All Forum Posts by: Steve K.

Time is never right. Best time to get in the market is now. I agree, it has gotten competitive and saturated over last 2-3 years. 

Not sure if you're tracking individual vacant rental or entire Austin rental market rental in general. Those vacancy can depend on several factors:- Are those rental priced competitively? Form of marketing the rental owner is using?

Do you due diligence and you can make money in any market condition. Don't let any market condition deter you.

When I was not a W2 employee, I bought Health Insurance thru state Exchange under ADA. 

https://www.healthcare.gov

However, it was not cheap. Depending on your current health and projected health, your premiums may vary. You know the best how much coverage you need.

Employers with several employees get great discounts. What your job offers will be very hard to match. Keep in mind there are High deductible plan available.  

What you have to do pull your current health plan, deductibles, Out of pocket max, co-pays, etc information and then short list Insurance companies and then call them and compare premiums. That can be tedious but the only way.

Also ensure that your doctor or heath facilities you visit or plan to visit takes that health particular plan, before you sign up.

Unfortunately, no one in either parties elected or running for office been able to fix health care in the US. They all talk and another 8 years pass. Probably no one can.

If you find more information, please share with the group.

@Kathie Riedel  That's correct but he has other 2 properties for 1 lien. We may go in 2nd lien on subject property. Not sure how that would benefit?

I'm a new investor, with some rentals and rehabs under my belt. Thru my network I got introduced to another investor who looking to borrow money. However, at this point I cannot completely fund their deals because I invested money elsewhere because it was taking too long for them to close.

However, they are planning to secure lending elsewhere but still want me to lend 1/5 (One-fifth) of the money. Their purchase appraised income approach around 300K which is also the purchase price.

I'm confused about the lien position on the Commercial/Mixed use property. Would we be in First, Second or 3rd position.

Borrower also suggested that we can put a lien on their other Free and Clear rentals that they own but they are in D class area and I don't value them over $30,000 for each. Total of $90,000. Moreover, in worst case scenario, I don't want to own their 3 rental if they default.

My inclination is still to put the lien on the subject property. I hope they succeed and fulfill their note obligation.

Any suggestion on how to structure this lending in our best interest?

Thank you

@John Mocker I saw your comment on other post too. Can you help or someone else with the policy?

Thank you, all for your contributions in advance and thank you to BP for creating this awesome resource. Every new project is new adventure, here I’m working on another one.

We’re about to close on property in distressed property Fort Mill, SC

The property is currently intended for personal use, family members may occupy it in the future. It requires rehab that may take about 5 – 9 weeks to finish. Rehab work should start in 2-3 week for after closing. We may flip it too depending on the situation. (I’m also looking for RE agent and contractors to work on this project….PM me)

I was shopping for Home Owners insurance and have already for received few quotes from my current agent (It seems high). Since the date of occupancy could change; So, I’m looking into possibility of vacant or unoccupied insurance coverage to protect our investment with the correct coverage.

Living Area:- 3,800 SqFt.

Near a lake but looks to be outside FEMA flood zone

ARV: $425,000 - $450,000

Previous property Hail damage claim (year 2014): $2,600

Insurers Replacement costs: $600,000 (Looks high to me)

Personal Property costs: $450,000 (Wow!) – I don’t have that much personal stuff.

I'm not sure why my new property quote is almost 4-5x high, with property coverage which it only twice my current property?

Maybe they quoted me a vacant policy?

Please share your valuable experiences, comments and suggestions. PM me if you need more details. Thank you

Steve

Thank you for all your assistance.

@Tchaka Owen @Matt Crusinberry @Caleb Jordan @John Acheson @Jack Bobeck

I worked with the local FCU. The timing was perfect

I just heard back from the bank. They said since the property is partially rented and partially primary residence, I won't qualify for residential HELOC. Nor I'm eligible for Commerical Loan since it's not a business entity that owns it.

 @Jack Bobeck Were you already living in it at the time of your loan? Or you got these terms at the time of purchase?

 Yes, we have some small banks and CUs in the area. I will pay them a visit.