All Forum Posts by: Stephen Kunen

Thanks all for the responses.  I'll keep researching on the forums too. 

@Brie Schmidt thanks Brie. Anyone else have thoughts on this concept? More perspectives are welcome. This would be my first trial at this.

Stephen

@Brie Schmidt Thank you Brie! and thank you for making me aware of the deal analysis forum. This is going to be a tremendous help. I've been to REIA events, but hopefully I can meet some BP folks who also attend and have some warm leads when I attend.

@Aristotle Kumpis    Thank you Aristotle. Its good to get some feedback on that dupex idea. I had thought that even when I live in the property a property manager could manage the property, but I suppose that fact would be discovered soon.  I agree on the tenant point of view.  What do you think about the ability of making your house an asset as well via the extra payments to subsidize your mortgage.  That is really my main reason to seek that duplex.  I could be persuaded otherwise though, and I'm not sure it will be too difficult to do. I'm still exploring that idea. 

I would be interested in learning more about the resources in Indiana. I may be visiting it soon this year. 

Best,

Steve

Hi All,

I currently have a single family home in Indiana that I am considering refinancing.  The key points for me would be: 

1) The lender must be able to refinance the property in the name of the LLC that currently owns the property.

2) The interest rate must be fixed. 

3) I'd like to understand what other costs would be involved in refinancing. 

The home currently is worth about $59,000 and has gone up in value from its original price. 

Please let me know if your company offers such loans. 

Thanks,

Steve

Hi All,

I'm Steve, and my wife Handie and I just became BIggerPockets Pro Members today, 3/19 after watching Brandon Turner's webinar on analyzing deals and are very excited to continue building our real estate business!

We have been investing for the past 2 years and have gone through a couple of real estate courses, seminars, books and have purchased 3 single family homes in Indiana from a turn key property company that got us in the game.  We've used conventional fixed rate mortgages so far, but believe we need a new strategy to keep acquiring more properties, including multi-families and perhaps apartment buildings at some point. 

Our immediate next purchase is going to be our personal residence, but we'd love to be able to house-hack/ buy a duplex to rent out the other half of the home. Our goal is to be able to live off of the cash flow from our rental properties. 

We hope to meet a mentor who is willing to help us get to the next level in our real estate game and joined the Bigger Pockets Pro group in the hopes of finding someone who may be willing to give us a shot. 

We both work full time and supplement our income this way, and are in this for the long haul.  We're willing to study up, work hard, and earn the trust of someone willing to teach us what they know! 

Hope someone receives this message in a bottle!

Best,

Steve & Handie

Thanks BreAnn.  This answers things for me!

Best,

Stephen

Hi all,

I have three investment properties, single families, in Indiana currently in the process of being transferred into 3 separate LLC's by quit claim deed. As a result I need to redo the homeowners insurance in the LLC's names. The insurance company I use also mentioned that once an owner (whether in your name or not, i.e. even if you control an entity) they require/recommend a commercial general liability insurance policy. The minimum price is $100 for coverage up to 500K, which sounds pretty good, and I would be willing to do that for each property if the policy is actually good.

So my question is, what should an out of state investor look for when evaluating commercial liability policies for their property? I have a general sense, but this will be the first time I purchase (maybe) a policy for this reason, so I hope to draw on your collective wisdom. The insurance agent mentioned that this covers the situation where the tenant invites a guest over who gets hurt, but there are tons of exclusions here. I'm generally biased against insurance, but know it plays an important role. Thanks!

Steve