All Forum Posts by: Franklin Romine

Since it is a new business as a potential buyer I would probably average the 3 year net income x 2. Buyer might pay more or if the revenue is recurring.

I have an LLC and do not have a commercial policy. I use Safeco, Encompass and Allied. Safeco is the cheapest and the service is good. I had a fire lastyear and was impressed with handling of the claim. The premium for a property ourchased under 100k is around $350-$500 year, with a replaced cost of $150-$250K.

I like dealing with a CPA that is a one man show. The guy that has been in business for 30+ years, might smoke in the back room of this office, works late, has a long list of longterm small business clients and someone you could call sat or sun ask a question and never receive a bill. You don't waste there time, you bring them a gift a couple times a year and they will have your back.

In the process of getting a license. The main reason is to coop with my experiences dealing with agents and to help newer and seasoned investors with buying and selling.

I'm a buy and hold investor for the past 6 years. I recently had a bad experience dealing with an agent selling a property and just have difficulty dealing with agents that understand the paper work involved with the transaction but don't have a clue about the tangible part of real estate.

variance... what does that mean? I have a 30 year due in 10 year loan. So I have some time.

Anish I'm on the same page with you. A portfolio lender I use follows the same method. They will give me 10 yr loans ammort on 10yrs if the property will cover it. The best properties are under 90k. Otherwise they won't cash flow

good feedback. I'm thinking split the lot or see if I could rezone multi family and build a 2-3 unit. Adjacent properties are sf and multi.

Anyone familiar with a "burn letter"? I have a purchase in escrow. Two homes on one lot zoned sfr. Older homes one built in 1945 the other 1977. Seller financed. Question came up if the property burned down if the city would allow two homes to be rebuilt. I didn't think anything of it or have any concern but the agent brought it up. Does anyone have any experiences with this or thoughts?

sec 8 is a double edge sword. Part of me wishes we did not have as many people dependent on the program, at least as many respectable people on the program that could survive without it. The landlord part of me likes the program because I have had good tenants dependent on sec 8, sec 8 keeps me in check with inspections and the tenants in the program typically don't want to cause problems to loss the voucher.

Has anyone heard of safeco allowing additional coverage on properties once you hit the max.... if the owner has "pride of ownership"? I'm asking this because my agent mention this and it sounds like safeco is loosing up there limit.