New to the site from Cincinnati / Dayton Ohio

6 Replies

Hello All,

        Looks like I have stumbled on to a good site here.    I primarily do flips.  My wife and I are working towards replacing my 55+ hours a week Manufacturing Engineer position with a less than full time real estate position.  We have already have her at home as a full time mom to our children.  My next move will be to go into real estate full time and quit my hourly job.

        My big question is what do you do for family health insurance?  Before I can take on more projects I need to figure out Health, Dental, Eye insurance for my family.  Where would be a good place to post my question.

Thank you

Hi Tony!

I'm also from the South Dayton area, a newbie investor here. I've got one property that is a buy and hold and I'm looking into trying the buy-rehab-rent-refinance model next. I don't have an answer to your question though, but I am certainly interested in the answer if anyone can chime in!

-Ryan

Originally posted by @Tony Deal :

Hello All,

        Looks like I have stumbled on to a good site here.    I primarily do flips.  My wife and I are working towards replacing my 55+ hours a week Manufacturing Engineer position with a less than full time real estate position.  We have already have her at home as a full time mom to our children.  My next move will be to go into real estate full time and quit my hourly job.

        My big question is what do you do for family health insurance?  Before I can take on more projects I need to figure out Health, Dental, Eye insurance for my family.  Where would be a good place to post my question.

Thank you

Welcome to BP mate :)

@Tony Deal You end up having to buy your own insurance. That much is obvious, I know.

There are hundreds of plans to choose from, unlike an employer who will only provided a few choices.

Depending on circumstances, the plan you get may cost anywhere from a few hundred, to a thousand per month. I expect there are others that may cost even more.

Just like mortgages, there are Health Insurance brokers. You can also buy a plan for your LLC, and cover yourself through there. I got some quotes for VERY basic coverage a couple years ago that were 100-150 per month. VERY basic, and before ObamaCare.

Many of us also set up self-direct Health Savings Accounts, and use the tax-free profits from there to pay for medical expenses.

@Ryan Provost That model is effective, but due to refi seasoning requirements, your pace can be restricted if you are trying to move too fast.

And last but not least, welcome to BP. It's a great site. if you want to meet some local investors in person and discuss real estate, health insurance, or anything else, go to this post. https://www.biggerpockets.com/forums/521/topics/247315-dayton-real-estate-networking-12-14-15

Originally posted by @Darrin Carey:

@Tony Deal 

Just like mortgages, there are Health Insurance brokers. You can also buy a plan for your LLC, and cover yourself through there. I got some quotes for VERY basic coverage a couple years ago that were 100-150 per month. VERY basic, and before ObamaCare.

Many of us also set up self-direct Health Savings Accounts, and use the tax-free profits from there to pay for medical expenses.

Good idea on running my health insurance and setting up an HSA through my LLC. I will do more digging on this.

Thank you

Just came across this post now, but just a thought to throw out there. My husband actually works part time for UPS for our health insurance. The hourly rate isn't great and its hard work BUT, for our family it works. I think they have pushed back providing health insurance for you after 6 mo and your family after a year or 18 mo, BUT there is no cost for it, and our out of pocket MAX for the year is $2k. On top of that, my husband invests most of his paycheck into 20% discounted UPS stock, life insurance is extremely cheap ($400k is the max but ~$40/mo), and he'll get a pretty nice pension after 30 yrs (but we don't bank on this considering it is a pension). Just food for thought.

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