All Forum Posts by: Christos Philippou

Got it. You understood my ambiguity perfectly haha. Love this forum, thanks for all the help!

 thank you very much Sir... so the Builders Risk Policy should cover me in the event that somebody breaks in and steals things from the property while my contractor is working on it?

Hey all!

I am closing on my second property next week and insanely excited! The building itself is bare bones, just has the foundation, studs, etc.. minimal flooring, no walls or anything, so we get to build it ground up. It will be fun being able to construct it how we want.

The only thing is, it's in a crappy part of town. Recently, the electrical wiring and some other things have been lifted out. The property has clearly been broken into several times. I know there is specific insurance I should be looking into while we are building it, but can somebody give me some more info on that? I would HATE to redo all the electrical work, and somebody comes back overnight to strip it all out.

Is it recommended to get an alarm system? Or just stick with a good insurance policy

@Cory LaChance thanks man! I'll let you know how it goes... Guess I will be calling a bunch of places in the morning to ask about cash out refis and secured lines of credit.

Just an FYI because I went in to the City today... If you have a real estate rental property, you will need to have a business license/register EACH rental unit. The cost for that is $125 for 3+ units each year, PLUS $10 per unit. So if you have 5 units total, you will be paying $175/year.

 So I'll just have to do the leg work, call a bunch of local banks/credit unions and see who has something to offer me?

edit: not sure if that is an option/possibility/something "people do" or I am being naive and overly-hungry haha thanks for putting me in my place if so

@Cory LaChance and @Chris Martin thanks guys!

I guess just for the sake of retrieving guidance and help, I'll just be 100% frank with what I need and what would be ideal.

I would like to simply purchase the property (40-60k) in cash. My contractor then said, with an additional $50-70k he can finish the entire project start to finish in 3 months tops, at which point we would have tenants lined up ready to move in.

I'd like to just get a loan (somehow...this is what I am trying to figure out haha) for $100k flat or whatever it may be to buy the home in cash, pay for the repairs in cash, then use the rental income to pay off the loan as quick as possible.

 Good to know thanks. We do have 1 smaller space left in the building we could build a fifth 1-bedroom if needed. Thanks for the feedback. 

Definitely just made it up hahaha