All Forum Posts by: Maurice D.

what is the typical amount one needs to insure?

my lender is asking for the full loan amount to be the "Dwelling Coverage" ?   that obviously protects them, but I'm overpaying for insurance..

How do you deal with this?

TSP wash, vent cleaning and ozone if needed

If you truly want to experience a live-in flip, you would close right around the time your lease is up and live in it, during the renovations.  that way you are not paying holding costs + rent.

as others said, the market is slim if you are looking to cash flow it after it's done. if the plan is for this to be your primary residence (for the next two years), then I'd suggest going with the smallest SFR you can live in, saving money for other deals. The Duplex option mentioned is also good, but overall keep your live-in costs to a minimum.

not sure if I understand.  the Tenant does not pay property taxes, the owner does.   sounds like a plain eviction case to me.  what about buying it?

you can buy a property with a tenant in place and then it becomes your problem.  best wait for the eviction to complete before buying it, since the owner has already started the process.

call a few electricians and get quotes.   just replacing a panel is about 1,500.   as David said you might have to replace entire runs to the new panel because the old cables won't reach the new panel location, including the main!

Also, while you are at it, replace the panel itself, it shouldn't be extra labor, just the cost of the new panel.

MLS is not your friend!

if you have time, drive for dollars.   Every time I go look at a property, I drive up and down at least 3 more streets in the area, always find a for rent, for sale by owner or vacant home..  make a note, come home and pull owner info from the assessor's office.

yeah, cities have been scouring websites!

https://www.scpr.org/news/2015/05/18/51728/how-santa-monica-will-enforce-its-airbnb-ban/

Check your city zoning rules. Some allow ADU's some don't. (Accessory dwelling units), and some specifically don't allow renting them for profit.

Search for "accessory building" also.

Do these agencies take on agents part time or is it strictly a full time expectation from them?

sounds just like the old man who wants 1,000,000 for his old fourplex in Grapevine. TX... non-negotiable he said...