All Forum Posts by: Ken T.

I am very cautious in the Bay right now. Always keep your emotions in check when you are investing! At least factor in a little bit of slack for a market downturn

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This is an extremely broad question. You should see a local broker, they have access to multiple carriers. If you want a quick and dirty evaluation of a company, just look at their financial rating. Most carriers will do exactly what you expect them to do. As far as I know, customer satisfaction varies greatly pertaining to their individual claim.

Personally myself, I use Safeco for my personal and rental properties. My clients have also been really happy with Pacific Specialty and Foremost as well.

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Originally posted by @Astrid Van Boom:

I am doing all the above, but my MAO to buyer always come way less than the Asking price. Looking at a property now of which Asking price is $128,000, after rehab, which is currently being done. Minor rehab still to be done. Comps, show ARV is $120,328 x 70% = $84,220(all in cost for end buyer). If I deduct minimum repair cost of $10/sqft (1,352 sqft) = $70,700(offer to end buyer) - $5,000(fee) = $65,700(MAO to seller).

Is this correct? Most of rehab has already been done therefore doing $10/sqft for repairs(light fixtures, ceiling fans, painting of interior walls). Or is it at times not even necessary to calculate rehab costs. Know that with a turn-key property you might not have to have it done.

At loggerheads as all offers have thus far been declined, because of this?

Any input will really be appreciated.

*Mortgage is $88,000 outstanding, so no equity.

Max Purchase Price $65

Repairs $13

Total Cost$ 78

ARV $120

Gross Profit $42

Closing Cost $12

Net Profit $30

ROI 38%

38% ROI is quite a gain, so yes you have quite some room for negotiations.

You should probably always calculate rehab, or at least think deeply about it ....

If there is no equity in the home they might not be too motivated to sell. Anyways good luck!

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the short answer is you need to run comps and then apply your purchase formula and then work from there.... Maybe you should read the beginner's guide on this site, they're very insightful

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My girlfriend is a tax preparer at hr block. Tax prepping can be pretty simple. She's studying for her enrolled agent cert, once she has that, she would be very well versed in taxes.

To my understanding my CPA buddy knows a lot about taxes but thats hardly their focus.

You will be fine with an enrolled agent

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need more info. Did you put an emd? What are the contingencies?

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Make sure you find an insurance carrier that knows you will be doing AirBnB as well

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This was incredibly insightful for me. Good discussion! Glad I read this thread! Bumping this from the dead.

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Sue Kelly is on point. I would recommend you speak with an insurance broker educated about homeowner's insurance.

Make sure your tenant also purchases renter's insurance. This will cover their liability. Make sure to have you listed as the additional insured.

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In CA I write my clients with Foremost for their flips/COC/vacants. For investors w/ multiple properties we place them with American Modern. Be sure to find out if your carrier will an LLC as a named insured

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All Forum Posts by: Ken T.

Ken T. has started 15 posts and replied 72 times.

Post: Waiting for the market to rebound?

Post: Best insurance company

Post: Estimating a property

Post: Estimating a property

Post: Would you trust an Enrolled Agent to do your taxes?

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Post: Pittsburgh Investment Property

Post: 50K-250K Personal Lines of Credit--UNSECURED; available nationwide

Post: My Biggest Fear - Personal Liability Coverage

Post: Homeowners Insurance in San Antonio