All Forum Posts by: Jim D.

After having been through a few insurance claims in the last 10 years, I always lean toward not filing a claim. It is not just as simple as "are the repairs more than your deductible. The reasons are:

1. Just having one claim on your insurance record will cause your rates to increase on ALL your other insurance policies. The claim will not fall off your record for 7 years. I am paying higher rates on all my rental policies because when I was a newer investor I filed a claim on a $1400 repair so I would save the $400 above my $1000 deductible. That $400 savings has cost me thousands in the long run.

2. Any contractor, especially companies that specialize in insurance repair jobs, will charge more than double what you can get them to bid for just a regular cash job. And they will skillfully inflate the scope of work as far as possible to milk every possible dollar from your insurance company. It will also take much longer as they go through this process.

I save a ton of money now by having ACV insurance policies with high deductibles, and only file claims for major losses (over $10,000). You don't want to be filing small claims every other year.

I have done many rehabs for 1-4 unit properties, and have always just purchased material from local hardware stores. I am starting rehab for a small apartment building and will be renovating all the units at the same time. I have thought there must be a way to order materials in bulk to get a better deal now that I am doing larger volume, but haven't found anything obvious. 

I have found a Chinese manufacturer that will ship me a container full of counters, toilets, tubs, etc. and the discount is pretty significant, but between the low price and some language barrier, this gives me some concern about quality, correct measurements, etc. 

Those of you that do rehabs on several dozen units at a time, where do you buy your material?

I can't believe the number of grown adults in here that take this seriously. 

Do you guys disclose info about fairies and Santa Claus visits too?

 This is a really dumb take. Watch a video of someone trying to blow out a candle while wearing a simple blue mask... they can't. N95's are an even higher level of protection.

Sandals protect my feet just fine for a lot of activities, and construction boots even more when I need more protection. 

I did a 4-year business degree at a good, but affordable school. During those 4 years, I frequently felt frustrated with the inefficiencies of classroom learning, and often felt it was a waste of time. However, looking back at the 10 years I've worked since then, it is obvious that I am making far more money specifically due to the things I learned in finance, statistics, economics, etc. 

On top of the money, some of the conversations I have with my family members who didn't go to college shock me when they don't know things about the world that I consider basic knowledge. The are much more easily misled by incorrect information on money, health, government policy, etc. than my friends who went to college. I really do think it can enhance your life quite a bit. Don't go into crazy debt to do it, and be smart about what degree you choose, but I definitely recommend it as a whole.

Your going to have more credibility if you're grammar is improved

I am planning on selling a rental in the upper avenues of SLC. Desirable lot with a view, list price will be around $900k. As always, I'm having trouble deciding how much work to do on the house before listing. It is really solid, clean, and doesn't need any work mechanically, but the style is definitely a 1990's look (for example, bathrooms have green counters/gold trim on everything). I haven't ever sold in this price range before, and my hunch is that people with that much money are probably going to want to renovate to their liking anyway. My plan is just to have the wood floors re-finished, install high-quality new carpet, and have everything super clean, rather than update the entire house with really high-end style.

If anyone has experience selling in this price range and has advice/thoughts, I would love to hear them.

Thanks guys. I am not going to be working with clients; just holding my license for my own deals and projects. I really don’t need support, training, marketing, etc. from a broker (maybe on rare occasion). Just a wall to hang the license on. 

I'm moving to Boise this summer and am looking for a brokerage to hang my real estate license at. My current broker in Michigan takes no commission split and just charges me a low flat monthly fee to hang my license there. Looking for something similar. I don't need much help, training, or office space from a broker, so I am just looking for something low cost, low service.

Any recommendations appreciated. Thank you!

I recently used GreenFit Homes here and they did a great job for me. 

What neighborhood is your duplex in?