All Forum Posts by: Zachary Ware

I would recommend getting an insurance policy at Replacement Cost. If you lost the property to an event, the insurance company can just say it is worth less than you paid for it, leading you to lose money. This is a simplified explanation but what I would worry about getting coverage at ACV.

I would recommend starting out with a local bank you are close to. Some like to pick local bank/credit unions where they will be investing. Having your account at the same bank you will be looking to get money from can have advantages as well. Building a relationship and the banks trust in you can help out some when getting mortgages.  

Manual payments such as Venmo, Zelle, Paypal, can get pretty time-consuming as you scale. I would invest some time (and money) into using a property management software if you will be self-managing. I currently use RentRedi, though not the best from what I hear.

Congratulations Matthew! Awesome story and hopefully inspires others to pull the trigger on a house-hack! 

I recommend checking out "The Best Ever Apartment Syndication Book" by Joe Fairless and "Multifamily Millionaire V2" from BP. 

I have to agree with Matthew on this one, a broker is going to be able to find you the best deal as they are the most up-to-date with which insurance providers are covering your area and for the best price.  

As Christopher said, the structure really depends on you and your parents' goals and what you want out of the deal. If it were me, and my parents bought the property(put up the down payment/reno funds, etc), I would not take equity but would ask for a % of the rental income for management. I would also charge a flat fee or hourly for the renovations. But again, this is family so maybe you both want to split everything down the middle and have a 50/50 split of the equity and 50/50 split of the revenue. 

Hi Greg, 

Congratulations on your 1st rental property! Best of luck. I think you are in a great place here on BP, there are tons of experienced people here who are glad to help out.  

Hey Marshall,

I am also located and looking to invest in the Austin market. I would recommend attending as many local RE meetups as you can, there are tons of investors our there ready for someone to bring them a good deal. 

Hi Kwanza, 

Welcome to BP! Check out the different Forum Categories here as they can answer a lot of questions you have just reading through. If you don't find the answer or even find new questions, there are tons of tons of knowledgeable people who are happy to help out.