All Forum Posts by: Brian Faulkner

I had exact same problem with a 1910/1920 building... Shine insurance out of Bloomington Indiana found me a great lower cost policy (250k coverage for about 100$ a month)

I would invest all of that into apartment syndications. Lots of them. In 50-100k increments to diversify your risk. And just live off the 10% returns without having any of the headaches of being a Landlord or managing properties.

I grew up in NA. Consider the following... You pay 750$ now... but if you rent it out your insurance is going to go up.... also this won’t be your primary residence anymore so you will lose your homestead exception, so your property taxes are going to increase. Call your agent find out what changing the policy to a rental will be... let’s say this comes out to a total payment of 800$ with new policy. Now say you rent for $1000 -10% vacancy $100 -10% maintenance and repairs 100$ -800$ mortgage, taxes, insurance.... This property isn’t making you any cash flow.. Best case you are building a little equity... more Likely you will lose money. You would need to rent for 1250$+..... and in NA... with a wonky bathroom setup...very doubtful. My 2 cents.. GL.

Interested

You can get that insurance lower... in paying around 100$ a month for 250k in coverage... If someone quoted you 1500$ it was probable a total rebuild cost vs the mortgage amount.

Copies of checks you gave her from the bank that she cashed. Paying her in cash? Looks shady. Did she claim the cash as income and pay taxes when she filed? Did you list it as a deduction when you filed your/business taxes ? If the answers are no then it doesn't look legitimate.

Would inquire With my insurance about the electrical to see if they will cover it, or want it upgraded. If you plan on financing the deal with a bank I would also make sure they are ok with it. Lastly I'd get an estimate to upgrade the electrical. Good luck.

Brandon Turner pm info please!

PM his info please!

Jamal L. His argument should be comparing the gift card value to the turn over costs. However this assumes the gift card has some power in swaying the Tennant to stay... it doesn't. Scott F. Ultimately Tennant's are going to stay if they continue to need to rent and you offer a quality product for the price and location of your unit. Not because of a gift card.