOUSING LAW WITH NO SOLUTION.

• Prop 10 is the wrong approach to our state’s housing crisis. It repeals an important California rental housing law with no replacement and no plan to address affordable and middle-class housing or deal with the problem of increasing homelessness on our streets.

PROP 10 WILL REDUCE AFFORDABLE AND MIDDLE-CLASS HOUSING.

• Independent academic experts from Stanford, UC Berkeley and the USC all agree these policies will discourage new construction and reduce availability of affordable and middle-class housing – and drive up rents for many Californians.

PROP 10 WILL DRIVE UP RENTAL PRICES.

• Prop 10 will cause property owners to take rental units off the market in favor of vacation listing services like AirBnB, which means more AirBnBs in our communities and less affordable housing for renters – further driving up housing costs.

PROP 10 WILL ELIMINATE HOMEOWNER PROTECTIONS.

• Prop 10 eliminates protections for homeowners and allows regulators to tell single-family homeowners how much they can charge to rent out a single room in their homes. Homeowners will be subject to regulations and price controls enacted by unelected boards.

PROP 10 WILL STICK TAXPAYERS WITH LEGAL BILLS.

• Prop 10 contains a hidden loophole requiring taxpayers to pay the initiative supporters’ legal bills for participating in certain lawsuits, even if they lose and even if their position is frivolous. This blank check benefits lawyers and puts taxpayers on the hook for limitless legal bills.

PROP 10 WILL REDUCE HOME VALUES.

• The policies authorized by this initiative have been shown to reduce property values by more than 10%, according to MIT researchers, and significantly restricts what single-family homeowners can do with their homes. The average California homeowner could lose $39,000 in the value of his or her home if this initiative passes.

PROP 10 IS OPPOSED BY A BROAD, BIPARTISAN COALITION.

• Prop 10 is opposed by Veterans of Foreign Wars, Dept. of California, the California Council for Affordable Housing, Leading Age California, California NAACP, both gubernatorial candidates, Democrat Gavin Newsom and Republican John Cox, and dozens of other organizations who agree this initiative will make our housing crisis worse.

Hi @Nancy Zhao!  I will send you a PM with a local referral.  

Foremost Insurance has great short-term rental coverage as well.  As @James Carlson mentioned, make sure you are specifically asking for a short-term rental/vacation rental policy.  Most carriers will exclude short-term rentals on their landlord policies.

@Ryan Dossey Great post and attitude in turning a negative experience into a positive experience!  This was very helpful to read about your process when purchasing tenant occupied property.  In addition, I am sure the fact that you are so detailed with your process made it easy for the insurance carrier to find coverage & identify subrogation against the water company.  

Be sure to keep all that documentation throughout the repair process to ensure the insurance carrier reimburses you for loss of rents, unforeseen issues, & code upgrades.  Once all the repairs have been completed and all invoices have been submitted, the insurance carrier will finalize their subrogation demand to recover their settlement & your deductible.

While there are a few comments discussing the issues with insurance coverage & premium surcharge, the size of this loss warrants filing an insurance claim and illustrates the benefits of insurance.  I look forward to seeing the completed renovations. Thanks for sharing!  

Interested as well!

There are a lot of options out there when it comes to property insurance coverage. I agree with @Dan H. on USAA being one of the top. Especially, with how they handle their claims process and coverages. If you don't qualify for USAA, shop around for the best price with higher coverages. It is better to be properly insured than save a few dollars monthly in the event of disaster.

Area's of caution:

• Condo Policies: Make sure you know what is covered under the HOA CC&R's. That will dictate the coverage under your condo policy. Too often, condo owners are under insured thinking the HOA will assist.
• Landlord Policies: There are two types of policies - long term rentals & short term/vacation rentals.
  • If you run a short-term rental and a vandalism/theft claim is filed, it will not be covered under the typical landlord (DP3) policy. There are specific policies for short-term rentals.

If you have any specific questions, please do not hesitate to reach out to me directly.  Hope this helps.