All Forum Posts by: David Lewis

Thank you for the responses!  Ultimately, my attorney is sending a demand letter, first to the insurance company, as he believes they should cover the claim based on the verbiage in the policy and the denial letter for the claim, secondly, a demand letter will be sent to my agent for issuing the incorrect policy, to begin with...

My insurance company denied my claim for a loss due to a water leak that did extensive damage to BRRRR property we just completed. The reason the adjuster cited the denial was because the property had been vacant 60 days and he couldn't pin point if the loss took place before or after the 60 mark. Needless to say, I'm pretty disappointed and not sure what I should do to fight this. Do I have any legal recourse? The property is in north Texas and we took all necessary precautions during the winter storm to turn off the water and drain the lines. It appears as though the main ball valve failed letting water back into the lines causing the loss. Any help is greatly appreciated.

Hey guys, I’m about to reach 10 deals and my current lender said he will no longer be able to help me because of the 10 property cap with Fannie Mae. Is a portfolio lender my best option? I’m still hoping to get a 30 year fixed rate product at a competitive rate ( I know it won’t be nearly as nice as the Fannie Mae rates I’ve been getting). Any recommendations are greatly appreciated. Thank you and I hope everyone had a wonderful Christmas!

@Kyle J. Thank you so much!  One of the main reasons I was looking for a business cc is so my credit utilization wouldn't be an issue on my credit report. I started running into this recently on rehabs where I'd purchase a bunch of materials and then my credit would get dinged because my credit utilization was high so high. Obviously, I'd pay off the balance, but, credit utilization is a problem using personal cards. Thank you again!

I'm on the hunt for a couple of new business credit cards.  Are there any that y'all recommend, or that have good perks? Thank you in advance!

Hey BP family! I'm wondering what platforms y'all are using for tenants to make mobile deposits on?  Thank you in advance!

@ Jill 

@Jill F. Thank you for the post.   I've been thinking about implementing section 8 as well.  My property manager is very reluctant about this, however, I think having a serious conversation about the screening process will hopefully get him to be a little more open-minded. 

@Bill F. I think a lot depends on what Congress decides to do in terms of bailouts (airlines/hospitality, etc), more stimulus checks, and the election.  Personally, I think we will see another stimulus bill passed to prop up the economy regardless of who the next president is.  In terms of unemployment, a majority of these folks are getting unemployment plus an additional $300/week for now.  They have money to spend as if they were working a full-time job.  The forbearance program may actually add to the inflation we're seeing.  I say this because we're seeing a shortage in housing with low-interest rates drawing in more buyers and, because of the forbearance program, folks can sit tight and weight to sell their home for more as home prices are increasing.  I may not have articulated my thoughts very well but hopefully, this makes some sense... 

@Chris Gawlik I’m sorry people feel the need to belittle you for this belief. I agree with you and think we should all be ready to make changes as necessary. I just posted about a deflationary period coming after the hyperinflation we are entering. This could be a rough time period for many, but that’s why we should be forward thinking and plan ahead instead of reacting....

https://youtu.be/kGsp45JbvnU

@jody 

@Jody Sperling respectfully, I’m not forecasting anything. I simply wanted to start a dialogue about what others are thinking in case we encounter a deflationary period and how fellow RE investors will respond.