All Forum Posts by: Kevin Allen

yes age of house is a factor in the price.  Info I gave them was with updates.  Progressive quote this as 975.00 per year.  Tomorrow I have a couple recommendations I'm going to try.

the value of the land is included in the price. I have a couple people to call for quotes tomorrow.  Talked to progressive and theirs was over 900 for the year at full replacement.  Which sounds high to me.  My  agents was 470ish but was at cost for 65000 only.  So I think I can I'll be able to find it tomorrow just hoping a little less than 900+

Ok, so I'm closing on my first deal this week. House is costing 62500. Total I will have about 80000 in it when it's all said and done and it should value at about 110000-120000. My insurance agent is saying he can't do replacement cost and he can only go to about 75000 cost insurance. Age of house being a factor. Should I just shop around? I'm not real comfortable having 75000 on a house I 80000 invested into. Especially on my first deal. This will be a buy and hold.

Congrats on your new vacation rental. I can't give you any input on the rental aspect. But when you get it up online shoot me a link. I'm about 4 hours from gatlinburg and go there from time to time. Might be interested in booking with you. I have often wondered about having a vacation rental there. Love Gatlinburg and the Smokies!

Thanks guys for the input. Makes a lot of sense to me.

Ok, so I close on my first buy and hold property next week. I know typically length of leases are one year. However, I know three different people that have gone to two year leases. They say this is due to the fact of the cost it takes to get the house move in ready when someone moves out(usually and hopefully paint and carpet). So do you guys think the two year lease is a good idea or do you think it would scare would be renters away?

Hello, I've been reading the posts and listening to the podcasts for a while now. Thought I would officially say hello. New to buy and hold. Closing on my first property next week. Little nervous but mostly excited. Wife is totally against this but she will come around sooner or later. Hopefully this will be the first of many purchases. Looking forward to learning from other investors in my area. Thank you Bigger Pockets!

Thanks everyone

Ok, so my wife owns a salon in Louisville KY. It is located in a space that she rents in a strip mall type shopping center. Today someone from the water company stopped by and did an inspection. He then told her she was going to have to buy a overflow that was going to cost about 1100 due to the chemicals that flow down the sink. The water bill is in her name. Is it her responsibility to pay this or the landlords? She has been in this location for about 7 years and there was a salon there previously.

have you tried river city bank?  I believe they offer them.