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15 November 2024 | 8 replies
Quote from @Joe Steinheiser:Yes, builder risk insurance..
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27 November 2024 | 7 replies
Take a look at the rents for both sides vs current mortgage payment (if any), new payment on the cash out or HELOC, taxes, insurance and HOA (if applicable).
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25 November 2024 | 22 replies
The accounting system allows you to keep track of costs like mortgage payments and amortization with insurance and taxes as well as part of the asset management.
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18 November 2024 | 1 reply
No one is going to insure you with knob and tube so you need to focus on selling or doing the rewiring.
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26 November 2024 | 4 replies
A few things to keep in mind:Section 8 requires the property to pass an inspection based on HUD’s Housing Quality Standards (basically making sure it’s safe and well-maintained).The rent you charge has to align with Fair Market Rents (FMRs) in your area, so it’s good to check what similar properties are renting for.You’ll still be responsible for maintaining the property, but the upside is that a chunk of the rent is guaranteed by the government, which can provide steady income.Check with the local housing authority about any specifics for your area—every jurisdiction does things a little differently.This could be a great niche if you can find a good deal on the land and make sure your expenses (like maintenance, insurance, and occasional vacancies) are covered by the rental income.
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26 November 2024 | 3 replies
This seems like a lot of work to save 15% of $35k in taxes (Less than $5k.) especially if you have transfer taxes or title insurance, or you convert your long term 15% rate in to your son’s regular income tax bracket.I hate paying taxes as much as the next guy but this lemon isn’t worth squeezing.
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1 December 2024 | 377 replies
I am also looking to buy a few duplexes or triplexes for my own portfolio, so it would be ideal to start sending out letters to home owners in my area to see if I can find any off market.
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26 November 2024 | 5 replies
Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.
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12 November 2024 | 11 replies
It's my first outside of Georgia and I have a local partner (in jax) but it's their first.I need homeowners insurance.
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21 November 2024 | 3 replies
I also own a short-term rental management company that partners with other real estate investors and second home owners to 2-5x their returns while also taking the headaches out of operating STR’s.