All Forum Posts by: Matthew Jure
Matthew Jure has started 6 posts and replied 40 times.
Post: How do you calculate capex and repairs?

- Lakewood, OH
- Posts 40
- Votes 13
I'm about to get on a soap box for a minute - save up for an emergency fund. I just hit this week with an unexpected $10k in CapEx. Long story short, the previous owner of my property pulled a fast one on me and it caused problems 5 years after I bought it.
Anyway, I only have one rental that I live in so take it for what it's worth, but I agree with @Alan Rohrer. An emergency fund is a self insurance policy against losing EVERYTHING when you have a problem. Many who agree save about 6 months of mortgage payments as a rule of thumb. However, I see many investors use credit cards as their emergency funds, but spread across enough time you WILL have an emergency and therefore you WILL use your credit card. My philosophy is that I can always go into credit card debt and pay 20%+ interest to them in an emergency, but I choose to have an emergency fund and pay the price of losing to inflation (~3%) instead. It also lowers my risk and gives me more options. To quote Warren Buffett, "You only find out who is swimming naked when the tide goes out." What I take from that is you never see who is financial stable until there is a problem. Better to be ready for it with a solid emergency fund than risk it all. I feel better now that I got that off my chest :)
Post: Property Insurance Estimation

- Lakewood, OH
- Posts 40
- Votes 13
I will keep that in mind. I only have 1 double now but searching for my next property every day. Thanks!
Post: Property Insurance Estimation

- Lakewood, OH
- Posts 40
- Votes 13
I was looking an 7 unit and an18 unit in Lakewood. I also saw a 21 unit in Cleveland (44109).
Does anyone know if the insurance gets cheaper (per unit) the more you have?
Post: Property Insurance Estimation

- Lakewood, OH
- Posts 40
- Votes 13
That's a drastic change in cost. Are you using a broker?
Post: Property Insurance Estimation

- Lakewood, OH
- Posts 40
- Votes 13
That helps. I occupy my current double.
Post: New to real estate investing - first out of state property help

- Lakewood, OH
- Posts 40
- Votes 13
Look at Holten-Wise. They have a big online presence. I know they've had turn-key in the past. I believe James Wise did a podcast on bigger pockets a while back too.
http://www.holtonwisepropertygroup.com/property-search-for-sale/
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Post: Property Insurance Estimation

- Lakewood, OH
- Posts 40
- Votes 13
Is there a rule of thumb to estimate property insurance on a multi family without going to a broker/agent? I'm in Cleveland, Ohio if it makes a difference. There has to be a way to some kind of ballpark estimate.
Post: Selling rental property after 5-7 years

- Lakewood, OH
- Posts 40
- Votes 13
Post: Carpet or no carpet????

- Lakewood, OH
- Posts 40
- Votes 13