All Forum Posts by: Tim Greenfield

Jason,

Thank you for the response. At what point, does one consider commercial a commercial insurance product over personal product lines? For example, is it a particular business model, number of properties, net worth? 

Would any insurance carrier have this? 

Is it possible to carry multiple properties in different states under one product?

Thanks again 

I recently purchased two properties in Cleveland. One property was built in 1922 and the other was built in 1952. Both in established neighborhoods and already rented. I am trying to improve the cash flow and with the insurance coverage they required an inspection. Both inspection rebuild costs are quite high based on information I received from the local title company (in their opinion). When I asked my insurance company about the high rebuild costs they said that the high rebuild estimate was based on the fact that these were older homes in established neighborhoods and if there was a catastrophe and the homes needed to be rebuilt they would be considered "custom" rebuilds which of course means higher premiums. Does anyone know where I could obtain more reliable rebuild cost estimates for houses of this age?

Or better yet, how I could estimate a more reliable rebuild cost? I certainly don't want to not have enough coverage to rebuild but I also want to have better fidelity on rebuilding should the need arise.

Thanks,

Tim

I am in the process of buying a duplex in Cleveland Ohio. I have allocated $100 a month for water. This duplex only has 1 main water line to both locations. However the other utilities are separate. I would like to force appreciation by splitting the lines and having the renters pay this. Good neighborhood with opportunities for appreciation. Each duplex is a 2 be 1 bath with a basement.

One person tells me it is easy, another tells me it is expensive.

Thanks for any advice.

Hello, I am a real estate investor currently living in Arizona but will soon be moving to Wiesbaden area for 5-7 years. Real estate investing is a side gig. I was wondering if there was interest in beginning a real estate meetup (monthly or quarterly) where we can discuss real estate investing either overseas or in the U.S. We can move around so it does not have to be Wiesbaden area only. I have traveled and lived extensively in Europe (Germany, Croatia, Italy,Spain, Belgium, France) and also in the Pacific (Korea, Thailand, Cambodia, Vietnam, Phillipines, Japan). I am from U.S. 

@Roger, I am actually in the process of setting up an LLC. Has anyone suggested having an overarching LLC and then having each of your properties in an individual LLC under the overarching one? A friend had mentioned that this added additional liability protection. Just looking into it myself. I am a high earning W2 with 4 buy and hold in different states and I am planning on steadily adding to this.

Potentially but it is a very old established neighborhood. House is being totally rehabbed and is from 1930

Getting ready to purchase my first TK property in Cleveland, OH and planning on closing next week. I have received the plot survey from the title company and it states that a portion of the chain link fence is approximately 1.5 feet inside the neighbors property for approximately 114 feet.

The TK provider has stated that this was not installed by them and wants to know what I want to do about it.

However the title company has said that this is not a show stopper for closing.

My gut tells me that I am purchasing the property from them and they as the owner should resolve this prior to me closing as I don't want this to come up 5 weeks or 5 years from now at my expense but as this is my first TK purchase, I want to make sure that I am not over reacting.

Two inspectors I have had gone through the property say that it is a good rehab.

Any guidance would be appreciated.

Thanks,

Tim

Candace, 

Good evening! I was on Dave Ramsey for years and had my emergency fund and my wife and I threw all of your effort in paying off our house which we successfully accomplished several years ago. With that said,  I found myself saying now what? What was my next step??? As I researched more I found myself saying that instead of focusing my time in paying off my debt i should have purchased real estate at probably the cheapest time in my lifetime. Now I am socking away cash and looking for real estate in a frothy market. I don't regret what I did but now realizing my goals I probably could have used leverage to be better prepared to reach my financial goals than I am now. This is very personal as some people cannot put a price tag on being debt free. Think very clearly in what your future goals are. As many people stated, DR is perfect for someone who lives daily with a trainwreck financially speaking. I could start with my own family, (overleveraged, pay check to paycheck, no goals, blaming the man, etc. etc.) If you have two multi families I don't think you are in the same league. This again depends on your goals. I like your #2 to 1031 exchange up to better class properties but always go for cash flow. It doesn't have to be either/or why not cash flow and appreciation. Just a thought.

@Avi Garg: Thanks, this is what I am positioning myself for in practicing quick analysis over recent deals. I will dig into details more if it makes sense. I was just curious regarding the TK and 50% rule answers I was getting.

@Ben Leybovich: Thank you for your response. What you say above is true. What I am trying to get better at is analyzing the deals quickly to see if it is worth pursuing. The quick rule of thumb (50%) was provided by individuals with much more experience than I as a way of performing this. I just noticed that with the TK providers, that they did not seem to CF in a way that I had assumed. But that is part of me learning. The next step will of course to to find out the actual Market Value of the asset if my initial rudimentary analysis is promising and to dig into more valid information such as confirming estimated taxes, class of neighborhood (A,B,C,) and etc.