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30 October 2024 | 35 replies
If you have enough properties, you can ride a tenant issue with the other properties covering the cash flow/expenses of the bad tenant--especially if you have professional tenants who care about their credit score.
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24 October 2024 | 9 replies
Our first goal is to have her income covered in about 5 years so she can free up her time.
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25 October 2024 | 23 replies
Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.
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23 October 2024 | 1 reply
I did not call the insurance adjustor yet because I wanted to fix the roof asap because its been raining every day3) Since they switched the insurances on me after the hurricane, I will be asking the insurance that held the coverage during the hurricane to replace the roof (if I go that route), is there a time frame where the insurance company will refuse to cover and say that they wont cover because it was too long ago?
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24 October 2024 | 3 replies
Given that the house is paid off but has $27K in back taxes, you could offer to cover those taxes upfront in exchange for favorable terms on the remaining balance—like low (or no) down payment, and small monthly payments.You could also negotiate for a subject-to deal where you take over the property subject to the taxes, while still securing control of the property for your BRRRR strategy.
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25 October 2024 | 2 replies
Here’s how it works:Buy a cash-flowing property with solid fundamentals today.Rehab it, improving the property’s value and generating more rental income.Rent it out to ensure cash flow covers your costs.Wait for a Rate Drop—this is the new "R."
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28 October 2024 | 12 replies
You’ve got the right idea when it comes to liability protection and separating the income for tax purposes, but there are a few things to consider with the "due on sale" clause.When it comes to paying the down payment, it’s perfectly fine to use your personal account to cover it since you’re personally guaranteeing the loan anyway.
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23 October 2024 | 13 replies
When a tenant moves out, I want to fix the unit ASAP and rent it again; not wait for a 3rd party to review it and then tell me what they will and will not cover.
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24 October 2024 | 2 replies
You will want to run projections on each individual property to ensure that it will produce enough revenue during peak season to cover your low season months.
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25 October 2024 | 13 replies
You’ll want to ensure rents cover PITI by at least a ration of 1 to 1.