All Forum Posts by: Terry Lao

Be prepared for price, culture, and traffic shock!

@Zoe Lee

Below is ad from H.S.A. for annual summer/winter tune up for $75. Isn't that what you asked about in first post?

Terry

Exclusively for HSASM HOME WARRANTY Customers.

SPECIAL OFFER $75 Now’s the perfect time for an A/C system tune-up.

Warm weather is almost here, which makes now the best time to ensure your A/C systems are working properly. For a limited time, select HSASM approved service contractors are offering a Pre-Season A/C System Tune-up for one unit for $75.* Should a covered issue be found that requires fixing, you’ll simply be charged your Trade Call Fee, subject to limitations and exclusions under your HSA Agreement . Although not part of the agreement coverage for your A/C system, this thorough tune-up will be performed by a qualified technician who will: • Calibrate the thermostat • Test the temperature split • Check refrigerant levels and system pressures • Perform amp draw on condenser motor • Check the evaporator motor and compressor • Rinse the condenser coils • Inspect the contactors • Check the condensate lines • Clean or replace filters (owner supplied) • Tighten and clean the electrical connections • Test capacitors and check A/C operations • Test safety switches and limit switches Schedule Today

PLEASE NOTE, the Agreement holder is responsible for any cost associated with any problems not covered under the HSA Agreement. In addition, the following are not covered as part of the tune-up: • Filters • Clearing of condensate line stoppages • Recharging of refrigerant • Evaporator/indoor coil cleaning, including acid cleaning • Cleaning or unclogging services required to correct problems related to the lack of manufacturer recommended maintenance (filters must be replaced monthly) • Geothermal systems, ductless mini-split systems, boilers, and oil furnaces • Rooftop units HSA® plans cover the repair or replacement of many system and appliance breakdowns, but not necessarily the entire system or appliance. Each plan’s agreement includes the full details of its home warranty coverage, including applicable exclusions and limitations.

@Zoe Lee

About $900 for 4 units. I would shop around for quotes. Read the service contract, especially for line item HVAC, as some service two AC's and others will service four.

Terry

@Zoe Lee

Okay, you have 4plexs. The cost for my warranty is about $800-900. It gets hot in Las Vegas as well as Plano. The number one issue item is the HVAC, mostly summer, and heater in the winter. H.S.A. will charge $75 deductible and cover labor and parts. For example, I had a freon leak and warranty company covered labor and freon, which on normal is about $500-600 repair. 

@Kris L. is right about warranty company not in business of losing money. I got cut by HSA one year, probably due to many claims. I just went with another company. Then HSA called back and tried to sell me another policy as they said cut off was a mistake.

In my experience, the home warranty was worth it. You really don't know until you try it. Also, when you sign up, just pay monthly. This way you can cancel if you don't like the service.

Terry

@Zoe Lee

I have HSA Home Warranty. I'm sure there are many to choose from. Overall, the contract states does not cover pre-existing conditions. There is a one month grace period before you begin. For example, you sign up today, then you have to wait for a month before you file a repair request. It's their way of having you sign up and claim something instantly which is a pre-existing condition. 

If you have AC tech come out, the bill will be at least $300-500. The home warranty will pay for itself after 2 service calls. However, it covers much more than that, appliances, plumber, roof, toilets, drain clogs, etc.

Just my two cents.

Terry

http://www.onlinehsa.com/

@Zoe Lee

Sounds like you have a SFR, and HVAC question. Why don't you just get a home warranty? The cost will be around $300-$500 for SFR. I have 4plexs and the annual cost is $900. The home warranty covers the HVAC and more. When have HVAC issue, then just pay the $75 deductible and repair covered.

The AC is the biggest issue for me since rentals are in Las Vegas.

Terry

General answer is need to show 2 years Fed tax return Schedule E. The underwriter will add back the depreciation. The income from rentals is not much unless you have large portfolio. Best to have W2 income that is supplemented with rental income. 

Terry

@Robert Hugs

Condos/townhomes are the bottom entry level if you cannot afford SFR or multis. Condos are 75-110k. SFR are 200-250k. Mult's are 250-300k. You only have 33k. If you want to make the most impact, then leverage with FHA and buy multi's.

If you buy a condo/townhome and live in it, then that is okay, but you will be hoping for appreciation only. At least with multi's, it is cashflow and appreciation.

Terry

@Robert Hugs

NO Pahrump. The key metrics market growth are 1M+ population, jobs/industry/economy, land, and housing. Las Vegas has those qualities, not Pahrump. 

You live in Las Vegas. You want to be close to your first purchase to keep an eye on.

Terry

@Robert Hugs

Are you currently renting in Las Vegas? If I were you, I would buy a 4plex and live in one of the units, and rent out other 3. I would finance it FHA with 3.5% down, which in your situation of $33k saved, should be more than enough.

As far as finding the right 4plex, there are only a few pockets in Las Vegas that I would buy. Off strip, Maryland and Tropicana, about $350k. In Spring Valley, near chinatown, about $375k. Near Summerline, east of 95 freeway, about $400k. 

Terry