All Forum Posts by: Kai Kopsch

The cheapest option isn’t always the best. It’s crucial to balance cost with the quality of coverage and service. Consulting with an independent insurance agent can also provide personalized recommendations based on your situation. 

Homes built in 1878 involve some unique considerations due to the age and historical value of the property. Is the roof updated, and are there modern electric wiring and new water pipes? Without these updates, it is tough to find insurance.

When considering these options, think about your financial goals, risk tolerance, and the need for liquidity. If having accessible funds is a priority, a high-yield savings account might be more suitable or S&P 500 investing. However, paying off your mortgage that you acquired with low interest makes no sense to most in a 7%+ interest rate environment.  

Ultimately, the decision to purchase now or wait depends on your financial goals, risk tolerance, and the specific opportunities you’re considering and every situation is unique, so what works for one person may not be the best for another. There are deals out that make sense with 7%+, but not so much for a duplex.

Refinancing a few years after purchasing can make your numbers look better if interest rates drop or your financial situation improves, allowing for a better rate. Keep in mind that refinancing comes with its own costs, and it’s important to calculate whether the savings from a lower interest rate will outweigh these expenses.

Thanks for your post it will help a lot of foreign BP members 

Applying through Zillow’s rent manager offers the benefit of a one-time $35 fee, allowing applicants to apply to various Zillow properties without additional charges. While $50 may seem steep, it’s relative to the rental’s value. For tenants with a monthly rent exceeding $2,000, the $50 application fee is generally not a concern.

Congratulations on your closing; most PM have a trust account for the rent collection, and you have to pay them directly just send them a message or call

When considering the purchase of a property with existing fire damage, there are several important factors and protocols to keep in mind:

Assessing the Damage: Conduct a thorough assessment of the fire damage, ideally with the help of professionals, to understand the extent and impact on the structure and systems of the property

Repair Protocols: Follow local building codes and regulations for fire damage repair. This may involve hiring licensed contractors and obtaining necessary permits2.Address structural integrity, electrical systems, plumbing, and potential water damage from firefighting efforts.

Insurance Considerations: A history of fire damage can affect insurability and may lead to higher insurance premiums. Insurers may view the property as a higher risk, especially if there have been multiple claims. Speak with insurance providers to understand how past fire damage might affect future policies and premiums.

Congratulations on your first property here in CLT. If you plan to move in by yourself before renting it out later, first, don't do anything! 

Rookie mistake No. 1 is to spend too much on their first REHAB; after living a few months in the property, make a scope of work and a game plan. I would recommend going to local meetups and talking to other Investors about how they trust to do the work.

Quote from @Kyle Pierrehumbert:

Such great responses. I appreciate the effort here!

I did not use professional photos first, however I am getting that done on Friday and will update the listing! I have written out a very thoughtful and accurate description for the post. 

I think a massive element here is I need patience. Im antsy as this is my first and just want to get someone in there, the right tenant of course (and I wanted these learnings).

I am planning on self-managing first, again to learn all I can. I'm primarily going to use Zillow for everything. 

@Lorien Rollins This is sooo helpful. I think I saw a post of yours and you have a house in Denver NC? That is where this is. It would be invaluable to have a quick call with you. 

 If you're Self-managing, make sure you're not getting scammed! About 30% of all inquiries I receive over Zillow are from fraudsters like stolen identities or fake employment paperwork, and good old classics like

my partner tried to apply over Zillow with a background check, but something is not working on Zillow website but you have my application this should be enough?

Hey there, fellow real estate enthusiast! Those online classes about tax liens and mortgage note investing they're about as useful as a chocolate teapot! You don't need to waste your hard-earned cash on those when you've got BiggerPockets for free. 

Tax liens and mortgage note investing might sound fancy and exciting, but they're not exactly the best choices for a newbie investor like yourself. You're better off starting with something more grounded, like securing funds and getting a few transactions under your belt. Once you've got some experience, you can always dive into those niche strategies later.