All Forum Posts by: Jane S.

How do I find an insurer that will issue a policy for a rental? My claims history involves a couple big payouts by USAA and they wont insure my next property (SFR in the low $400)

anyone, have you figured out how to get past this roadblock, otherwise I cant continue with RE. Preparing for the funeral already.

I decided to terminate due to tiny cash flow, tenants not qualifying, $18K closing costs, and poor condition of exterior which had not been maintained. Just hopibg to get earnest $$ back.

 We looked at about 60 properties in 3 & 4 quarter and so far I have terminated 2 of them as a result of inspection. I need to learn how to look way beyond lipstick! Thanks much for your advice. I cant skimp on PM and DIY unless it's replacing a light bulb as long as its not in the ceiling ... 😸

 AGREED will terminate today. The sellers are "non compos mentis" according to my broker. I suggested offering $420 and do it up right, but the basement leak "from plumbing" scares me as does the exterior deterioration which will continue unless I stucco ... its too late to use a patchwork approach.

Can you buy the house youre living in? Are the others producing cash flow? Underwriters seem to hate mortgage payments ... From the little I know about 401K's, its partially free money. Ask your inlaws to reduce your rent. (step 1)

Pretend you're starting over. Comb your financials and produce your best number. Find a reputable, experienced lender who can give you an instant read once he has your inancials. Banks are paranoid about debt to income ratios, and I can't find an insurer for a rental. The environment is crowded with BAD "contractors". I once had  chats with a seasoned GC and it set me straight about a lot of my nightmares==that they are today's realities ...

youre already doing 300% more than I am! congrats ... my problem is finding worthy guys/gals to take care of all these necessaries. If you allow animals, however, youre asking for destruction.

Estimated closing costs for a $450K SFR in good location, its in "ok" condition with 17 inspection faults. (There were 10 more but didnt ask seller to fix them, my handyman can do it.)

And closing costs are around $18000. Interest 5.875 with "buy down". (conventional)

Seller agreed to remedy 7 of the inspection objections but we asked for hard copy invoices and only got the one for the furnace maint.

I'm considering termination, since the local inventory keeps adding more SFR's in my price range $450K is the top and Im not sure I can cash flow it. Estimated total monthly payment is $1966 and most comps are renting in the $2100-2300 range. I have to admit my other rentals were acquired years ago and cash flow well. Taking on a risky property with $200-$300 month cash flow seems not smart. Your opinions mean a lot I do appreciate!

What do you think? I think I should look for a lower list price. Around $400-$425.

My bank offers a 9-month CD at 4.9% interest which comes to $1872.00 for the 9 months ($50K)

I think its a good deal how about you?

thanks

my vote is for LTR and you dont have to furnish it. Can you calculate what your up front cost would be to furnish? And deduct that from rent for LTR no furn. The problem there is you pick the wrong styles etc for their lifestyle and if they have animals look forward to your nice new furniture getting shredded!