All Forum Posts by: Philip Cutting

I pay around 500 to 600 a year. It has saved my but once. Once I got it raw with vacancy clause. 

Be careful to not over cover your self but be careful to match the coverage to your risk tolerance. Take some time with the insurance guy. Then compare him to another one. 

I'll probably try to call @Tracey Marzich myself to see what she has going on. 

I work with a guy named John Maggliocca. 7245358835   He is from PA. But I get ALL my insurance threw him (except for 2 cases where it made the lender happy, respect our lenders righ). He is very patient at explaining things to me and he is on the core team I've build to work with my wife for when I die, my A team). 

Good luck with it! 

Phil

YES! NO! Wait a moment!  Where are you getting your leads?

Your deal sounds like a typical loopnet or Mls deal. 

Right now the only value is multi units in Columbus are direct from the seller or when there is distress. Both situations don't sound like a home you want to live in. Except the part that you have time on your side so maybe you could find a run down property and or motivated want to be x-landlord. 

I would think networking and court house or code office. Just saying. 

Take @Bradley Spencer out for a coffee or maybe a beer if you can. I know when I'm back in town I plan to :). Vic and Italian villages were overpriced in 2011. You missed that boat but of you see a deal you better have everything lined up. Sellers there know it. But that doesn't mean you don't try. Just be ready to execute if that's what you want. 

My fealing is that you need to keep digging. Consider a double. Look at other areas. But in Columbus 4 plex properties are candy now. I would try not to be a motivated buyer. 

Anyways. We could go on but it sounds like you just started looking. I wish you luck my friend!

Ps.  Sorry for the grammar and spelling. This is from my iPhone. 

John is right. Columbus is a hard market if you don't want to work. It has tons of good deals if you do exactly what he says. Don't be shy, get the word out there that you are ready to buy properties and be ready when your offer is accepted :)

+1 for John. 

Hi 

@Account Closed ,  sorry I haven't worked with him on that. But just call him up and he'll give you a good price.  He is very fair. Plus if you need someone to defend you it'll be better to have paid for it. 

good luck

Phil

I've been and noticed that the banks like to control the auction for their properties.  But don't let that hold you back.  The auction terms/conditions in Franklin county are excellent for investors.  I'm serious, get involved!!  Go to 3 or 4 of them, and then start checking out the deals 2 days before they go to auction.  It's intense, but if it's your thing, you'll love it!  

Good luck and keep us updated.  Make a blog! If you don't I will! :)

Phil

Hi @Vincent Reid 

Subject to deals are great, but a little tricky.  Make sure to have your attorney review your agreements and disclosures (they need disclosures).  Also, have your title company review the documents to make sure they will accept them at closing.  Better to know ahead of time what will or won't work when it comes to this.  I had one fall apart because of this.

A good attorney might be John Hyre in Columbus OH.  http://realestatetaxlaw.com/

Also I use First american Title, but there are lots of good title companies in the area.  

These deals are fun, but I'm not sure I would want them to be my 'niche', they are more of a tool then a market... but at least you will be able to mail/market to them, people with mortgages between x and y years.  

A search on here might reveal a good guide to subject to.

Sounds fun! Good luck.

Phil

@Ross Gill 

John Hyre is a great guy! I work with him and have been in contact with him since I've started.  Great referral @Darrin Carey 

I haven't met Vana, but I'm sure it's a great group.  I hope Ross checks it out.  

Hi @Helen Kolton 

Have you run the BP calculator on these?  If not would you please do so and put the numbers on here.  I cannot tell if these properties meet the 2% (or even 1% rule) and the 50% rule (when considering expenses. (are you familiar with these general guidelines?)

A little more info would be great.  I'm just concerned that you might not be making enough return on either of these when you consider the entire picture.  

Talk soon,

Phil Cutting

Welcome to Bigger pockets @Ross Gill 

If I could offer some advice.  First impressions are really important, and so is rapport building.  When your first request to a community is for marriage (looking for a mentor) it's pretty serious.  So your actions and your request do not match up.  You state that you are fully committed, but you don't even have your profile set up and you haven't made any interaction with the community. 

1) Make your profile 100% complete.

2) Interact with the community some.  Search forums/blogs for quitting your w2 job.  Thank people that wrote content that really helped/inspired you and get involved in the discussion and ask questions.  

3) Read the free guides and listen to/watch the podcasts.

4) Then contact some local guys and have coffee or something.

5) Start a blog here about your journey of becoming an investor.  Don't be shy to write down your fears, your goals and your plan. Look up business plans and make one, and post it in your blog.  People love to help someone with a vision. I see that you've had one rental and are ready to move on to multiuntis, but I can't get interested in that because I don't know anything about that one rental.  Talk more about it in your blog.

I'll toss out a couple names, and hopefully they won't be insulted that I did, but after you do the first 4 steps, maybe contact them and ask if you can take them out for lunch and then ask if you can do some work for them.

@Steve Baldwin , an investor and realtor.  

@Peter Lohmann, an investor and property manager.

Even if you don't find a "Mentor", you can learn everything you need to learn here.  It'll be easier to find a mentor once you start taking some actions that show how serious you are.

PS: If you are serious, consider becoming a RE Agent.  In columbus that classes are very accessible and affordable.  Talk to the above guys about it.