All Forum Posts by: Matthew Hite

I have received a non-renewal notification from my insurance provider due to a high loss ratio. During 2019, I had a water heater burst in the property causing water damage in which I filed a claim. Shortly after while performing remediation on the same property, my contractor identified that there was significant hail damage to the roof and so an additional claim was submitted.

The property is in Texas and I've read on the Texas Department of Insurance website (paragraph 22 on https://tdi.texas.gov/rules/bor-home-english.html) that insurance companies cannot use claims you filed as a basis to non-renew your policy. My insurance broker is based on California so should I reach out to them with this information? Or should I attempt to find another insurance provider? I am concerned that the property may be considered uninsurable due to the past claims.

Also, if anyone has any recommendations for insurance companies for rental properties covering the Dallas-Fort Worth area please let me know. Thank you!

Could you send any pictures or detail to [email protected]?

A very cheap and effective method for finding deals is door knocking. It is very difficult as you'll get doors slammed in your face often but there are few better ways of getting directly in touch with the homeowners.

I've used them for about two years now and have had a good experience. They got my properties leased out quickly, increased rents substantially, and take care of maintenance requests promptly. They are a little more pricey than other property managers but feel like it is worth the price.

You would likely need to use a commercial or private money lender.  However, they will likely be significantly more expensive in regards to points and interest.

Hey @Bruce Lynn, I went to an event back in Austin a few years ago.  The primary strategy that they pitched was marketing for Sub2 deals.  I thought the three day free event was useful if you're very new to real estate investing, it gives you a baseline understanding of real estate strategies.

As already mentioned, the intent is to up-sell you on their mentorship program.  Phill and his wife are well known in Texas real estate community and I'm sure it is a great program; however, there is little that they are going to be able to share with you that you can't learn on your own online via podcasts and the BP forums.  In my experience with speaking to those who have gone through mentorship programs, they often pay thousands of dollars for the program but never do a single deal.  My opinion is that if you're just wanting to pay for a packaged up program then you likely don't have what it takes to make it in real estate.  You will be much better off taking that money, purchasing a deal, and learning the hard way.

Thanks, @Mark Allen!  I'll reach out to Jeff at Vista Bank this week.

@Jeff Richardson, I've sent you a PM for more information.

Hi everyone,

Does anyone have recommendations for a bank that services the Dallas / Fort Worth (DFW) Texas area to provide portfolio or commercial loans for SFR rental properties? If so, what sort of terms do you receive from them? I'm looking to begin establishing a relationship with a bank for when I max out on the 10 mortgages.

Thanks!

 Even if returns on real estate are 2 or 3 times that of what you're earning by investing in the market?

Thanks for your input... I do agree with the idea of diversification between stocks/real estate. I should also caveat that since the majority of my retirement accounts are Roth, only the profits will be penalized as my contributions within the retirement account would be withdrawn tax and penalty free. Realistically, the amount that I'd be paying in fees would only be only a couple percent of the total contribution. The main issue is losing out on the tax advantage that the Roth IRA provides.

Additionally, the purpose of withdrawing the money would not be to just park the money into a couple properties.  The goal with the funds would be to begin building a full-time business in flipping and rehabbing.