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All Forum Posts by: Josh Tonnesen

Josh Tonnesen has started 9 posts and replied 31 times.

Post: Liability Insurance Recommendations

Josh TonnesenPosted
  • Investor
  • Fort Myers, FL
  • Posts 35
  • Votes 9

Hello BP Community,

I wanted to reach out to see if anyone has any recommendations on an insurance company who would provide liability insurance only. I live in SW Florida (where hurricane Ian hit) and the insurance premiums are just too high for homeowners insurance (especially considering any flood damage is a separate policy). I now have 3 Mobile Homes in a LLC, and I want to hold Liability insurance in case of being sued for an injury.

I have talked to a few companies, but no one seems to offer a liability policy outside of normal dwelling coverage. I know some people can get coverage for liability only on larger mobile home parks, but haven't had much luck yet.

Thanks!

Post: Mortgage Broker License/Value

Josh TonnesenPosted
  • Investor
  • Fort Myers, FL
  • Posts 35
  • Votes 9

Hello all,

I have recently bought my first rental property, and I was looking through the different costs associated with buying the property. I noticed the lender paid the broker 5-6k, and I thought that was a pretty large amount. I wanted to see if anyone on here had any thoughts on the difficulty on obtaining a brokerage license, and if it is worth it. I think I would have access to lower rates, and hopefully save some of that brokerage cost. 

Thanks.

 

Post: Fort Myers REIA Networking Events?

Josh TonnesenPosted
  • Investor
  • Fort Myers, FL
  • Posts 35
  • Votes 9

Thanks for the information. Do you know of any networking events at night? I work full time in corporate accounting and cannot make the 11am events.

Post: Fort Myers REIA Networking Events?

Josh TonnesenPosted
  • Investor
  • Fort Myers, FL
  • Posts 35
  • Votes 9

Hello,

Does anyone know of any real estate networking events in the Fort Myers/Naples area? 

Thanks!

Josh

Post: 401K/ IRA advice for recent college grad

Josh TonnesenPosted
  • Investor
  • Fort Myers, FL
  • Posts 35
  • Votes 9
Hello Community I am starting a new corporate job, and I am looking for some advice. The employer has a 401K matching policy, and I would want to take advantage of that. Being younger and an investor, I think I would want to do Roth 401K, since I would have access to my money earlier. My plan is that I would take advantage of the matching policy, and then as soon as possible, get the money back for myself to invest. However I am not too familiar with retirement plans, so I am looking for some advice on the subject. IRA Thanks, Josh Tonnesen

Post: Need Help With Property In Philadelphia

Josh TonnesenPosted
  • Investor
  • Fort Myers, FL
  • Posts 35
  • Votes 9

@Deshawn Lewis,

If your uncle has this property under an LLC, you might be able to buy the LLC from him instead. I am not sure if this could trigger the due on sales clause, but it could be worth looking into.

Post: New and Looking for Advice

Josh TonnesenPosted
  • Investor
  • Fort Myers, FL
  • Posts 35
  • Votes 9

Hello @Brian Mansfield,

Every investor has a different qualifications of what is a good deal. Personally, I wouldn't do a deal that is negative cashflowing, but I do not have a minimum for cash flow. A lot of investors are looking for 100$ cashflow for each door they rent. I mostly look at the ROI. You can either look at the CAP rate, or your cash on cash return. The cap rate is the NOI / Total investment cost of the house. With the cap rate, it doesn't matter how much money you have put down, because it takes the total amount the house is really worth. I mainly use this to help me understand how long it would take me to own the property if I put the profits back into the mortgage and do not take any cash out. Cash on Cash return I find helpful, because it helps me get a good idea of how my money is going to grow, which is the main purpose of investing. I think that one of the BP pockets calculators has a calculation that takes into the cost you would pay through hard money lending. Most lending would require you to put 10-20% down. I hope this helps. Feel free to connect and reach out with any questions.

Josh Tonnesen

Post: West Philly Financing Options

Josh TonnesenPosted
  • Investor
  • Fort Myers, FL
  • Posts 35
  • Votes 9

Hello Samuel,

I would recommend that you look into Alpha Funding solutions for your projects.  They are a hard money lender, and lend all over Philadelphia.  I think that they do Joint Venture deals as well, but that is a case by case scenario.  I hope this helps.

Feel free to connect and reach out

Josh Tonnesen

Post: Hard Money lenders

Josh TonnesenPosted
  • Investor
  • Fort Myers, FL
  • Posts 35
  • Votes 9

Hello @Breanna Taurino,

Every Hard Money Lender is different with what their requirements are. I know of one, Alpha Funding Solutions, that doesn't require you to put any money down, but you have to have an asset that they can provide as collateral. They will also pull your credit, but having good credit is not 100% necessary. If you have worse credit, you would probably need to put more money down. Also, that would affect your pricing. The worse credit you have, the less you can put down, the higher the LTV, etc, is going to negatively affect the rates that they would lend you money for. I would recommend reaching out to them if you are in need of financing, but you would most likely need a strong asset for collateral if you cannot put any money down. They do a lot of work in Philadelphia, as well as throughout New Jersey and New York City.

Feel free to connect and reach out

-Josh Tonnesen

Post: Wholesaler looking to network

Josh TonnesenPosted
  • Investor
  • Fort Myers, FL
  • Posts 35
  • Votes 9

@Cody Hahn

Welcome to BP.  Thanks for introducing yourself.  I am a cash buyer in the Philadelphia market.  I have done some marketing myself, and we have seen a decent response from direct mailers.  We have used findmotivatedsellers.com.  We have not gotten a deal from it, but from our limited exposure through it, we have gotten a fair share of leads. 

Feel free to connect with me.

Josh Tonnesen