All Forum Posts by: Jeffrey Bradbury

@Andrew S. I'm expecting very little appreciation because the area isn't great, the hope is that I will be able to bump the rents a little over the next few years, but I didn't think they looked horrible. I could be wrong though? I'm relatively new to this.  

The hope was to make up for it one the financing for the second property.  My thinking is that between the two I could make a decent profit.  I was going to walk away from the one because I wasn't excited about it, but then when I was told about the second property it got me thinking.  I'm only in a position to finance one using conventional financing, and the thought was that this would get me two ok properties.

@Bill Jones I'm not sure, I still have some digging to do.  I went out and looked at the property and that's when the selling agent told me that he had another property that he was trying to get rid of as well.  I'm going to assume he does though because that would add a layer of complexity to the situation.

I’m looking at a property that seems like it will be an alright investment for me to buy and hold. The owner is looking for $170k and I can get $1900.00 a month in rent for it. The owner also has a second property that they are looking to sell and from what I can tell it’s very similar to the first. I’m told that the owner is VERY motivated. So here is what I’m thinking, and please let me know if it sounds like a bad idea, or add any comments that you would like:

I can finance one property using traditional financing, and I’ll even give him his asking price, if he is willing to owner finance the second property with terms that are favorable to me. This gives him the cash up front from the first property, gets him out of the properties, and allows me to pick up two properties when I otherwise would normally only be able to pick up one.

Will this work? How would you structure something like this? Do you need more details?

Thanks in advance!

@Daniel Smilansky 

It's in my name at the moment and my next purchase will be as well. They are both VA loans, so I don't know that I can put them under an LLC at this time. I could be wrong though and that is something that I'll have to look into.

Thanks!

Hey Guys and Girls,

I’ve done a little searching on the site, and I’ve found the answers to a few of my questions; however, I would love to hear your opinions! I’ve been looking into the different options available to me for insuring my rental property. It’s a single family house that was originally purchased as a home, but the housing crash turned me into a landlord when I decided to move: http://www.zillow.com/homes/15-Wayne-Ave,-Oxford-MA_rb/

I’m also looking at purchasing a multi-family within the next few months – or as soon as something catches my eye.

I’m currently insuring it through USAA and I have their “recommended” policy. It’s a rebuild policy that covers me for their estimated rebuild costs. They add additional coverage automatically in case the repairs cost more than estimated. It covers loss of rent at fair market, wind and hail, and just about anything I could think of.

I was talking with a representative from Amica and they quoted me a fire policy that covered me for the same rebuild amount, but without all of the extra coverage’s. It did cover wind and hail and loss of rent, but from what I could tell, anything short of it burning to the ground and I would end up paying something out of pocket beyond the deductible.

The policy from USAA is just under $900.00 and the policy that I was quoted from Amica was just under $400.00. I know that this isn’t a ton of info, but I’m really just interest in knowing what you would do?

Do you go all out on insurance or do you take the risk?

Do you have any advice that you could share with someone new to the game?

Lessons learned?

Thanks in advance!

That's awesome!  I hope to be able to make the same kind of post someday down the road!  

Congrats!

Welcome to the site!  I'm new here myself, but I'll tell you that the people here are great!

Jeff

Thanks everyone for all of the great info! It looks like I've got some reading to do and a lot of opportunities for networking to look forward to!

Thanks for all of the good info -- I'll make sure to look into the events! I work in Southborough, so the commute shouldn’t be that bad, but yea, your right when you say that there isn’t anything in the Newton area that will give the numbers I need to make things work. I figure I’m still ten or so years away from buying up here, but then maybe the info I pick up here will help me accelerate that plan!

Thanks for the welcomes!

I'm using my bonus entitlement, so it has to be above $144,001 financed. That's with me rolling in a 3.3% VA funding fee and anything else that I roll in. I'm looking to keep the purchase price below $250k if possible. I'm looking in a few areas like Southbridge, Webster, Worcester, but really I'm just trying to keep it close to Oxford because that's where my other property is, and I don't want to be all over the place just yet.

I can't go above four units because it's a VA loan, but my ideal property would be a 4 unit with 3 bedrooms per unit.

I hope this answers the question, but if it doesn’t just let me know and I’ll update the post.

Thanks!