All Forum Posts by: Jose Valdez

@Scott M. thank you for the information!

Hello everyone! I need some advice. I’m currently in escrow for a triplex and it everything goes well it will be my first investment. I’d like to self manage to try and keep more of the profits. Because it will be my first property I think it’s worth a try to self manage. These are my questions,

1) what the best way to collect rent?( I’m 2 hours away but want to make sure money is transferred correctly to my business account)

2) When it comes to repairs, do you have some type of contract signed with a company or do you just look for someone when needed?

3) When a one year lease is completed, can you renew for another year? Or does it automatically go on a month to month?(someone said you can’t renew for another year so just making sure)

Any other tips would be greatly a appreciated! This would be my first investment and first time managing. I know it can be tough but I would at least want to give it a try. Thanks everyone!

@Jason Bott thank you! Yes, both units are separate but on the same parcel.

One of the agents showed one policy but it does mention it’s for both units.

The second agent shows two policies, one per structure, and breaks down the approximate cost for each structure if they had to be rebuilt completely in case of a major accident. 

The second agent’s policy looks much more detailed. So would it be wrong to have two policies in this case since both units are on the same parcel? Or is this just another option?

@Dick Rosen thank you! I will try that company out!

Hello everyone. I’m getting insurance quotes on a property I currently have under escrow. There are two units on the same lot. I hadn’t really thought about this but one insurance agent said this isn’t a “duplex” because units or not attached so I need two separate insurance quotes. She said anyone who gives me one single quote will not be valid.

Another agent only gave me one quote and said both units are covered.

What do you guys think about two quotes vs one? And about this property not being a duplex. Thanks!

Hello @Bjorn Ahlblad. I actually did enter the actual address in rentometer but the results I get are on single family homes only

Hello everyone! I have been trying to analyze deals and how much the projected rental income might be. What is the best way to, for example, estimate rents on a duplex? I usually type in the zip code when doing this and try to check different sites(rentometer, zillow, rent.com etc) but a lot of the times cannot find any duplexed, just apartments or SFH. Will a duplex be maybe a little closer in price to an apartment? What can you use as a good comparable and what other things are important to check for( square footage, number of bedrooms/bath)? I may be overthinking this but it would really help out to get clarification to feel more confident when analyzing deals. Thanks!

Great information from everyone! Thank you all for the input, it’s  very much appreciated!

@Scott M. thank you Scott! So it seems like it’s mostly for their protection which is still good. 

@Brandon Myking so there is a chance for a lawsuit to be filed against the landlord for damage to a tenant’s property. Good to know. Thank you!