All Forum Posts by: Syed Shah

 Thanks very much for your input, what I meant was usually because of loaned amount from mortgage company, there's a requirement to have minimum dwelling coverage and all. Since, I won't have a loan, so as such if dwelling covered amount was previously $200K, now I can change it to $125K and it'll affect insurance premium, hopefully? Would that be worth it or no? Thanks 

@Bob B. thanks for your advice. I am just curious, how much do you pay yearly with $2000 deductible? I am at ~$800/year with $2000 deductible.

@Tom Gimer, thanks very much for your insight and input. 

@Bob B. will certainly, but should I change my coverage for home insurance, since now I don't have any requirements or anything from mortgage lender? So that premium can go down?

@Eddy T. I am definitely not going to refinance, even I am at the fence for going towards HELOC route, since I am planning to buy another property and HELOC can be really helpful in terms of a flip or for wholesale, but not sure if it's going to help much for a passive income stream rental property? Thinking to maybe save some more capital and then go towards a traditional mortgage route, but still running numbers and deciding :) I'll check with a few local CU's too.

@Nghi Le, thanks for your advice and input. I really liked your explanation for HELOC for rental vs a flip. Very helpful!

Thanks @Chris Mason. I didn't know it, learned something new :)

 Thanks for setting all of this up Ernest, can you please add me to the list of email? Would love to attend this upcoming one! Thanks again.

@Chris Mason, I was actually planning to paint it red, purple, yellow and orange. Of course, I am kidding :)

Believe it or not, in my neighborhood one of the HOA approved color for front entrance door is red, so you are spot on :)

Thanks very much @Mark Webb. There was a recent appraisal done in 2015, can that be used or no? I'll have to read about HELOC(revolving one). Can you please elaborate on "I prefer the HELOC to use a small amount for closings costs and down payment and then just pay that back as fast as possible"

Also, if I would be doing HELOC or anything of that sort then I wouldn't have to touch home owners insurance and all, since that won't change much, right? Thanks again.

So, I am planning to finish my primary house mortgage. Was wondering if I have to do any work or be prepared for anything before I satisfy the loan? Understand, have to take care of insurance, taxes and deed with the county. Since, I'll be paying taxes and insurance on my own.

Is there anything else? Also, should I change my home owners insurance limits, so that premium can go down? Currently, I am paying ~$800/year.

Any other tips or advice? Thanks very much.

So, I am based out of Northern Virginia and property around here is expensive and positive cash flow is definitely a challenge, unless it's done right.

Looked at this article, very very helpful:

https://www.biggerpockets.com/blogs/10145/68178-to...

But have several questions 

1- For local investment, since VA is big, can other parts of VA a good option for a rental, especially ones which have a college/university? Like Charlottesville, Richmond, etc...

2- If not VA, can having a rental out of state be a challenge at times? In terms of PM company, contractors and all... Of course, a question for experienced out of state investors.

3- I am also closely following this thread, with a wealth of information:

https://www.biggerpockets.com/forums/311/topics/51...

4- Any local(DMV) area investors, please feel free to PM or comment. Because, I would appreciate their advice and input :)

5-  Zillow and Redfin sort of places are a good start for hunting a place or do you guys use any other websites too?

6- Also, is it good for a newbie to have a RE license for VA, so that it can help in acquiring houses? Or not really important.

Thank you all for your feedback, Syed.

Thanks @Ernest Chamblee, look forward to seeing you all guys there! Thanks for arranging it.