All Forum Posts by: Travis Tannahill

Love it!

I'm in semi-rural Kansas so I can appreciate an $11,000 home. We put an offer in for 5k the other day but didnt get it but it was in way worse shape than yours... 

looks like a nice home and appreciate your mentality of just cause someone is lower income doesn't mean their bad people. There are good hardworking people in every market just have to find them.

*turn your phone sideways on the next video

How many properties do you have? I'm a digital insurance broker, not currently licensed in Alabama/GA but could if need be. How close to the coast are you? 

Message me if interested. Thanks!

I would shop if I were you. Underwriters vary within a company and for sure are different between companies. 

I would be proactive about it, you need to shop before they non-renew you... that way you can honestly answered "NO" to the question, "have you ever been canceled or non-renewed for any reason" 

If you answered yes, you would then have to disclose the issue from the old carrier and then the new carrier would probably want you to add the stairs just to be safe. 

Hope this helps. I have 5 years of being an agency owner as expirience. 

I would contact an independent agent in your area and they should be able to give you a rough ball park. 

In my area of the country, $500/yr will cover most of the properties that are rentals. 50-100k homes. $1000 deductibles. 

I always plan for $50/mo to be safe. 

So many factors go into an insurance rate... so very hard to get exact. But an agent in your area should be able to help get you close enough so you can make an educated offer. 

Hope this helps. 

So I'm a seasoned independent insurance agency owner, but a newbie real estate investor. 

I have a few real estate investors as clients... I feel like they're adequately covered but always open to others opinions. 

What do you guys look for in an insurance company and agent? How would you suggest a guy like me specialize in this niche? 

Thanks everyone for the replies. 

@Krystle Padilla definitely agree. Water is my biggest concern currently. Termites can be an issue in Kansas. Not a HUGE problem in our area but you do hear of it. My current house has had them and went away with a few treatments and a maintenance program. 

@JD Martin I believe that "trap door" was done by someone to explore the cause of the sinking floor. I would re do all that and have a nice level, non sinking, non trap door floor for the new 4th bedroom.

@Greg Scott I fully understand the warning and difference from county vs actual appraisal. 4 bedroom's in rentable shape are currently listed from 140-200k in this market. Even if I could only get it appraised for 125k, the numbers still work for a BRRRR. I think it will come in around 150k appraisal.

Found a foreclosure that I'm wanting to put an offer on. I'm taking my contractor to it next week but wanted to get some of your all opinions before I met with him. 

I tried to take pics of anything that would need fixed/replaced. A lot of the fixes look inexpensive... a lot of bandaids put on by previous owner. Roof looks good, house is straight and floors are solid. 1955 built so not too old. And the best part is... it's listed for 50% of county appraisal in an appreciating market. 3 bed/ 2 bath currently. I would convert to a 4 bedroom as there is a room off a bathroom that already has 3 walls in place just need to throw up a 4th. 4 Bedrooms in this market rent for $1200-1400 a month depending on quality. Also the place next door was owned by the same guy and is foreclosed on... should hit the market in 6 months.

Also the real estate agent has a typo on the square footage... it's about 500 sq ft bigger than he has it listed which I think is keeping it under the radar. 

Sand / Re-Stain Hardwoods

Kitchenette area that would be turned into bedroom. Has door to kitchen and another door to bathroom. Biggest worry is the floor which you'll see in a later pic. 

Rip up carpet, replace or restain if hardwoods under. 

Bathroom remodel. Functional but hideous. 

Try to salvage cabinets.... paint and new hardware. New counter tops. White tile is good to stay. Kitchen floor needs re-stained. 

This is a covered patio/sunroom.  Little big of settlings this is the worst spot. 

Exterior needs some love. Paint is peeling. Everything is wood. Hopefully just paint and not replace. 

Same as above. Wood needs some attention

Missing. Needs repaced. 

Water causing some damage. There are no gutters on the porch which was a later addition. Would want to get those. 

This is the porch/ sunroom I was thinking about just knocking all those windows out and making it an open porch or screened in porch. Screens might get damaged by tenants too often... thoughts? Porch is about 500 sq ft. 

Needs replaced. 

This would be the 4th bedroom. Floor needs some attention. 

Same as above. 

Sorry for the sideways pics I don't know how to change that? Let me know your thoughts. Thanks in advance. 

aaaaaaaand it's a no ha. Needs 40k to be livable. Too big of project for me.... on to the next one!

@Aaron Lovett

Getting inside is the next thing on my to do list... have a call put into the realtor. 

After passing on a few deals and putting some offers in with no luck... I think I might have found my first deal. I personally feel like it's a low risk deal, but maybe you can tell me what I'm missing!? I would be BRRRR'ing it. Think there's quite an opportunity to pull some cash out.

Former foreclosure house, currently owned by a company which buys foreclosures in bulk... They've had this property on their books for 6+ months... started at 43k... its down to 20k. It sold in 2000 for 64k. Currently the county has it appraised at 73k. There is a 3bed/1bath 1100 sq ft property for sale down the street recently renovated listed for 80k. The property I'm looking at is a 3 bed 2 bath 1600 sq ft.

Property is located in a small rural town, 20 miles outside a large metro city (500k+ population) A lot of people like to live outside this city because the public schools are rough, but the jobs are in the city. 

Property does need some work, but pics show nothing major. Flooring, paint, light fixtures, looks like it has a wood stove which I would yank out (I'm also an insurance agency owner, I hate wood stoves ha) and replace with something else. House was built in 1955, crawl space. Roof looks good. 

Had a hard time finding comps... found one listed on Craiglist in the same town that looked like a brand new reno for $900. I figure I could get 600-700 with the work I plan on doing. I wouldn't make it perfect, but I'd make it nicer for sure. 

Also side note... has anyone ever like jacked a deal on here? Ha someone could totally figure this property out with the details I have... just curios if I should be a little more vague on my descriptions or of theres somewhat of a gentleman agreement among users. Obviously not likely on a 20k house so I'm not too worried, but just curious...?