All Forum Posts by: Timothy W.

I was a Florida PA for about 6 months too, but found it unsatisfying.  Plus it was annoying dealing with contractors who basically operated as unlicensed PAs.  Found my niche as a consultant working closer with engineers on the more scientific side of this business.

I've been retained as one of the experts on this.  The lessons will be published at the proper time when a full investigation is complete.  Right now the impact of "effect" is overshadowing the scientific investigation of "cause", which is a normal human response.  However, we do need to let the science have time to come to a conclusion.

The area is far less of a concern than the financial condition of the Association.  Things like do they have proper insurance in place for hurricanes and reserves to cover hurricane deductibles?  Post storm condo assessments can be killer.

You're getting paid to get out of a relationship with a crazy woman....  You could write a book on this strategy and people would buy.  Make her someone else's problem.

Taking out a Federal loan for purposes other than for which it is intended is dicey territory legal-wise.

It's a graduate loan so student loan forgiveness doesn't apply.

I'm not sure I'd be comfortable with this.  You're talking about nondischargeable debt potentially obtained under false pretenses from the Federal government.

It's a very smart way to start out and figure out the business of landlording property.  The easy part is buying.  The hard part is managing and it's a lot easier to find out how to manage them if you start with 1 and get that 1 going.

The whole basis of the denial was this issue and a misunderstanding of its application.  It has cost the original poster a real loss of money from a denied claim.  Yeah, that's a sticking issue for property owners.

 I'm glad to see now that people have a better understanding of the 60 day rule and the duties of a carrier under an all risk policy.

For the record, cash out becomes overhead as financing costs. Too much overhead will take down any business when faced with a downturn. Every person I knew who crashed and burned from about 2008 to 2010 did it on the BRRR method. It became a crash and burn machine in a market downturn and turned legit millionaires I knew into multimillion dollar debtors. The smart ones took their cashouts and put them in bankruptcy protected places like their 401k. I and one other guy I knew were the only ones who didn't have to declare bankruptcy because we didn't cash out and ran lean operations. So heads up, if you're going to do this - be prepared for someone to be left holding the bag. I'm not saying it's wrong for the bank to be left holding the bag when frankly they engineer these problems; I am saying prep for it.

I've met a lot of Canadians wintering/moving to Florida.  A lot of French Canadians to, to the point where my classes in French are no longer useless.  You can do a lot with a 20k downstroke here, though you might consider modifying your house hacking strategy from a traditional house hack to a vacation rental house hack.  Frankly if I were young, single and starting over knowing what I know now I'd probably do that.

Doesn't help when agents don't understand it either and continue to propagate a misunderstanding of the rule.  A structure can be vacant for 5 years but if the loss occurred on day 59 of the vacancy, the 60 day rule does not apply.  Under the circumstances described by the original poster the adjuster could not determine whether the loss occurred within or after the 60 days.  Under an all risk policy the duty is on the carrier to determine that and if they can't, contra proferentem puts it on the carrier to cover the loss.