26 August 2018 | 2 replies
. $100k gain right now is tax free, If you simply sell.....you’ll lose that if you redevelop it.Builders know how to do this, and their cost for doing it themselves will be much lower than yours.
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15 September 2018 | 19 replies
I don't believe in holding a rental property than loses money each month.
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16 September 2018 | 22 replies
Is it that your tenant might lose their job and not be able to pay rent?
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28 August 2018 | 1 reply
In the end you'll likely save more from the utilities than you lose from lowering rent.
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1 September 2018 | 13 replies
IMHO, it's much better to share the profit and reduce your risk than to go it alone and lose money you can't afford to lose.
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29 August 2018 | 6 replies
I think you should adjust some of your projections as I'm sure you don't want to lose money on the deal.
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29 August 2018 | 3 replies
. $10k later they are off my back.Three months later…We closed on this duplex in New London a month ago to house hack a bit and live mortgage free.Took me awhile to find an insurance company because of the age/size and style of the property (it’s 5600 sqft, Victorian built in 1900).We ended up going with State Farm.Usual thing happened; guy comes out and takes a look, gives a few things we should “look at”.Tells me about a tree that needs trimming and a set of stairs on the deck needs repaired; no big deal.Two weeks after closing we get a call from SF that we have been “randomly” selected for a 3rd party inspection.Two week after that we get a call from the agent saying we now have 4 things we must complete to include CUTTING said tree down, replacing windows, fixing the stairs and now I have to paint the CEDAR shingles on the garage because only half of it is painted.As you would expect, I took this news very well and only raised my voice with the guy a little.He told me I had 60 days to fix or start the repair and that a letter would be issued on the 20th of August.Silly me, I though this letter would outline what I needed to complete.NOPE, it was a letter from SF saying that my coverage was declined and was accompanied with a refund check for my premium.Turns out that 60 days is from the date when the policy was issued, not the date of this letter.So we are now 30 days into the 60 days repair window and I’m just now getting the information… Oh and that 60 days also include a couple days to insure the agent has time to come out and re-inspect and send it to underwriting.So my 60 day window was actually only 20.Additionally, every time I call them to ask a question, I get yet another list of things I should fix.Stop giving me your opinion about what you think I should do and tell the required recommendations you need me to do so I don’t lose my insurance policy!
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30 August 2018 | 15 replies
You should also have roughly a 10-20% buffer saved up above your rehab budget for unforeseen repairs that might need to be taken care of or for emergencies like a pipe bursting or a break-in.Investing in real estate should be with your "play" money when you're just starting out, you don't want to be putting your entire savings into your first deal and have it go sideways and lose everything you've saved up.
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11 October 2018 | 17 replies
There are many landlords out there that would probably never raise rents, but now faced with the possibility of losing the option will probably make the decision to make the jump.
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9 June 2019 | 37 replies
Is there any room for it to be in bad enough shape that it could tank those estimates due to excessive rehab/repair costs?