All Forum Posts by: Kevin Lee

Looking for recommendations for LL insurance for Memphis and Houston. Would love to know who you used and what your premium looks like if you're willing to share. Open to online only quotes as I have limited phone usage during my workday. Thank you!

1 Vote

@Natalie Kolodij thank you again!

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Thank you, Natalie! If I could just ask one more question, i have a separate account with no co mingling of funds. Is it advisable to have an account for each property? Or could I 3 properties flow into one account and pay all expenses from there.

0 Votes

Glad to see there are some subject matter experts here! Not to hijack the thread, but what is the benefit of having an LLC? Would having a highly insured property (1,000,000+ liablity) plus not being a negligent or slum landlord be sufficient and not require the use of an LLC?

1 Vote

Quote from @Kasi V.:

REI nation is a reputed turnkey provider but they just sent me pictures of the property and asked me to choose. They don't provide the data first. Without the numbers how can we decide? This is a time consuming business. My criteria is cash on cash return. I first like to short list based on numbers and then deep dive. Hence I am staying away

I had a different experience and the advisor I worked with sent me the numbers right away whenever I asked.

Praveen, I just purchased with them last month and did receive the "white glove experience" that their business is known for. Feel free to PM me if you have any questions.

3 Votes

Thanks for sharing!

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A possible solution could be to hire a handyman to cut out the section of drywall that has been water damaged and use a moisture meter to see if there is excessive moisture in the wood and other parts of the drywall. If it all checks out OK, they could just replace that section, mud, tape and paint and it'll only cost you a few hundred bucks rather than filing a claim with your insurance.

2 Votes

Austin, Texas

How would you guys compare Columbus to somewhere like Memphis that has similar price points?

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Quote from @Jill F.:

We just this week bought a 6 unit building in a top notch suburban school system for $615,000 with gross rents of $4615, but to make the deal cashflow (barely), had to raise the gross monthly rents to $6570 on 4/1. We'll lose money for 75-90 days but the new rent is market so some will stay and not forcing people that can't afford it to move in the middle of a very cold winter I think buys a tiny bit of good will and is the decent thing to do. We will then, as the units turn over, get rents up a good bit further with additional design improvement renovations and hopefully reno into lower interest rates when they drop or at the very least in 5 years on our 20 year we'll have paid off enough to refi into a smaller loan.That is the only kind of smaller deal we can find in neighborhoods where we want to buy now.

What area did you buy in? We're looking to get into AZ.

0 Votes

Phoenix, Arizona

All Forum Posts by: Kevin Lee

Kevin Lee has started 4 posts and replied 29 times.

Post: Memphis Experience with James Wachob (Foundation Property Management / TurnkeyInvest)

Post: Landlord Insurance Recs

Post: First Time Investor Setting Up an LLC

Post: First Time Investor Setting Up an LLC

Post: First Time Investor Setting Up an LLC

Post: REI nation experience

Post: 5 Years with REI Nation: Convenience Over Cash Flow

Post: Plumbing Issue - Landlord's vs. Tenant's expense

Post: What's it been like investing in Columbus? Where should I invest?

Post: Is the 1% rule dead in Arizona?