All Forum Posts by: Nathan Hughes

@John Mocker 

Thank you John 

I'm not sure what company he uses for homeowners but they told him they wouldn't cover extra liabilities like a pool. They also said it was nearly impossible to find a company that would.  Unfortunately my insurance knowledge is limited (I view it as a necessary evil lol) but my understanding is that an umbrella would only cover after the initial policy limits run out, but if his main policy never covered it in the first place would the umbrella even offer any protection?  Regardless whether he gets an umbrella policy or not, half of the companies you represent would cover it. As long as he finds a company willing to include it he would be covered.  Is there a certain insurance phrase that he should ask for in the policy? For example a fire/dwelling policy including in-ground water hazard liability.

Insurance is one huge headache for me. It sounds like I want to exclude any properties with a pool in my future portfolio.  

Thank you again

My brother owns a home with a pool. They want to turn it into a rental . He is afraid of the liability that comes with an in ground pool. What are his options? Can you safely rent out a house and have proper insurance coverage to limit your personal liability of a worst case scenario involving the pool? Thanks

The roof for 8k would only be for a single ridge easier roof. If you have multiple ridges and valley's it would probably be more.

@Nathan Braithwaite

I think the Kitchen is a little low. If it's contracted out for a mid range complete gut and Reno. I'd say budget a minimum of 15k -20k. Interior paint is an easy diy for $500 just invite some friends over and bring a 30 pack. lol. $4 a sqft sounds right on the flooring. Roof and HVAC numbers are just about right unless you go with Lenox brand and then double or triple the hvac price. (I like Goodman)

You need to make your mind up on the why part of this whole thing. Before you make an offer know for sure what you want to use it for.

My uncle is a Reno guy in Tulsa if you end up buying it send me a message and I'll give you his contact info.

It's always nice to meet another Okie on here.

 DIY or contracting it out?  High mid or low end remodel? SQFT of house?  We need to know these answers before answering if the prices are right. 

@Nathan Braithwaite 

Nathan nice to meat you. :) I have a few questions first. 

@Chad Hrapmann I recently installed a 2nd set of night owl 4k cams at work. I buy them from my local Sam's club for $300. They work great and have a 2tb hard drive which will record a few weeks 24 hrs a day or even longer if it just records with motion alarms. Easy set up and can be fully stand alone systems. I use a thumb drive to pull footage for incedents. Cams come with 60ft of cable each. I bought and installed 20k systems down to $20 systems and my night owls are one of my favorites. If you had WiFi I would say go with a couple cheap wyze cams they cost 20 bucks and are freaking awesome but not fully stand alone.

@Harrison Moseby my cousin used it for his first home. I think he used another program through the Cherokee's also. They gave him 20k for a down payment. He had to go through a few days of classes and if he sells it in ten years some of the money will have to be returned. He bought a sfh though so I'm not sure if a small multi would qualify. It's definitely worth looking into. If you go to the Cherokee web site they have a number you can call and they can give you the exact info you need.

@Maxwell Vrana OKC would probably be the closest for you. I found a few on Google using oklahoma real estate investor meeting as the key words. Allot of the meetings I've found in NE Oklahoma are during the middle of the day in the middle of the week. So finding the time to get off of work can be a challenge. Somewhere on the forum is an Oklahoma page and they usually have a meeting time posted. I'm on my phone right now and the search options are a little limited.

Put yourself in the renters shoes.  Would the awkwardness you described drive you away at first sight or effect your needs as a renter? Example #1  The renter walks in and is horrified turns around and walks out and says nope that place gives me the creeps.   Example #2 If the renter walks in and says wow this is weird it does check all my boxes but I don't think I would be interested at the current price. lets see if I can get him to drop the rent price down some.

 As a past renter I didn't care what it looked like as long as my needs were met and it was functional and in my price range but I was an exception to the rule. Most people want more.

Also keep in mind your exit strategy. I love the idea of house hacking but if you said the house has been sitting on the market for a while are you willing to do the same thing if you decided to exit the deal a few years from now?

Hope this helps