All Forum Posts by: Ryan Fox

So I've been using MyFirstam.com to do title search work for both my legal work and investing.  It's a free service from First American Title.  However, they're discontinuing it.  I'm wondering if anyone uses a similar free service to reseach chains of title and pull up title docs.  Looking specifically for the states of CA, NV, and MO.

TIA!

@Bobby Paquette- So my fixed costs are the $250 / mo interest payment, $116 / mo in property taxes, $105 / mo in insurance, and $98 / mo in property management, which totals $569.  

$1,225 rent - $569 fixed costs = $656 / mo cash flow before vacancy, repairs, ect. 

@Bobby Paquette- This isn't a traditional BRRRR by any means, but I'll share anyways.

Purchase price: $109k

Tenant-occupied at purchase paying $950 / month

Financed with: securities-backed line of credit @ 2.49% interest-only fixed for 7 years

Monthly interest payment: $250 / month

A year after purchase, a drunk driver drove into the property, causing $107k worth of damage.

Luckily, no one was hurt and the insurance covered all damages.

The existing tenant moved out.

After the insurance-funded rehab, the property was worth $160k.

New tenant moved in at $1225 / month.

I haven't refinanced out of the line of credit financing because I'm hanging on to the 2.49% fixed rate.

This was in Independence, MO.

@Michael Frabotta - That's fine as long as your rental property can reasonably cover the loan payments.  You should also factor in that, in addition to the loan payment, you'll need to factor in periods of vacancy, repairs, big-ticket items like a new roof or HVAC ("capital expenditures"), and the costs of a property manager.  In the BP website, if you scroll up top to Tools > Calculators > Rental Property it kind of walks through all this stuff.

@Sherrie Malais- Very nice!

@Michael Frabotta- It's better to purchase with today's numbers.  The deal should make sense with today's interest rates, because no one knows when rates will fall, and if the do fall, how much they will fall.  

@Diane Tycangco- Get a public adjuster.  Check with local investors to see who they recommend.  And file your claim ASAP so the claim will be processed quicker.  

@Ian Morales- Welcome!

@Joy Scher @Brock Dowis- If you're still looking for an attorney these are things my firm can assist with.  

@Michael Plaks- Does the above still apply for 2023?