All Forum Posts by: Gabe G.

Anybody?

Good/Bad?

anymore opinions?

In all honesty I don't plan to quit my job.

My plan is to accumulate 10 cash flowing properties. As a supplement to my normal income and a buffer if I lose my job.

I believe I can handle managing that many(may be wrong)

At what point do you think self management becomes tough, if you are trying to work a normal 40 hr a week job?

New to the rental business.

1st deal August 2013.

2 bed room/1 bath, all brick.

Purchased for 57,500. All in at $63500(excluding closing costs)

Apprasied $84500. Rent $850 a month. Using 50 percent rule(hope to beat that by self managing and low tax state) 850/2= $425 in expense P/I=$211 net cash flow $214 a month

2nd deal January 2014

3 bedroom/ 2 bath all brick

Purchase $82000 All in $86000(excluding closing costs)

Appraised- hasn't appraised yet, but a conservative number is $110000

Rented $1000 a month(a little low but got the place rented within 2 days)

50 percent rule 1000/2 = $500 P/I= $350 Net Cash flow $150 per month

Any input?

Thanks

I provide cheap, used appliances, usually stove, and fridge as a bare minimum. That way if they get stolen or break, I just go and get another 100 dollar fridge or 200 dollar stove, not a big deal.

If you had a tenant that was upfront about their situation, eviction in 1997

and recent bankruptcy that was discharged.

Would you still consider leasing to him?

She makes a good income, which would be verified and one kid.

The upside is , she may have problems finding a place for the next few years so if she does pay, she may be a long term tenant.

I know what the gut reaction is, just wondering if anybody has had success with this type of tenant.

Yeah I don't want a fire policy.

I will have tenants in the house within 30 days.

They opens a huge liability, fire policies blow.

American modern is the company that cancelled my policy do to some very mild stains on my roof. I called them, they are about as worthless as it gets.

They insured the house for a whole 2 weeks. American modern offered a fire policy to me for more money. Hmm worst coverage that opens up huge liabilities for more money? Sure American modern.

Will check at foremost or Safeco. Thanks for the help.

Shouldn't be this difficult:)

just talked with state farm, it was a joke.

1500 a yr for my current rental i am paying 800 on.

My primary residence was 400 higher than im paying.

Any reasonable providers out there?

Don't know if I can mention the company. But on my most recent acquisition which I closed on 2 weeks ago. I got of course insurance on the property. The insurance has been paid, late last week, I get a cancellation notice, indicating the property was vacant(which was told upfront it wouldn't be occupied for 30 days) and that there was some stains on the roofs and they would no longer insure the property. Which I find ridiculous, their inspection was 2 days after closing of course the house was vacant , and on the roof, the roof passed inspection and is about 7-8 years old and I haven't seen any roofs(besides new) that don't have some stains or minor discoloration.

Obviously this is a loser company.

But my question to you is. I do not have enough properties yet to have an umbrella policy. What is a good company to look for insurance on rental properties, both on the structure and potential liability?

Thank you!

Duncan I see what you are talking about.

But I don't see your 6000 goal, after expenses reasonable.

I am talking about replacing a 50k a year gross job, considering you will save some in taxes and social security.

I take home about 2500 a month, after everything.

Sure seems like that income could be replaced, with far less than 6k a month?

I am guessing the number is about 10 homes, with gross cash flow of around 500 a month each, Which would be about 60k or so in cash flow, deduct some for vacancies and repairs, and at least hear you would be able to live comfortably.