All Forum Posts by: Ellis Hammond

@Sarah Young it would be great to connect with you and your husband! My wife and i also are interested in going the airbnb route on one of our units so it would be great to hear about that experience as well. 

Lets connect middle of next week and see if friday afternoon is still a good time for you. Knowing my schedule we should be free. 

@James Kojo what is the best way to cover my butt on the "gaps"? is it enough to just ask my insurance company about that? 

Just for forum info I went with USAA and have a million dollar liability on both units (one is owner occupied and other is tenant occupied). I will look into getting the umbrella policy after closing- needed to get insured ASAP and umbrella policy takes a little more paperwork. Really helpful thoughts everyone. Thanks so much and Merry Christmas. 

I am visiting my hometown of Charleston, SC this coming week and would love to connect with any real estate investors, property managers, contractors, etc. that are doing real estate investing in the Charleston, James Island, Mt. Pleasant markets. 

I have a couple properties I am looking at in those markets and would be great to get together with like minded folks and help each other create value in our real estate ventures!

Friday, the 22nd would be a great day to connect so just reach out to me if you would like to connect over lunch, coffee, beer, whatever. 

I am about to close on my first duplex here in San Diego! Yay!

I have an insurance quote for around $60 per month that includes $1M in liability insurance (I am occupying the back so rate is lower bc its primary residence). Wondering if I should get an extra million dollars from an umbrella policy? 

Bigger pockets family what do you recommend? Is $1M enough or should I get $2M or more? 

@Chris Mason thx for your help. So just to be clear, the similar rate I was quoted from both mortgage lenders (4.5% with 25% down payment conventional/conforming is pretty market standard right now then? 

This is my first time so its like buying tires. You really have no idea what the heck is good or not. 

@John Harvell and so after 10 years how do you plan to pay off the approx $180k? or can you/will you refinance that?

@Andrew Postell purchase price is $575,000 and to the best of my knowledge they aren't charging me any points. 

@John Harvell sounds like a great deal. Did that 300k serve as your down payment the bank required for the rest of the loan? 

How did you show that to the bank if so? 

Looking at a place tomorrow that could potentially be something like that (on a much smaller level) so very interested to hear how that worked out for you. 

@Rudy Bello going through this process currently, happy to share any and everything I am learning. 

recommend going ahead and getting pre-approved by at least one lender. if you are working with an agent he/she can recommend someone. When you find a property you like then you can always shop around for a better deal then but at least you can have some idea of what your price range is. 

Also, most lenders or at least the ones I have worked with will be more than happy to send you realistic #'s of what your payments would be on a particular house so you have a better idea of NOI for the actually property you are analyzing.

Last thing I would add that was helpful to learn was there are closing cost with every mortgage you are going to do. So be sure to ask your loan officer to give you a list of closing cost so that doesn't surprise you when you get ready to close. Prob anywhere from $4-$8k plus any taxes or insurance you have to pay up front. 

Currently looking at deals here in San Diego, 2-4 units. I am pre-approved and best loan rates I am getting are around 4.5% at about 25% down payment for non-owner occupied conventional/conforming. Is that pretty standard or should i keep shopping? These are the rates from a large bank and a private mortgage loan company.

Love to hear any of your feedback. 

@Andrew Postell

@Tony Le Claire