All Forum Posts by: Anja Brey

Hi all, 

We are looking into buying this very cool victorian house from 1894 in Contra Costa County in CA. The house is a bit funky and contains a full functional living unit on the second floor but the ground floor, (basement), which is on a slab, seems to have been remodeled at some point, but not at all finished. I called the County and there seem to be not permits for the unfinished large room, bathroom and laundry room on the ground level, but for a new slab and underground plumbing from 2005.

We are thinking of buying the house and creating a studio on the ground floor and renting it out to a tenant.

We have never dealt with permits, and we would probably hire a licensed contractor for the electricity, plumbing, heating, floors, walls and windows, but would do the rest ourselves. 

What are things we need to consider when buying this property? Would you ask the owner to pull the permits for what he did in the past as a condition of the sales contract? The county told me that once I buy the property, I am fully responsible for everything, which could include code enforcement fines. 

Thanks so much! 

Anja

Thank you! @Daniel Chang @Mark Nolan @Al Wilson @Brandon M.

Hi BP, 
I would like to get a Roth IRA and I am wondering if someone has a recommendation on which company (Fidelity, Vanguard etc.) to invest with and maybe a particular Mutual Fund they like? I am looking for high returns and low management fees.
Thanks! 
Anja

It is my understanding that if you invest in RE (rental property) in your SD IRA, you won't get the tax benefits you get when you buy a rental outside of your SD IRA. An alternative would be investing in a note in your SD IRA.

Have you thought about note investing? 

Hello, 

I am looking for insurance for an investment property in Chicago and came across Andover Companies. The agent gave me a very competitive quote, equivalent to Amica, which was the lowest quote compared to others. 

Does anybody have experience with them? Any claims? 

Thanks! 
Anja

Thank you @Margaret B. and Matt Y. Good to know :-)
Anja

Hi Jonathan, 
@J. Martin did a great reserve study on his MF and SF. Check out his forum post, you will learn a lot about CapEx.

http://www.biggerpockets.com/forums/88/topics/1982...

Anja

Thank you, @Kate H.

Did you have a claim with them so far? 

Hi BP, 

I am currently looking for insurance coverage for a buy and hold property in Chicago. I reached out to several different insurance companies and the quotes ranged from $707 (Amica: Renters insurance + coverage for the investment property / $1000 deductible), to NREIG $744 (with Acceptance Indemnity Insurance Company / just for the investment property / $3000 deductible) to Foremost $1350 (just for investment property / $1000 deductible). I asked for 100% replacement coverage on all quotes. 

I find the price differences really strange and wonder why? This is my first house and therefore first homeowner insurance. Preferably I would like to go with Amica, due to the low price, but then I am wondering if there is a reason why they are so "cheap". I read through their dwelling policy today, but don't have any of the other policies to compare to. 
Does anyone have experience with Amica with actual claims, or is aware that they have more exclusions than other insurance companies? I appreciate any input, also input on any other companies that I could reach out to, especially in Chicago. I have reached out to Metlife and Allstate for a different property before and they were also in the higher price range. 

Thanks, 
Anja