All Forum Posts by: Whitney Hutten

Hi!  I'm looking for rental property coverage for a duplex in Oklahoma.  Would anyone have references of an insurance carrier who has competitive pricing and a great policy?  The quote I got today was for $3400 per year.  Is that normal?

Thanks!

Whitney

Thanks for the input!  Here are some answers.  

1. My current lender is requiring 25% down in conventional lending.

2. I didn't put anything down for initial repairs as they are currently rented out (I have the rent rolls).  So I was going to bank on future repairs.

3.  The property isn't turnkey, but I was using the numbers from the operating statements from the previous two years.  The current owner owns the management company, so the management numbers do seem to be running high.  I've reached out to other companies in the town, but they are all struggling with the ice storms.

4. I hadn't thought to include the attorney, legal, etc piece as I self-manage my own properties now and am comfortably covered between the 5 and 12% (but that is SFR... so different:).

5.  Vacancy, I will definitely look at bumping that up (just using previous numbers).

Thank you for everyone's help!  I'll rework the numbers and repost.

I should add that this deal is in Oklahoma... 

Hi! I'm looking for some feedback on this deal that I'm working to put together. This is a duplex in a college town that is recently updated and capital improvements in the last 3 years. Everything is separately metered between the two units. I'm familiar with the area too, so I can check that box. My experience is in SFR, so this is new to me. Is this a decent to good deal? What should I be asking that I'm not?

Thansk!

https://www.biggerpockets.com/calculators/shared/6...

I've owned real estate on the Front Range for 15 years and have had little issue finding a deal or renting it out (with the exception of Estes Park where I dabbled in nightly/weekly/monthly rentals... what a nightmare).  With each transaction I think I'm going to get priced out, or the bubble will pop, but it doesn't.  Sure the party could all end tomorrow, and the market could collapse, but that could happen anywhere.  And I agree with @Scott Trench , as long as we have mountains are snow, people will come, and they have to have somewhere to live!

To the OP, I would imagine that Grant Cardone's comment had more behind it.  I purchased my first property with $7k of my grandparents money and then house-hacked first year to get the money for the next down payment (and paid my grandparents back)... and so on. Having that first house is what got me in the game and is the reason why I have any savings at all!

Thank you!  I'm still searching but do have a couple of leads.  But welcome any other information:)

Hi!  I'm looking to get rental insurance quotes on two single family homes in the Denver area we are closing on next month.  I'm looking for ideas on companies that other people use and like (and why you like them:).  Thanks! Whitney

We use Personal Capital (it's free and aggregates just like Mint).  I agree with most people here.  Having a plan and goals are much more useful to know than calculating "net worth".  I will say, with Personal Capital, we were able to visualize many scenarios... say SS is gone by the time we retire, or my husband's pension gets cut by the government, or one of us lose our jobs and we have to live off of 1 income... we could see what the impact of 1 or all would be on our investments.  Knowing you have plans A, B, C, D, and E were far more useful to us than our actual net worth number....

HI!  I've just recently joined and am blessed to find such a knowledgeable group or people.  

I'm hoping you guys can throw out a point of view.  We picked up our primary home purposefully in a college neighborhood with the intent of renting it out when we (insert reason...travel, retire, our child goes to school).  We absolutely love the house, the schools and the location and aren't moving for at least 10 years.

Now our goals have shifted to pick up more properties. We have a couple of options to make that happen: 1. liquidate part of our non-retirement taxable investments for the downpayment (and trigger capital gains) or 2. HELOC... (We are open to other ideas!).

In either case, we would have enough to put 25% down on 1 property given our market (as the other would be the reserve).  So how would we pick up the second property?  I need some help seeing what is possible.

Thanks!

Whitney