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All Forum Posts by: Jamie Spitale

Jamie Spitale has started 5 posts and replied 20 times.

Post: New to Savannah, wanting to do BRRRR

Jamie SpitalePosted
  • Savannah Area
  • Posts 20
  • Votes 2

We are currently in a 1890 sqft  home in picket fences.  Blandford/ebenezer district. Looking to upgrade but keep this as a rental.  What could I get you think and do you recommend a property management company in this area?

Post: New to Savannah, wanting to do BRRRR

Jamie SpitalePosted
  • Savannah Area
  • Posts 20
  • Votes 2

Hey Josh how is the rental market in Rincon?   Easy to get renters in the 1300/month range?

Post: New to Savannah, wanting to do BRRRR

Jamie SpitalePosted
  • Savannah Area
  • Posts 20
  • Votes 2

Which airport?   The airport is in pooler.  Lol

Post: Savannah Ga contractors

Jamie SpitalePosted
  • Savannah Area
  • Posts 20
  • Votes 2

Yes it does!!  Thank you very much

Post: Savannah Ga contractors

Jamie SpitalePosted
  • Savannah Area
  • Posts 20
  • Votes 2

I am looking at a house just outside of Savannah.  It has great potential but needs a ton of work.  I think I can get it for 15k under asking but it may need anywhere from 75 too 100k with comps going around 190 to 200k.  Anyways the point of all of this is how did yall choose a contractor when buying your first flip?  Did the contractor go to the house with you like you see on the shows?  Lol.   

Does anyone know any in the Savannah area willing to work with a rookie? 

Post: Rental Insurance

Jamie SpitalePosted
  • Savannah Area
  • Posts 20
  • Votes 2

just want to say thanks for all of the info

Post: Rental Insurance

Jamie SpitalePosted
  • Savannah Area
  • Posts 20
  • Votes 2

just want to say thanks for all of the hhelhelp guys

Post: Rental Insurance

Jamie SpitalePosted
  • Savannah Area
  • Posts 20
  • Votes 2
Originally posted by @Justin Thompson:

My questions are:

1) what if they let the insurance lapse? What are my options?

- If they lapse and you are listed as "Additional Insured" you will be notified. Give them a written 3 day notice to "Fix" the insurance and have it reinstated.  If they do not reinstate the insurance you can evict due to broken lease agreement if it is in your lease agreement that they must have and maintain insurance. 

2) what if they move out and have caused tons of damage can i make a claim on the renters insurance?

- No. That's what a deposit and your insurance is for. On my properties I carry "loss of rent" on one of them. So if a tenant destroys the property, my insurance will pay me whatever their rent is up to 1 year and or until rehabbed/re-rented.

 Is loss of insurance pretty expensive?  I know its worth it just wo

Post: Rental Insurance

Jamie SpitalePosted
  • Savannah Area
  • Posts 20
  • Votes 2
Originally posted by @Justin Thompson:

My questions are:

1) what if they let the insurance lapse? What are my options?

- If they lapse and you are listed as "Additional Insured" you will be notified. Give them a written 3 day notice to "Fix" the insurance and have it reinstated.  If they do not reinstate the insurance you can evict due to broken lease agreement if it is in your lease agreement that they must have and maintain insurance. 

2) what if they move out and have caused tons of damage can i make a claim on the renters insurance?

- No. That's what a deposit and your insurance is for. On my properties I carry "loss of rent" on one of them. So if a tenant destroys the property, my insurance will pay me whatever their rent is up to 1 year and or until rehabbed/re-rented.

 Is loss of insurance pretty expensive?  I know its worth it just wondering

Post: LTV question

Jamie SpitalePosted
  • Savannah Area
  • Posts 20
  • Votes 2
Originally posted by @David Hutson:

@Jamie Spitale,

The best way to start out is with a conventional loan from a bank, if you can qualify.  Put 20% of the purchase price down and finance the balance.

The house will need to be in generally good shape.  Most likely, you won't be able to get a loan on it if there are significant repairs needed.

If you have any questions send me a message.

 I am thinking that is the route ill need to take on my first property.  Thank you very much