All Forum Posts by: Matt Eklund

Lenders are requiring a high $/sf replacement cost for insurance.   Last year the minimum was $65/sf and now it's $120/sf, hence the increase in premium.

Hi,  is anyone else's insurance doubling from 2022 rates.  This is happening on all my properties as I go to renew.   What's happening in the insurance industry to cause this?

They are switching banks as of the end of Nov, 2023 and it's creating a little anxiety on how smooth a transition that is going to go.  I have sub accounts for each property and the property managers ACH tenant payments into these accounts, so I'll have to deal with a new set of account and routing numbers.  Ugg.

@Justin Hoggatt

Did you pursue campground investing? I’m signed up for a KOA information seminar in Nashville October 2023.

@Marv Edelstein

KOA is hosting a informational seminar in Nashville in October 2023. I’m signed up to go.

$6k limits are not a problem for me. I have many sub accounts. Most rents are less than $1500/mo. Your pm has to set up ACH deposits into per property accounts. It usually means they have to have separate accounts set up in their pm software vs lumping all properties into one account. I noticed they up the APR to 4.81%.

@Leon G.

Don’t get out of real estate. You just need to get into the right properties with the right property manager. For a more hands off approach, which it sounds like you’re looking for, do turnkey investing. I have properties in 3 states and loose very little sleep over them. You wouldn’t abandon the stock market over a couple of bad stocks right? You would dump those and get into stocks with better proformas. Do the same for your real estate. Use the BP tools to analyze a deals. Use property managers that specialize in turnkey. Find your PM FIRST and then have them find you properties.

I use Stessa. It’s free and I’ve been using it for years. There is a Pro paid for version that unlocks some reporting capabilities, but the free version is probably good enough for the basics. The one I used before Stessa was https://realestatetools.com/property-tracker/ . It was really good to, but expensive. Both of these are specific to real estate and are built for the non accountant to easily use from day one.

@Luka Milicevic.

X2 for this post. This doctor guy lives in a bubble. Every point is false. I’ve doubled my equity since starting in 2017. Check out this article regarding investing in suburbs: https://www.jasonhartman.com/americans-are-moving-to-the-suburbs-en-masse/

I’ve been using Stessa for several years. Here are the cash account limits direct from the app:

Here is the small print:

I was able to easily open a cash management account and several sub accounts. I did one for each property. I then did test ACH transactions for around 5 bucks into each account. These took several days to clear. Once this was verified, I did a wire transfer. This took 2 days to show up, but was verified. I then had my property manager change my ACH deposits to Stessa. This was confirmed to work. Last step was to have my lender take out my monthly mortgage payment. I’m still waiting for next month to see if this works, but I did see they pinged my account for $0 so, I assume it will. I still hold my regular traditional investment checking account for those check writing needs, but in the meantime I’ll take the 4.55% cash management account yield all day long.