All Forum Posts by: Steve Balinski

Hello,

Has anyone ever partnered with a contractor? I'm curious how to structure this kind of deal. Ideally; i'd like it to be 50/50, I bring the funding, they provide crew and labor, but if things go south, they have no skin in the game really. Thoughts?

Thanks

Michael, they'd sue the same person if I had them remove their own snow and fell... I believe this is where insurance comes into play, no?

Hello, here is my scenario.

For those if you in northern states, for smaller multi-unit (2-6) when it snows, do you tell tenants to shovel their own snow, or pay a maintenance company?

Lease says I will take care of snow, BUT 2/4 tenants are on M/M, I'm thinking of buying a snowblower for $300 and offering them $100/MO off rent to take care of it, otherwise its $50/each visit from maintenance crew which can really add up (x2 times today for this blizzard rolling through...Chicagoland). Would cost me about $700 to have tenant do it including cost of snowblower, or $$?? for maintenance company. They are already paying all of their own utilities.

Ok awesome, thanks for the advice!

Hello,

I'm looking to get a roommate in my primary. Can I sign a regular tenant lease with them, or do I need a roommate specific type of lease?

Hello BP investors.  

I have a question about renting a room in my primary residence (basement).
I hear several podcast from BiggerPockets stating these guys rent out any room in their house that they can with Airbnb. I would think if you're renting a basement you have to have an emergency exit. Has anyone rented out their basement or any room without an approved fire exit? Hypothetically speakings, lets say I have a bedroom on the main level that I wanted to rent, but my neighbors dogs eliminated that option, so I put the bed in the basement? Any pointers? This would only be for a few months.

Thanks John.  From what i've been researching a 4 unit should be around 2k/ yrs.  Travelers quoted me at $4500.  The ONLY broker through Geico said 8K and has a rebuild cost of over 1 million!... (buying for 275k, built in 1990)

Liberty mutual said $2800

I will definitely let you know if I continue to struggle.  Its tough getting to local brokers because I work 8-5 every day and I'd assume most of them are closed on the weekends, but I will definitely make some calls.

Hello to all, I have a question about home-owners insurance for a 4 unit rental im looking to purchase.

I have called Geico and Travelers so far and told them im looking to purchase a 4 unit rental property and I will transfer the title to my S-Corp when I am done. So far everyone is acting like they don't insure properties owned by businesses. Geico could not find me ANY of their brokers who would work with me.
  Travelers said they could, but they still acted like they have rarely dealt with this. Am I saying something wrong? I should be saying it will be owned by my business or S-Corp right? Is this what most people say when they call to get insurance?
My fear is if I say I am the owner and God forbid something happens to the property, I transfer it to my business entity, and the insurance company says "we didnt insure the property owned by balinski investments, we insured the property owned by steve balinski"
Any suggestions?
Thanks

Hello Biggerpockets followers.  I have an odd scenario on a "property" i just had an offer accepted on.  The building is 6 units, but the seller has it listed as 4 units, in 1 listing.  Its 3x 3/2's and 1x 2/2

My question is what concerns/ complications/ cons does this propose, if any?  Its a rare scenario, but i'm just not sure if that matters.  My main concern is resale, but if the numbers work well, why couldnt I do the same thing and sell the 4 units.  The other 2 units recently sold in a week or two.  

Thanks

Just found one called Map Marker... havent tried it yet though