All Forum Posts by: Ericka Medina

@Michael Plaks Thank you for the referral!

Hello fellow BP members, I would appreciate any referrals to local tax professionals that work with RE investors. I have W2 income as well as rentals income. 

Thank you!

Thank you for your feedback gentlemen. My home policy was with E-surance and they referred me to their subsidiary company as E-surance does not have landlord policies. The person I spoke with a broker and ran me through five or six carriers. I do have a property management company on board at this point.

Jon, thank you for the info on Colorado, I was not aware the hail issue was such a big deal as it did not hit us as bad in Thornton. Do you have an agent you would be willing to recommend? Also, should I go ahead and start getting quotes to replace the roof at this point?

Hello everyone! I am finally ready to rent out my home and have found a tenant...YAY! However; I have a huge road block when it comes to obtaining landlord insurance. I can't find a carrier that will insure me for either one, or both of the reasons below:

1. The house was built in 1996 and I cannot find records that roof was ever replaced previously (I purchased it in 2015). I am being told that roof older than 15 years are not accepted by most of the carriers.

2. I have moved from CO to CA and some carriers don't cover out of state investors.

3. All of the above.

I did receive one quote for $2600, which was $1200 over what a normal policy would cost. When I purchased the home I was told by the inspector that it was in good condition and would not have to be replaced for 5-6 years. I am not sure what to do, it seems a waste of money to replace a roof in working order, but I'm not sure if it's my only option at this point in order to secure a policy. 

Any suggestions/feedack would be greatly appreciated as my tenants moved in mid February and I still have not found a policy.

Ericka 

@Jared Bouzek, thank you for the advice. Is there any way to get an estimate on the value of the finished basement outside of the lender's appraisal?

@Account Closed, let me back up a bit. I purchased the townhouse last July with an FHA loan. My goal was to finish out the walk out basement, and then rent it out. I want to get an estimate of the increase in value for two reasons, 1) to refinance out of the FHA loan, and/or 2) to cash out refinance/get rid of my MIP. The goal is to house hack while it continues to build equity.

I realize that I will need another appraisal when I refinance, but I don't know how else to estimate or "guestimate" the increase in value to the home.

The real estate agent I used to purchase the home was horrible, to say the least, and I don't have an established relationship with anyone else at this point that could provide me useful feedback.

My goal in cashing out (if the numbers work), is to purchase another place and use the BRRR method again.

I hope this provides better context, and thanks to all of you for your help!

Hi!

I am almost finished with my basement remodel. It's a walk out basement and I have added a bedroom, bathroom, laundry room, and living room/kitchen area. I will be refinancing out of my FHA loan, but wanted to get an estimate of how much value the remodel has provided as well as being able to estimate ARV.

Any recommendations on how to gauge, or referral for appraisers in the Denver area would be appreciated!

Ericka

@Matt M. I'm right behind Kayla! Please let me know if you have another one coming up.

@Steve K., thanks for the recap on zoning in Denver. Being new REI, it's great to have some feedback from those actually doing the work, Google is not always the most reliable source.

Hi,

I am finishing out the walkout basement of my home and have come upon a stumbling block. For some reason, the previous owners only put up a "half cement" wall between the finished area and the adjoining storage room. My goal is to cut an opening between the two rooms so I can make a kitchenette, small living room in the storage area. The city inspector came out and said that I will need certification from an engineer so that I can cut through the cement wall since it's helping to support the home.

I went on Home Advisor and found two local guys that charge $450 and $475 to come out, inspect the wall, and provide me with a stamped inspection. The price seems high to me, but I am new to REI, so my expectations may need to be reset.

Any ideas, advice ,of if anyone can refer a structural engineer in the North Denver/Thornton area, would be great!

Ericka