All Forum Posts by: Thuy Pham-Satrappe

I am looking at a purchase for a buy and hold but the economic indictators are concerning to me. While I know it's best to buy low/make money when you buy, I am concerned that the unemployment will go up and as a result so will the vacancy rate.

Median income: $36,343

Median housing price: $84,300

Housing appreciation:

Past 12 months: -10.1%

Past 5 years: 36.2%

Past 10 years: 23.7%

Renters make up 20% of population

Rental vacancy: 2.7%

Unemployment rate: 3.4%

Recent job growth: -0.69%

Future job growth: 22.6% (national avg is 33.51%)

Population by occupation:

Manufacturing makes up 30.3% of jobs in this area

Healthcare and social assistance make up 21.6%

Everything else is less than 5%

Purchase price: $13k

Rehab cost: $13k

Est ARV: $45k

Tents: $600-$650

COC return on rental after expenses using $600 rents (taxes, insurance, 10% cap ex, maintenance, PM, 10% vacancy) 10.6%

@Brian R.thank you! Foremost was what both independent brokers quoted me (because I was also looking for $1M liability and apparently they are the only ones who will go that high. I have asked to see different companies

@Steve B. This is for a property in Hartford City Indiana and it would be to go over the siding and not replace it

Anyone ever buy a manufactured home, put it on an empty lot, and rent it out? Would love to hear your experiences!

@Arianne L. Amazing! Thanks do much for sharing!!!

@Theresa Harris I realized both brokers quoted the same company so I will see if i am able to find another who will insure the property. Thanks!

@Lucas Carl @Brian Pulaski I went to 2 different brokers and they both came back with the same company (which from what I understand is the only one in the area that will allow asbestos siding)

Deciding whether to invest an additional $5000 toward covering asbestos siding to decrease my insurance cost by about $400/ year. Assuming rates stay the same (or increase equally each year) it would take about 12 years for the cost to break even.

While my intention is to keep the property long term, I feel that $5000 could be "better spent" from a short term perspective for something such as adding AC or using the $5000 toward another property.

Would appreciate additional perspective/ insight/ cost/ value analysis!

When buying from a private seller, what are the pros and cons of using a quit claim deed vs going through a title company?

Title company

-clear title

-more expensive

-seller authorized to sell

-takes more time (?)

Quit claim deed

-less expensive

-potential unknown liens

-seller fraud potential

-faster processing (?)

@Jay Hinrichs thank you