All Forum Posts by: Andy Bui

@David Hulit

Thank you for helping with this loan process.

I have rental properties and have a question on the EIDL disaster loan application.

What should I put for Business Activity? Real Estate?

Detailed business activity? Property Management?

I have done both flipping homes and building new construction. I've found that building new homes requires more capital whereas buying older or bank own homes cost much less. You can probably buy 3 to 4 bank owned homes for each new home built. The profit on flipping a home is about the same as a new home. In conclusion I think flipping older homes will make more money.

Thanks for all your inputs. I'm going with no property insurance, but definitely liability insurance. All the arguments are pointing that direction. Property insurance for my property is about $500 a year, with 12 properties, thats $6k.

Thanks everyone for your input. Here's another question? The properties I own are probably worth about 80k each. I am considering grouping them in LLC, maybe like 4 to a LLC. Would this limit my liability and not have to buy insurance? or should I leave the properties in my name and buy an umbrella policy like 1m for 12 homes. I don't mean to buy 12 policies for 12 homes, just 1 policy for 12 homes. Is that even possible?

Hello Everyone,

I am new to this forum, wanted to say hello to everyone. I have been buying and selling rental properties for the last 8 years. I am to the point where I have rental properties that are paid off. I have 12 that are paid off at this time.

Do I really need to buy property insurance to protect the rental properties in case of fire, wind or storm? or should I save that premium on the side in case nothing like that happens. What are ya thoughts on liability insurance?

Andy