All Forum Posts by: Shawn York

Couldn't tell you on flipping, but I can say that I'm looking in that area right now for buy and hold.

@Jeremy Johnson makes a great point. I neglected to mention that I have a PM in that area and some of my properties are indeed S8. I wouldn't be in that area without that resource.

46218 and 46219 are right next to each other... that tells you how "block-to-block" it can be. Having said that, I have some properties in 46218 and 46219. It''s not an "avoid like the plague" zip code, but it's also not a "sure, invest there and you'll have no issues". I don't see much appreciation happening either, but I invest in long-term buy and hold for cash flow, not appreciation and frankly, don't see much appreciation happening in any C-D properties without pumping in tons of money. If I get the appreciation, great, icing on the cake -but when you get into looking at buying for appreciation, you're more of a speculator at that point.

I've used Black Diamond pest control for issue in the past and have been overwhelmingly satisfied with their results. Mostly for wood destroying insects (because they are SO abundant in Indy) but used them for mice as well.

@Lei L.
Just sent you a PM. Not sure it'll help... but maybe. Good luck

Are you keeping the place or renting it? Your profile says flipper/rehaber. If that's the case, I'd say lowest cost possible. If you are renting, I would make sure whatever I got was waterproof core. Most renters are incredibly hard on... well, everything. If I'm not using tile (because tile is sooo durable) I get my stuff from weshipfloors.com.

I'd be interested - I'm in Colorado

Be careful about reaching out. I did and it only resulted in spam in my inbox for properties that I had zero interest in.

I use Travelers. My policy is less than $1000/mo and it includes loss of income (rent) if the property were ever to be damaged badly enough that it was uninhabitable. I'm pretty sure my deductible is only $1k, and I may be looking at changing that after reading these other answers.
Having said that, @Victor Buquer gave great advice... use an insurance broker that can write policies for different companies to get your best rates. Once you have a good quote in hand, you'll need to shop the bigger agencies on your own to see if they have better rates. I don't believe brokers can write policies for Allstate/State Farm/Farmers/American Family.
We also have a separate liability umbrella policy. There's always a large debate on having an umbrella policy or if it's simply better to put all your properties into separate LLC's so figuring out that one is a whole new discussion.
Good Luck!

@Sathish Sekar
You are 100% correct that there is no way to fix a high purchase price. 
But you are 100% INCORRECT that you make your money when you buy. I've heard this before and completely fail to understand why people continue to say this. If you are spending ANY amount of money for a property, you are SPENDING money, not gaining it. You absolutely do not make any money until you either sell the property for more than you bought it for or you recoup the money you spent in rental income of some other way. Even if you only buy a property for penny, you have not or will not make any money until one of those things happen