All Forum Posts by: Deb R.

I posed a question about warranties and it was mixed.

https://www.biggerpockets.com/forums/52/topics/700397-is-a-home-warranty-a-good-idea-necessary

On the offer paperwork there is a section titled: TITLE EVIDENCE AND INSURANCE

It lists options for seller or buyer to designate closing agent. My RE agent selected buyer designates and says her company is affiliated with a title company and if we use that company then I will get a Butler rebate which she says zeros out the title charges on the final paperwork but failed to mention that I will still have to pay a transaction fee of $270 at closing. So, what are reasonable fees and how can I figure out if this is a good deal? Also, what makes a title company a good company to go with? Finally, on my last property (almost a decade ago now) I thought I had title insurance on the property but found out only a few years ago that the only insurance was to cover the mortgage holder. How do I make sure I have title insurance on the new property to cover my back side? Thanks so much in advance for any advise.

 Will do, thank you.

@Jason D.

another question, you don't like pools for rentals, what about two story properties? Is there any problem with the stairs increasing damages from moving furniture up and down them? Or does it increase liability? Any thing else like that not mentioned that would make a bad rental?

@Jason D. I really don't want a property with a pool as I have never had one and don't know the first thing about upkeep. There are not a lot of properties to pick from in the first place so I was open to running the numbers. As you pointed out in your second post I do not have my numbers correct because I did not factor in the pool, thanks for the catch. Now I have more information about how to do my calcs, so much to learn. Thank you.

@Michael Goldsmith thanks again for commenting, I did a brief glance at the area values and if I remember correctly it was inline, maybe a bit high. What is propstream? 

I am playing with the sale price a bit but not the maintenance and such as I know that will bite me in the behind. I am trying to figure out how to assess my maintenance and other numbers to have a solid foundation for what it would cost to rent out. That way if the property sits on the market for a long time, I will have everything all calculated out and a sales price that will make it all work. Is that not a good strategy?

@Adam Scheetz it does help thank you!

@Dennis M. geez beat down on the newb ( XD I kid ) not rationalizing just examining all the angles I can to learn how to make a good deal and when there isn't one to be made; and yes it does suck, that's the area I seem to be in, so expanding my search. Thanks for the input.

@Caleb Heimsoth yes, the consensus is this one is unworkable, thanks for your input/confirmation.

I hope you all have a wonderful day.

@Michael Goldsmith Yeah, my numbers probably aren't right and that's why I am here. I don't know why they are selling but it does appear to be owner occupied so they may have family in the other unit. 

Previous selling prices:

1998 $110,600 (house built)

2002 quit claim

I didn't do anything but change the purchase price to 70% ($195,300) and monthly cash flow would now be $297.09 and 8.48% cash on cash ROI.

So that works a little nicer but probably should rework the other numbers and do  a little more research.

Thank you for the help.

 I may have to look into branching out that direction because in my area it is tight. Thanks.

 Thanks for your concern but I wasn't going to do the deal until I came up with the numbers that worked.  I am curious, you stated that there would be no positive net return for 15 years so I was wondering if you had a guideline for that? Do you want positive in 5 years or what is your preference?