All Forum Posts by: Will Driscoll

@David M.

**Item 5, not 6, is for $1Million

Item 6 (medical payments to each person) is for $5,000 each person

@David M.

All items 1-6 have their own individual (itemized) insurance coverages specific to my building and market. Item 6 alone, personal liability (each occurrence) is for $1Million.

@David M.

Correct! My insurance policy has both building & personal liability

1. Dwelling 2. Other structures 3. Personal property (owner occupied policy) 4. Loss of Use 5. Personal liability (each occurrence) 6. Medical Payments to others- each person

Seems to be a very inclusive policy that offers peace of mind to me as the owner

@George Glessner

My building is current self owned, no LLC. And I do not currently have an umbrella policy for it because my building insurance (liability insurance) / lease specifications on lawsuits are pretty air tight (so it seems).

I would only consider doing an umbrella policy once I have more doors

@George Glessner

Hi George,

I own a 3 unit building (my first investment property). As I understand it, the primary benefit of the LLC is the lawsuit coverage, separating yourself from the assets in question.

Speaking for myself- my insurance policy has liability coverage for me, up to $1Million if I were sued for injury on my property.

My lease documents state that I cannot be sued for injury on my property unless it can be proven the injury is due to direct landlord/owner negligence.

There are different ways to mitigate risk in this arena. Once I own more property I will absolutely get umbrella coverage (as well as continue $1million coverage on each property).

Just my 2 cents!

@Chace Fraser

Great advice from everyone

I’ll reach out to the lender I have a good relationship with and see what my options are.

Cheers

Hi Everyone,

I purchased my first rental property at 23 years old (2018) in New Hampshire with the strategy of house hacking (3 units, 3 bedrooms each).

I cash flow fairly nicely, as I also rent out the 2 spare bedrooms in my apartment.

I’m actively searching for my next rental property but want to buy it with the banks money, as sourcing 20-25% down is not quite in the cards for me during this hot RE market.

Does anyone have experience doing a HELOC? Is it difficult to find lenders that do above 80% LTV? I presume I have about 20% equity based on market conditions and comps, but that doesn't leave much meat in the bone for traditional HELOC.

Thank you!

Will Driscoll

Hello - I am a 22 year 2017 college graduate. I am currently employed but am seeking passive income in 2018. I am curious, from the various experiences of those reading this, how much should be put down on a first multi-family investment property. I want it to be owner occupied for obvious interest rate benefits - but am not sure exactly how much I should be saving. With the understanding that the potential investment (if it is intact a good investment) will pay its own mortgage and some, I do not want to be putting more money down than I need. On the other hand I do not want to be at risk for going upside down should local/national market conditions take a drastic turn. I currently have ~$6k between cash and stock market investments and am saving about $1.5k - $2k a month going forward. Thoughts and experiences?

First post here!

Best,

Will Driscoll

New Hampshire