All Forum Posts by: Joni Chin

@Bjorn Ahlblad

What carrier do you have your umbrella policy with ?

I’m looking for an umbrella policy as I now have more properties, and my new insurance carrier only offered 500k liability coverage on each property and I feel that’s too low.

Joni

@Jason Fontes

Flagstaff and Sedona is good, if you can find anything! I was shocked after not paying attention to what was happening in the market in flag. (Though my realtor tried to tell me!) I have a triplex in flag that I bought back in 2014 off market, but I don't want to sell, though it's doubled in value. I self manage and rent to students now but I'm strongly considering turning part of it into STR.

DM me if you want a realtor referral for Northern AZ!

I'm not real familiar with the Phoenix area market but I am learning & would like to know more about STR for PHX and the surrounding areas too. I know it's a extremely competitive market especially at certain price points.

@Pal Sa

I use apartments.com for all my self managed rentals. It’s easy to set up, it’s free to use, and it’s easy for the tenants to set up their account. (It used to be Cozy.co which I liked better but they are no more.) Prior to this I used Zelle, but back then I was renting by the room to students so the limits were not a problem. I require the tenants to set up their apartments .com account, and set up/schedule their security deposit and rent payments, as soon as or before they sign the lease, and the payments must be “processing” before they are given their keys or move in. Utilities (if applicable) must be set up in their name as well on or before move in.

I have one property that is managed by a PM who uses tenant cloud, which is good too. I believe there is a monthly fee (not passed on to me) though. That’s one reason I’m stilling using Apartments.com—-another is having to ask my tenants to set up accounts again on yet another payment portal is too much after asking them to switch from cozy less than a year ago. But maybe after the next turn I might consider switching.

The one thing I like tenant cloud for is that it generates various account statements so you can keep track of income and expenses. Apartments.com might have something similar but right now I only use it to keep track of income, for expenses I just enter them on a spread sheet —I’m not very organized—so I’m currently looking at options like stessa.

@Timothy Munger

Well i already have plans, permits etc in and want to get my money out of it. At this point I could just sell the lot for a small profit but plan A is to build a house and get it sold and plan b is to rent it out short term or long term if it doesn’t sell within in a reasonable time frame like maybe 90 days or so. Not doing anything during the nearly 4 years I’ve had it has just been costing me in taxes, insurance, and yard maintenance.

@Timothy Munger

I’m about to start a build (not a multi-unit though) in Indianapolis too…I had waited a couple of years after demo, but you are right about the materials and the cost of construction going up! I waited in hopes of appreciating market and due to other timing but I think costs may have gone up faster than the appreciation and rents.

@Kathy Corressell

I’m looking for something with similar cashflow, what neighborhood or area is this in ?

Can you PM me details too?

@Melanie Johnston

Thank you for the link! This is very helpful!

@Ray Martinez

Wow that is messed up to have that on a flipped property—obviously they did DIY electrical, so that is concerning and I would have an electrician inspect it and get that fixed. I bought property with similar issues “as is” and it cost under 2k to get it done. Of course that was 5 yrs ago. My electrician had to fix several “double tapped” breakers, a lot of exposed electrical wires (that had to be put into conduits/junction boxes) because of DIY repairs and “extensions”, and put in GFCI in kitchen and bathrooms, and installed a wall heater in one of the rooms.

I can’t imagine it would cost more than double now, so you might want to get more estimates.

@Dan Marl

Yes mid-month (usually starting on the 16th) is the easiest, you just split the rent in half. It’s easier for the tenant to not have to rush into moving all in one day. If you are advertising now for a vacancy from January 1st, just say it’s available now because you never know some may be open to renting right away.

I have rooms I rent to students and when vacancies come up mid-year, usually from students graduating early, I usually advertise at least 3 months ahead of the vacancy. I have two moving in January 1st -well, renting from January 1st but moving in a couple days.

@Melanie Johnston

Hi I guess I missed this one but I’m interested in joining the next one-when is the next meeting held?

We have one property in AZ and involved as partner in another but thinking of investing more in AZ and need to get more familiar with the real estate market in AZ.