All Forum Posts by: Zigmunt Smigaj

Quote from @Greg Scott:

In the scheme of Multifamily Syndication, $25K for education and mentoring is a drop in the bucket compared to the cost of doing it wrong.

My wife and I had 6 SF rentals when we found Lifestyles Unlimited about a decade ago.  We no longer own SF rentals.  Instead we are invested passively in 25 different apartments across the United States and manage two large apartments in Indianapolis.  In total we have over 4K units.  We've now both retired from 6-figure W2 jobs.

Lifestyles Unlimited is based out of Houston, but has offices in several cities. They have been around over 30 years and have over 50K members.  I don't think anyone else can touch those numbers.

So you don’t own your own Multifamily buildings? You are an investor right? What benefit is paying a coach if you only intend to passively invest.  

I agree that the cost can be outrageous, and it may be worth it if they truly live up to their end of the deal with oversight, reviewing your deals, avoiding legal traps, yeah there’s a lot we don’t know starting out.

But I for one don’t want to be a syndicator. I just want some general guidance on how to buy a 10 unit with my own money or rolling 3-5 of my SFH over in a 1031. So that respect it seems kind of expensive. but again, I personally have not hired any of these coaches.

I have all my properties with American Modern and Allstate.  Neither is taking on new landlord policies in Texas or Colorado (where my property located).  

Who do you use for individual SFH policies or commercial policy that could write a portfolio policy?

I can’t figure out how to search through the app for any topic. There’s no magnifying glass or search window for searching keywords in the tens of thousands of posts. Does BiggerPockets just want you to see certain topics? 

Quote from @Stephen Predmore:

@Christopher Baldwin On the main Forum page, you should see a magnifying glass in the upper left corner of the page. Right next to the BP logo. That's the Search function.

At least that's how it works from my phone.

Does not work.  I see no magnifying glass, i’ve also wondered this even on my desktop it’s ultra impossible to search the thousands of posts for a single topic.

Thank you for the tips.  I’ll look for corner lots.  

Looking at lots listed for 15-25k in Texas satellite towns to initially hold then eventually build class A/B duplexes.  Opposed to buying used one at retail.  Looking for some basic strategies and success/failure stories. Most of my properties are older (15-30 yrs) and maintenance is becoming a creeping problem.  I feel that if I build new I wont have a issue for 10 yrs and I wont need to compete with other investors.  

1. Can I 1031 into a new build?

2. Any particular layout that you recommend or would stay away from (2 story vs 1)

3. Will your costs be less than buying retail?

4. Do yo typically get a construction loan then need to refinance out ?

Quote from @Mak K.:

Do you have updates... Did you rent it out?

 No we decided to turn down the hospice offer and rent to a conventional renter.  Too many questions on how a 501c works with respect to liability and the underlying intent of the 501c owners.  I do like the idea but not with a property in a nicer neighborhood where your neighbors could sue you for allowing this type of business to operate.  

I am using Proper, they are very expensive but I could not find anyone else.  They're policy does cover a lot of things that would not be covered by a home owners policy, like squatters, bedbugs, damage to the property from a big accident, lost income for any major repairs, and a 1 million liability. 

I've already had parties and unauthorized pets within the first 6 months (managed by Evolve). A party with an underage drinking incident can put you in jeopardy from the parents so I'd also make sure to use a LLC or real estate privacy trust.

American Modern did say they cover vacation homes but would not provide any specifics to what is covered or not, and no extras that Proper specifies. 

A local charity wants to rent my SFH in order to house up to 3 patients along with a 24 hr staff. This would be a hospice home designed to provide more comfortable living in last few days/weeks of life. What additional considerations should I put in place or ask about. My property is in a residential neighborhood, zoned residential. It was explained that they're not running a for-profit since no rent or fees are charged to the patients, the company has a large donation pool that covers operating costs and staff.

Should we put this property into a LLC or REPT?

Could this affect a later sale? 

 Should we draft an addendum to the normal PM agreement? 

What tasks would you ask a lawyer to perform?

Quote from @John Underwood:

Foremost had a better policy than Cbiz or Proper for me. They even cover my boat dock. 

Thanks I'm reaching out to them now for a quote. So far I'm seeking quotes from Proper, CBIZ, Foremost, and a couple local brokers. None of the national carriers (travelers, Alstate, American Modern, or Statefarm) insure STR or property in FL... very odd. Goes to show the industry is all about the insurance company and not the insured.

My assumption is the profit of ABNB justifies the premium. 

This property is in Largo, not beach front, roughly 5-7 miles from any coastline and no history of hurricane damage. Just a plane old SFH with a pool.