All Forum Posts by: Gary Schiefelbein

Im not familiar with the TN, but am an insurance agent in Missouri. It really depends how much of the risk you want to carry yourself. A lot of the insureds that I have that have landlord policies carry a high deductible or just have an ACV (actual cash value) policy instead of replacement cost.  Landlord policies can be high.   

Talk to your agent that you carry your personal home and auto through.  Some places will give discount for multi policy. Require your renters to carry renters insurance.  Some carriers will take that into consideration when rating a policy.  If you are married and your wife has a better credit score, have them quote it in her name.  

Just some suggestions.  

I currently own three single family homes. Have for a few years and have had all the issues that come with being a landlord, but the properties have cash flowed well for the time I've owned them. 

We are at a point now where we have over a $100K in cash that needs to be invested.  

I am fairly new to Bigger pockets and have been listening to all the podcasts.  So I feel like I am the guy at the restaurant trying to decide what to order off a 10 page menu.  I prefer less options.  Helps me focus my energy, that way I'm not off chasing to many butterflies. 

With the current influx of so much money into the rental property segment, based on what I have heard and read, even if I could raise the capital, large multi family (apartments) are not really an option.

My area of southwest Missouri isn't a large population, so there are not to many opportunities other than single family homes that would be within range for me to manage personally.  I don't really want to manage them personally anymore because both my wife and I have businesses to run as well.  She owns a retail store and I own an insurance agency.

Would be willing to do out of area investing deals, but need volume in order to make the cost of a management company feasible and my $100K probably won't stretch extremely far on its own. 

So I am looking to hear stories from folks that are new into the real estate market, who don't already have millions of dollars to invest to see what kind of plan they are implementing.

I have considered building modular (not mobile) duplexes, because research says the cost to build per square foot is less than standard stick build. 

Anyone have any experience with building modular duplexes?  Would love to hear your experience.

Thanks for listening, well reading and any feedback (productive feedback) is welcome.

Thanks

Gary