All Forum Posts by: Rahim A.

Hello,

I am selling a house with owner financing. Any companies that you would recommend for mortgage insurance? What are the typical costs associated with mortgage insurance?

Thanks 

Hello BP,

If I take a HELOC on my personal residence, can the interest on this loan be tax deducted? The funds from the HELOC will be used to purchase additional investment properties.

Thanks

Thanks Steven for the information. I will definitely check out the thread as well as the website. Please let me know as well your colleagues information. I will reach out to him.

Hello,

I am looking for an accountant in the Fort Myers / Southwest Florida area.

I have been using a national accounting firm but want to transition to a local firm that has experience dealing with real estate investors.

Anyone have any recommendations based on personal experience ? 

Thanks,

Rahim

I know this is an expensive upgrade, but if the house has old copper pipes, I would upgrade to pvc. I had the unfortunate experience of an old copper pipe bursting that ended up costing over $6000 in water/mold mediation and drywall/paint repairs. I paid $3500 a week later to have the house repiped.

Live in nanny, live in care taker, etc. I have heard people doing this. Not sure of its legality though. Our HOA has a clause that you cannot rent a SFH to multiple tenants. This was how one landlord got away with it for many years. He had a live-in nanny, live-in gardener, a live-in groundskeeper (each party were not related) and the HOA was unable to legally enforce there rules against the landlord.

I also recommend to use a local insurance agency.  

I keep a seperate liability policy of $1,000,000 on my LLC which costs ~$600 year. Your policy will depend on the status of your rental. (occupied, vacant and builders risk policy).

The vacant policy is if the home is going to be vacant while the house sells and the builders risk if you are going to be doing some renovation to sell the home. Both policy are fully earned so no refund if it is sold prior to expiration date. They can be tailored to how many months of coverage needed for your particular situation.

Here is the exact verbage from my liability policy. Hope this helps:

CANINE LIMITATION

This endorsement modifies insurance provided under the following:

COMMERCIAL GENERAL LIABILITY COVERAGE PART

A. The following is added as an item to SECTION I – COVERAGES, COVERAGE A BODILY INJURY AND

PROPERTY DAMAGE LIABILITY, 2. Exclusions and COVERAGE C MEDICAL PAYMENTS, 2.

Exclusions:

“Bodily injury”, “property damage”, or medical expenses for which any insured may be held liable arising from

or in any way connected with any “dangerous dog” owned or under the control of any:

1. Insured; or

2. Any tenant residing on the insured premises; or

3. Any guests or visitors on the insured premises.

However, this exclusion does not apply to a “service animal” on the premises.

B. The following definition is added to SECTION V – DEFINITIONS:

1. “Dangerous dog” means any purebred or crossbred dog comprised of any of the following breeds:

a. Pit Bull-type,

b. Rottweiler,

c. German Shepherd,

d. Husky-type (including Siberian breeds),

e. Malamute,

f. Doberman Pinscher,

g. Chow Chow, or

h. Any Wolf-dog hybrid.

2. “Service animal” means any guide dog, signal dog, or other animal individually trained to provide

assistance to an individual with a disability as defined by the Americans with Disabilities Act.

Two duplexes.  The other duplex is at 4426 SW 8TH CT A-B, CAPE CORAL FL 33914.  The tenants are both on month to month as well. Concrete block as well. This duplex has 2,268 under air.  We are asking 199,000 on this one.

Thanks,

Rahim

I am selling 2 duplexes both in great locations in Cape Coral. All assessments paid. City Water and Sewer. Concrete block. Turn Key. Tenants are currently on month to month lease. Tenants are paying below market rent. Off MLS deal with below MLS pricing. Cheapest duplex (4/4) at square footage in all of cape coral (Total 2388 under air)