All Forum Posts by: Daniel H.

Well chances are there will never be an accident.. $250 a year is $250 a year. The insurance company is planning on making money off of me even at $250 per year.

My stuff is not junk but I live pretty simply and am comfortable having to replace my belongings if it came to that.

I reviewed my condo documents and a copy of the master policy. I showed this to my insurance person in MA for review(this insurance is for my condo in CT). He says it looks like my policy covers everything except for my personal contents. There is a $2,500 deductible on the master policy. Based on this information I canceled my additional condo coverage. I feel comfortable self-insuring my belongings and a $2,500 deductible is fine.

Nothing else I need to worry about right?

Heat is separate. I have taken a look at the property on Southgate.

Quick question. If I purchase a property with some cash back at closing, do I pay the higher price and then the seller gives me a check for the cash or do we take that out of the price at closing?

Example. I pay $100,000 with $5,000 back at closing.

80% loan.

Do I pay $20,000 for the down payment and then get $5k back at closing or do I just make $15,000 for the down payment and the seller gets the extra money in the check from the bank?

So if I was to make an offer on this house, I would make the offer for $100,000 with $5,000 back at closing. Loan amount of $85,000?

Didn't mention but NOI and cash flow were based on rent that had been reduced for vacancy allowance. Also, I manage the property myself.

What do you guys think? Two 3-family apartment buildings on one lot.

Purchase price $300,000.

Gross rent:$4,800/mo - $57,600/yr

Cleaning and maint: $1,200/yr

Insurance: $3,400/yr

Repairs: $1,200/yr

Taxes:$6,000/yr

Utilities: $5,000/yr

Pest control: $1,200/yr

Total expenses $18,000/yr

NOI: $34,992

Mortgage: 6%, 20yr amortization commercial mortgage

$1,605/mo $19,258/yr

Cash flow: $15,734/yr

Hoping that someone here can help me select the best coverage for my primary residence. It is an attached condo. I just got off the phone with Geico/Liberty Mutual and they just seem to want to raise limits and recommend I keep all coverage. I am not sure I trust all the answers I got.

I called to question the additional coverages I had listed. "Personal property replacement cost" and "increased additions and alterations". I removed the replacement cost because I do not own anything of great value in my house.

He got pretty funny about the increased additions and alterations. He kept putting me on hold. He said it covered upgrades I did to the inside of my unit. I haven't done anything so I told hom to take it off policy. He put me on hold again and said that removing that would actually drastically reduce my dwelling coverage from $30,000 to $1,000 only. ??? Is this BS?

Also, what should my dwelling coverage be on a condo? It just covers inside right? I have it at $30,000 right now. He told me I should up it to $87,000. Condo is only worth about $100,000. I paid $150,000.

Thanks. How long does the attorney typically take? For an example, i coule leave one week to do inspection, another two weeks for attorney, then close in three weeks?

i have not done an all cash offer yet and I have a question. How will the times I list on my offer differ from times when I use bank financing? Should I do 30 days to close to have time for p&s and inspection or can it be done in less time?

Thanks Karin.