All Forum Posts by: Jessica S.

If you are a licensed agent and looking to build rental portfolio, assuming you represent yourself... what do you elect to do with buyer side commission? 
1) Get paid as if agent

2) Try to Reduce closing costs

3) Reduce purchase price amount?

Hi there,

We have an interesting scenario. 

A seller owns a lakefront home(3,000 sq ft) property which has a value of $2.8 million. They don’t wish to sell it outright because their end goal is tocontinue living on the waterfront, but downsize to 2,000 sqft and have $1 million in the bank.

The entire property is subdividable definitely for 2 but maybe for 3 depending on some land use adjustments. 

They don’t have the money to do the short plat process but would like to find a developer who is interested in this creative scenario where in the end they have a smaller lakefront house and $1million. 

The shortplat process could take about 1 year + $50k in consultant research. 

How on earth would someone structure something like this? Clearly there is value in the deal but how would it work?

(I forgot to mention, their current house would have to eventually be demoed in a 2 or 3 house scenario because it sits dead in the middle and they would have to move away for a year while everything was happening).

Hi there, I was curious what cameras people might use when doing new construction. 

We won't have internet on-site, there a memory card OR LTE would be important. 

Also, bonus points if you have any that use a battery pack in lieu of wired power. 

I've searched the web but I'm curious what folks are using. 

Thanks all!

thank you Jason for the very comprehensive response!

Jessica

I’ve heard mixed responses... but what if someone slips on the land...? 

The builders risk is structure only. The General Liability is for GC, then as owner .... there is also Liability.

The insurance companies haven’t given me straight answers... and instead have tried to sell me even more policies.

Hello all,

I'm working on another a New Construction SFR project. In past projects, we have hired a GC but given my husband's commercial construction & engineering background, this time we will General ourself.

On this next project, we will be the landowner, investor, developer, and GC (yes wearing many hats).

My question is regarding the level of insurance required: 

1) For the GC license, the state (of Washington) requires General liability insurance and bonding. (~annual $3,000)

2) For the land homeownership, we will carry a homeowners insurance policy. (~annual $2,000)

3) For the specific project, we will carry a Builders Risk Insurance policy. (~annual $950)

Seems like a lot of insurance but I also want to make sure we’re covered.

Does this seem like overkill or just right? Am I missing anything?

HI Cindy, can you send me the lenders you're referring to? Thx, Jess :)

Hi there, Looking to get feedback from those that have experience in the Anchorage, Alaska rental market. My husband and I are from there and typically return about every 2 months. We currently have 1 rental with decent return that has been rented for (5) years with 2 months total in vacancy. Right now Anchorage is undergoing many changes in terms of the oil jobs, state budget crisis and some increased crime. Many landlords are putting places up for purchase. For the long term, I'm thinking now would be the time to buy. Several places have decent cap rates (over 12%) and I have property mgmt + very reliable parents that will be physical eyes & ears. Curious about your thoughts on the outlook of the Anchorage market.

Hussein Madkour hey Hussein, I know this post is old. Are you still quite active in the King County area? Would love to chat to see if you have rehabs available?

don't forget to account for vacancy rates, insurance and maintenance that you'll be responsiible for as owner. Most HOAs only cover insurance liability to the extent damage is over $20k. So if under that your insurance and the renters insurance would become crucial.

Take a look what the cap rate will be. I always strive for 10%. It's a not an exact science but a great rule of thumb to quickly determine feasiblity of a rental.