All Forum Posts by: Pat Wasson

Currently, We have our properties insured with REI (NRIEG). When attempting to sign up to use their new portal feature, I noticed they wanted us to agree to some new terms including exclusivity. As an attorney, I did not like the terms or this approach in general. Looking for a new carrier.

I have a tenant that would like to do a 2-4 year lease.  Thoughts?

@Steve Gregory  Thank you!  Giving them a shot.  Got another 2700 quote on a 52K property.  Argh.

@Rhett Tullis  I have been carrying cash value policy.  Interested in other considerations but seems like replacement cost does not make the most financial sense considering cost vs actual market value and investment. 

Anyone have a referral for decently priced landlord insurance in Oklahoma? I would like to insure for market value which is generally about 50% of what I paid rather than rebuild costs which are significantly higher than MV. Right now I have 5 properties but expanding. Example quote today - 3/2/1 1600 sq ft brick. Investment $65K ARV $105 Rebuild Cost per Insurance $175K insurance quote 1% $2900 annually. Suggestions?

Do I get an advantage (discount on price) with paying cash on bank-owned foreclosure vs buying pre-approved? My intent is buy and hold or brrr strategy.

How is the tax hit different from if my company gave me a bonus (minus 10% penalty)?

I am trying to determine if it is a good idea to cash out an old 401k (55k) from a former employer to use to invest in additional properties.  Isn't the 10% penalty the same as a loan at 10%?