All Forum Posts by: Timothy Allen

I just recently formed a LLC verse using an umbrella policy for my first two investment properties because the premium to run the umbrella was as much as the fee's to maintain a LLC in my state.

I used a HELOC on my primary residence for the down payments. I'm not sure if you have your own primary residence now that you can tap into some of the equity?

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My CPA did it for me

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Quote from @Sergey A. Petrov:

It sounds like it is all estimated then? I certainly hope 5% to 15% does not represent just the insurance premiums… if the annual premium really is 10% of the purchase price there is something very wrong with the area or the property. 15% in closing fees, including prepaids but excluding the downpayment, does sound unreal as well…something is off here…

It was a misunderstanding. My mistake. The total they gave me included down payment. The wording mentioned that the total amount did not include down payment but it wasn’t. I’m use to sitting down with my lender at the local bank to discuss terms. This applying for mortgages online and dealing with lender via emails is actually becoming challenging for me.

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Quote from @Sergey A. Petrov:

While many people look at “closing costs” as the dollar number on the settlement statement, they aren’t all “closing costs”. If your insurance is escrowed and the insurance company requires annual premium to be paid in full at renewal, it is not unusual. With that said, insurance premiums can be financed through third parties. Check with your insurance broker, I am sure they work with someone who finances premiums.

I don’t even have insurance yet set-up for this property

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Is it typical to have to pre-paid a full year of insurance on a portfolio loan? I was told my closing cost would be 5% but after receiving the itemized list of everything included it’s more like 15%.

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I'm using a Heloc right now to put down payments on two multifamilys. One multi I'm going to rehab and refinance. All my cash flow will be paying the Heloc back down then I'll probably do it again.

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Miami, Florida

So it's been 3 months since my introduction and I finally have my first multifamily under contract and possibly making an offer on a second!! I chose Pittsfield, Ma for my market and will be working with property management as I'm about 1 1/2 hours away. Pretty excited to get started

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Springfield, Massachusetts

Quote from @Alan Brown:

I'd love to meet up again, but I never seem to be able to catch the zoom ones.... any good places we could meet in person?

I'm still learning the area. Maybe @Vince Leydet has some ideas??

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Quote from @Nolan Fernandez:

Throw out a net to see if any local real estate investors in Berkshire county are willing to start a meet up with me to talk deals and network. Reach out if your interested and we can start planning things. The plan is to start small and let it grow organically.

For more details message me or reply to this post.

Has anything came of this? I'm from Franklin County Mass and have just recently put a few offers in in Pittsfield

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I've been looking at properties in Pittsfield, MA as well. Ive seen a wide range of prices and rents. There's a lot of section 8 tenants that are able to rent at market rates which are higher than central mass and Franklin county where I'm from so it definitely looks like a promising market. Id be interested in that 2 family if you don't pull the trigger, let me know

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All Forum Posts by: Timothy Allen

Timothy Allen has started 13 posts and replied 59 times.

Post: Making the leap to buying your first rental property

Post: Questions about forming a LLC

Post: Pre-paid insurance for portfolio loan

Post: Pre-paid insurance for portfolio loan

Post: Pre-paid insurance for portfolio loan

Post: What should I do with a HELOC?

Post: Hello from Western Massachusetts

Post: Meet up in Pittsfield Ma

Post: Meet up in Pittsfield Ma

Post: Pittsfield MA (Single Family and a 2 Family Looking to purchase)