All Forum Posts by: John T.

There are some apps very successful out there already. BP hav their own calculators, An I can tell you that Dealcheck is awesome, and it works pretty well.

      How are you everyone out there. I just would like to get some good references for a great Memphis turnkey provider, because there is an issue with the one I got in contact some months ago, and frankly I am getting tired of waiting. I'll explain it. In December I got in contact with a turnkey provider in Memphis, they are well known, and they have good reviews. They were nice, and inform me that due to their success, I would have to be put on a waiting list, of at least 6 months. I really never like the idea too much, but I agree. This week It almost made 7 months, and they just tell me that due to some issues with inventory, too many investors, and some changes in their business system, I am gonna have to wait maybe another 10 or 12 weeks. Obviously I am not happy with that at all. So I think it might be time to knock on others doors and see what others turnkey provider in Memphis are offering. I want to point out, that nothing is wrong with this company, it is just that I do not want to wait another 3 months to see how is the situation going, because there is no guarantee at all after those 10 weeks neither, it also could be even more time after all, but by no means I want to give them bad press, because they really were nice. It is just that I think they really have too much demand and very low inventory, so it is impossible for them to keep up with investors. I really want to invest in Memphis, and a turnkey is what it works better for me now, since I am very busy here in NY with work.

     So please, anyone with really good feedback about any turnkey provider please let me know. 

     Thank you so much 

Thank you all for your great answers, I think I finally get the point of what I need to 

    How are you everyone. I am just getting so confused about the umbrella policy thing, that I am asking for help to clarify a couple of things. Any advice, opinion or help will be appreciated it a lot, seriously.

     I have a 300k liability coverage for my rental property, and following the advice of people in the industry, I asked the agent about a bigger liability coverage. He gave me a quote of $100 a year plus taxes for 500k, and at $200 a year plus taxes for 1 million. All right, fair enough, I think, but now is when I get confused. I read in many posts that some investors have the umbrella liability coverage (500k, 1m, 2m, whatever) and also a personal umbrella policy for another 1m or 2m or so. What is this mean? It is like having two different insurances? You do this with the company or agent? The extra umbrella coverage is the same that this personal umbrella coverage that some people talk about?

As you can see, I am really lost about this....

Thank you so much for your responses. I followed both advices and I gave a pass for the money, but I had a very clear conversation with my property manager about this. Still learning the ropes, bu

      How are you everyone. First time landlord here trying to figure it out what to do and do the right thing. I just bought my first property in Indianapolis. I have a property manager in charge since I live in NY. It was a turnkey and I got tenants in place when I got the property. We renovate a lot after the home inspection as a condition for me to buy the property, new roof, new floors, fresh new paint in some rooms, a lot of stuff. In my first month, I notice that the money they deposited was not what it should, then I realized that they charge $115 for some repairing stuff. I looked up on the Web portal and it saw the bill. The invoice say in description" Labor and supplies to replace a  valve in toilet, and remove broken shower door and install a curtain rod",  then it says Account code " Repair". I called the property manager and inquire about this, and she did not know the details about it, I guess because she is the one at the office. Then I receive an email from I guess the actual manager of the property, saying this : "I did not charge the tenant because we replaced the fill valve in the toilet and the shower door had broken. We did not replace it, we just put a shower curtain rod in. I can charge them if you would like.

Neither of these were on the inspection at time of purchase."" Well, I just want to be sure and respectful in order to know how to deal with this. The lease estates clearly those things are the tenants responsibility, but I might be wrong and if the valve needs to be changed, It's my responsibility. I quite not get the point where they say that they would charge if I want. I just want to do the right thing. The money is not the end of the world, I got that. But I am afraid if I am too easy now, things would go up next time. On the other hand, I don't want to complain about something that usually is done exactly the way they did.  I ask advice here from experience landlords, because I truly want to be respectful, and educate myself first about how to deal with property managers and tenants. As I said, this is my first month as a landlord.  Any insight will be very helpful, so thank you so much in advance. J.J.

How are you fellow Bp members?

I am about to close a deal on a rental property in Indianapolis. It is my first time in this market, and I am just trying to find the right home insurance for this rental property. So far, I narrowed my options to two companies, and each one have two estimates. From here, I am a little torn, and I am not sure which one ideally would make more sense to me. Sometimes, the more expensive it might not be my best option. Everything counts, and I think It is understandable to try to get as much cash flow as I can. I honestly would appreciate a lot some opinions from people familiar with the market there. The house is from 1961, and it is a bi-level home. It is located in Marion County.

Company A offers me two options, which I disclose now:

Option A: Total $1,725

Option B: Total $1,227

Company B offers me another two options:

Option A: $1,326

Option B: $1,041

I am getting a new roof, which is already under contract.  I would appreciate a lot any insight from fellow seasoned investors that own property in the area. Thank you so much for any kind of help. I read a lot post from investors here, and I have a lot of respect from  people that is always willing to share their experience. BP is a blessing for people like me that are trying to build a good portfolio year by year.

Thank you so much for the answers. I have finally passed on those two, they were not what I was looking for at the moment. Anyway, thank you for taking the time and help. 

     How are you my name is J.J.  I have a question about two properties that I am considering to buy  in Indianapolis, and I would like to know if someone familiar with the Indy real estate market can tell me how good are those two zipcodes. My goal is buy for rental property. One is located in N  Butler Avenue, zip code is 46218 and the other one is located in W 22st, zip code is 46202, both are two bedroom houses. I know the guys who are offering me these properties are legit and have a good reputation  in the industry, I just want to be sure to choose the right neighborhoods for rental purposes, or wait for other opportunities in other parts of the city with a better rental market, obviously statistically because at the end of the day nothing is for sure. I know from experience that every tenant is a whole different world, and sometimes you can avoid problems. I would appreciate any comment or opinion about it a lot, and thank you so much for the help.

     Thank you David and thank you Christina. I took notes on everything you wrote. I think contact a mortgage broker makes a lot of sense for us right now, and regular banks as well. I don't know exactly how they operate, if I have to pay them a fee or as someone told me, the banks pay them. I have someone located with outstanding reviews on Yelp here in New York. His name is Sean, and his company is Block Financial Resources. Someone here worked with him before?