All Forum Posts by: Jieh Larson

@Christy Harris I think he's looking for recommendations in Huntsville, Texas. Are your recommendations for Huntsville, Alabama? 

I used Terra Residential to rent out my house when I moved out of the country and have been happy with them. They'll walk through the property with you and yall can discuss what needs to be done. I'm back in Houston and have decided to leave that renting with them to leave me time focusing on other things. 

Would they let you sign some kind of document assuring that the entire property would only be used for residential? Could you contest the cost of replacement?

Ouch! That's quite a jump for adding a garage, especially for an attached one that should have been part of the original quote. Have them break down the coverage into it's components and you should be able to negotiate how much coverage of what type you have regarding the property. You should also be able to see where that jump came from, they may have calculated that space incorrectly. 

Get a few quotes or work with an insurance broker that can compare apples to apples quotes from other companies. They should be able to work fast and get that in place.  

If you have whole life insurance it's probably structured so you can take a loan from the cash value. The interest will be tax deductible since it's for business expenses (check with your CPA).

Also check with whoever handles your stocks/mutual funds. You may be able to open a line of credit using those as collateral. The interest from this is not tax deductible (again check with your CPA) so it's best to reserve that if needed to get you the last bit you need. 

Be sure to have a parking addendum in the lease and be clear to them up front about where they can park and how many vehicles can be on the property.

Thanks @Jacob Smith! Let us all know how it goes for you.

I agree with Greg. This isn't uncommon. I recently denied an application that had an eviction from his mother. 

The CapEx looks a bit large if you're only getting $1000/month out of rent. With paying cash finding out your ROI would be a better metric to determine if it's a good place to put your money (Yearly Profit)/(Purchase+repair costs)

 For your second question, you need to find the right property and buy it at the right cost. What was the purchase price on your above example?