All Forum Posts by: Diane Tycangco

Hello everyone, I am currently looking for reasonable landlord insurance in Memphis for a single family home I am purchasing.  A few months ago, I bought another property and the landlord insurance was only $549 for a full year.  This week, I called the same insurance company Travelers and they are quoting me $1650 for a property in the same zip code and the same price!  And so, I would like to ask for your help in finding reasonable insurance coverage.  Do any of you know of a good insurance vendor?  I have already called Travelers, Nationwide, Mercury, Liberty Mutual, Progressive.

Also, an insurance company offered me insurance for $755 which is ok considering the other quotes I got but it does not include liability coverage which I think is important.  Where can I get liability insurance by itself?

Thanks.

Hello, I have seen some listings saying that the Orange Mound area in Memphis TN is a hot rental market.  Isn't Orange Mound a high crime area?  Is it ok to buy rentals in dangerous areas where I, as an owner, would be scared to visit?  Would property managers even manage rentals in high crime areas?  Is rent collection difficult and arrears high?  Do you think that these properties are trashed?

Would it be worth it to even buy properties in high crime areas?  Do properties in such locations appreciate? 

Hello, I am looking for contractors for possible purchases in Memphis.  I don't want to buy a property and not have someone who can renovate it.

Maybe someone can recommend someone they have already used?

Thank you.

Of course I am serious!  I thought I saw an 8b4b multi family for $500k last year.  I thought that was a fourplex.

How do you see the Sacramento real estate market for four-plexes?  Do you think I can find a four-plex now maybe 8B 4B for $500k?

Isn't my debt ratio going to be too high?

Hello, my goal is to buy a 4-plex in a couple of years.  I do have some savings and have a fully paid for duplex and an out of state low priced rental property.  However, in order for me to buy the 4-plex, I need to have 25% down - maybe around $150k.  Even if I saved as much as possible, it would take me years to save $150k.  Do you have any suggestions as to how I can get my $150k?

Thanks Steven, you have given me something to think about.  I was thinking of doing that or asking for a $3k discount if I have to do it myself.

Hi Steven, that's what I was going to ask the owner to do.  With the arrears now at only $150, is it legal for me to ask the owner to do a cash for keys before I buy?  I wanted to do that and then the new tenant should be approved by me.  I am not in any hurry to buy.  What do you think?  Don't you think $2-3k cash for keys is too high for a rent of $725 and a $65k property?

Hi guys, I would like to ask for your advice.  I am in contract to buy a Memphis house.  The property is in good shape. The problem is the tenant.  The tenant moved in in mid_October 2020.  Since then, he did not pay December rent and has only paid part of January.  Last week, he has paid off most of his arrears except $150.  This a good sign.  However, his source of income is very tenuous because he is a tax preparation independent contractor and his lawn care contract with the city of Memphis was temporarily suspended because of covid.  It is supposed to start up again February.  As you all know, there is an eviction moratorium due to covid until 1/31/2021, which may be extended. Is it true that you can't evict because of tenant rights if a new landlord takes over (covid notwithstanding)?  Can I ask the seller to offer cash for keys now even if the tenant has paid off most of the arrears?  It is very hard to buy a property now in a hot market like Memphis.  Should I go ahead with the purchase despite the fact that I foresee this tenant as problematic? 

Thanks for any advice.