All Forum Posts by: Attila Bertalan

@Paul Rumolo Welcome to BP and the Best of Luck to you and your partner in all future real estate endeavors!

Welcome Eric! Good Luck with Investing! Let me know if I can be of assistance.

Welcome aboard and the best of luck to you!

@Shelley F.

They called Foremost and was told that they don't cover that kind of properties even though the old box was replaced w/in 10 years with a breaker panel. I did tell the buyer's agent to try Travelers...hopefully better luck.

Thank you for the info.

Casey J Burkhead Thank You! I will relate the info to the buyer’s agent.

Max Tanenbaum Thank You! John Mocker The rehab is all complete. There were some new wiring added but mostly the old one was kept. I will direct your information to the buyer’s agent and hope they can an insurance company and work out something. Thank You!

Hi All. My 1940 Rehab is Pending in Escrow. The potential buyer and their agent called about 10 Companies for home insurance but none of them would provide coverage because even though the panel has been upgraded w/in 10 years, the wiring is the old knob and tube. Would anyone recommend an Insurance Co. that will provide coverage. The house is 1940, 933 SqFt, one story,2/1, on raised foundation. Can someone give me a ballpark number of how much would cost to rewire the entire house. All input is greatly appreciated. Thank You in advance.

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@Tommy Johnson

I read your post. I'm gonna share with you my opinion. I'm going to try to clear a bit your thoughts...

"Hi, so I am in the process of rehabbing my current rental property in hopes of doing a 1031 exchange."  I'm assuming, since you said that you have over 200 K equity, the value of your current rental would exceed 325 K, so you'd have to pay taxes on the difference. Also, the seller (and buyer) would have to be willing to accept your offer as a 1031 exchange.

You don't give much info about the purchase of the duplex: cash needed upfront, terms,time. 

Your current rental... is that a new purchase and fix up to rent? You say it could be rented out, so, I'm assuming at this point it isn't. Your "mortgage and everything is under $900" . Do you mean PITI is $900?

What shape is the duplex in? Did you get a chance to look at it? Beside the purchase price, how much cash you'd need to invest to make it rent ready? What is the condition of the unit with the section 8 renter? Would you purchase the property, contingent upon, completed and successful eviction? How motivated is the Seller? You  got a lot of  due diligence in front of you. Once you got all in place, you could make a much more educated opinion as to your ROI.

I, myself, would like better numbers... a lot better. Plus, you said you're interested in a Multifamily. In my opinion, complete the rehab, rent it out (those are great numbers), get a HELOC and use that to purchase a Multi that makes sense financially for you, and is, also, the way you want to go. But, I emphasize, that's because I don't know the terms of the purchase you are considering.

Pete Tam Hi! I’m here in Sacramento! Let me know how I can be of help! I’ll send you a friend request.