All Forum Posts by: Paul Ewing

From the thread title I thought you wanted the story of how we acquired our first rentals, so I was surprised by the poll. What you really want to know is how we paid for it.

Me too. I thought it would be an MLS, FSBO, driving for dollars, or direct mail type question.

1 Vote

Welcome to BiggerPockets. I worked in Canberra several times in the past twenty years and really liked it. I can't really help you with investing remotely, but can answer questions on other things.

1 Vote

Check Florida laws first.

Now my opinion is hope the girl gets her things and goes, let the guy leave but ask him to clean everything left out in exchange for not holding him responsible for the past due, post the pay or quit notice as required by Florida law, then if you have an abandoned unit take it back after a few days or week.

0 Votes

Originally posted by @Brien OConnor:

Regardless in which carrier you choose, be sure to increase your liability limits to $1M. You'll find that the cost is nominal. Then be sure to have an umbrella to pick up the potential additional exposure. Believe it or not, I use State Farm. My rentals cost about $800/year and the umbrella is around $200. You can usually insure up to four SFR on a personal umbrella. After that, you need to obtain a commercial policy.

How much is your umbrella for? That sounds fairly cheap. I currently have all my rentals under Foremost and my personal stuff under Farmer's.

0 Votes

Originally posted by @Michael S.:

@Account Closed -

When I took a MoneyGram money order to my bank, they told me they didn't cash/deposit those, and that I'd need to go to the issuer to cash it. MoneyGram seems to be sold at Walmart, and they charge $3 to cash them.

I called my bank back, and am getting conflicting responses about whether they do or don't actually cash them. May have just had a new teller when I first talked to them.

Get a new better bank.

0 Votes

I am with Brandon Turner on his "There are great investment properties within two hours drive of everywhere."

That said, I do believe that many areas are heading for a major correction, but then so is the stock market. The key is to research, hunt, and buy right. If you do this and also follow a buy and hold strategy then it is much easier to weather any downturn.

0 Votes

Every time I look at condos or townhomes , I am attracted to the low prices, but it seems like the HOA fees really eat up most of the cash flow. Then there is the issue of the HOA board politics and assessments that happen on the board's schedule not yours.

1 Vote

Welcome to GP Steven. I agree prices are going crazy there so I really can't offer much advice to you. Just want to add, one baby really doesn't need a bigger house for a year or more really. Good luck.

1 Vote

Originally posted by @Daniel Hanson:

Hi @Paul Ewing - I'm curious on the unsecured personal loans that are not mortgages. When you do your income taxes are you able to deduct the interest cost against the property similar to how you would deduct interest with a normal mortgage?

Yes you can write off the interest the same as a regular mortgage. It is really the same as getting private money. I have the loan proceeds deposited into my Real Estate Checking shortly before closing and then use them for a cashiers check when I purchase a property. This way I have a paper trail proving where the funds were used if ever audited. You unfortunately don't get a nice summary statement like with a mortgage. I just add up all the monthly interest in each statement. You can do the same thing if you have a credit card you use exclusively for refurbs and such.

2 Votes

Originally posted by @Eric P.:

@Kayla V. What rent are you getting on those sub-$50k properties? Be careful with those - it can be tough to set aside enough for future capex on low-value, low-rent properties.

Not Kayla, but my sub-$50k places rent for $700-$1000 a month.

1 Vote

All Forum Posts by: Paul Ewing

Paul Ewing has started 17 posts and replied 597 times.

Post: POLL - How Did You Come to Own Your First Rental Property?

Post: Sarah from Canberra Australia

Post: Relationship ends; One tenant leaves, Other Can't Pay

Post: vacant property insurance

Post: Money Order Fees - Who Pays?

Post: Just how viable and feasible is it to invest in Real Estate NOW?

Post: investing in condo/real estate

Post: Hi I'm Steven from Dallas!

Post: Loan for Properties <$50,000

Post: Loan for Properties <$50,000