All Forum Posts by: Ashley Kroft

@Owen Rosen, thank you for your reply!

1. I do not know what you mean by physical home itself covered. There will be a mortgage on the property. 

2. I do not have any other rental properties at the moment beyond this first one I am about to obtain. But, I will be managing the property myself. 

3. I am in a no flood zone, so I know that is not required for this property. 

@Michael Smythe, thank you for your reply! I appreciate your time and guidance!

Hello BP!

I am about to close on my first rental property and I would like some clarification about insurance I may need.

I am also going to manage the property myself. 

I am planning on getting liability insurance with an umbrella coverage. 

Here are the questions I have below:

1. Do I need any other insurance other than liability for a rental property? 

2. As the property manager, is insurance needed for that? If so, what kind of insurance should be considered? 

3. Am I missing any other insurances to consider for my rental property?

I appreciate your guidance and time for reading my post!

Ashley

@Julia Lyrberg, thank you for your advice!

With my situation of not being bankable, would DSCR loans still apply to me? And are you suggesting to do a DSCR loan for any strategy or a specific one?

I appreciate your time!

@Douglas Skipworth, thank you for your advice!

Is the line of credit different from refinancing the home that is free and clear? Is this considered a HELOC?

I appreciate your time!

Hello BP!

I have a dilemma on which direction to begin first. My mother-in-law wants to help my husband and I on our first real estate investment purchase. 

She is offering to refinance one of her homes that is completely paid off. We are thinking she could get around $175k - $198k. 

I live in El Paso, TX and would like to invest close to home first before venturing in long-distance. If you were me, just starting out, first property ever, would you use this money to find a BRRRR deal or use this money for possibly 2-3 properties for down payments?

Or maybe there is another option to consider? 

I want to make this money go a long way since both my husband and I are entrepreneurs and do not look good on paper. 

Any advice is much appreciated. Thank you for taking the time to read my post.

Ashley

Thank you, @Taylor Dasch, @Jeremy Jareckyj, and @Zachary Deal for your feedback. I will look into these elements for this property to get a better understanding of what my options are. I appreciate your time!

Hello BP Investors!

My name is Ashley Kroft and my mother-in-law has a property in El Paso, TX that will be refinanced soon to purchase my husband and I's first rental property. Now, the house that is about to refinance, I am thinking of turning into a MTR for traveling nurses, or other professionals as such. I am wondering if anyone is El Paso is doing the same thing that could help guide me in this process since I am a complete rookie as an investor. 

I've tried to research laws and regulations for MTR but there hasn't been anything set specifically like STR.

I have noted a few medical clinics/hospitals near the property that I was thinking of reaching out to ask if they hire traveling nurses and if my property could be considered for their stay. I have a 3 bedroom 2.5 bath and was thinking of rooming 2 together since I know a private bathroom is a must when rooming with a stranger. 

I am asking for any guidance on what else to look into for MTR to make sure this is the right decision for my mother-in-laws property.

I appreciate your time reading my post and answering my questions!

Ashley

Everyone, thank you!! So much valuable information. I truly appreciate you sharing your knowledge with me. It helps me read these forms better. 

Thank you all again!!!

Thank you, Russell, for this information. I appreciate you taking the time to clarify my question!

Hello BP!

I have a question about the Buyer Agreement Form between a buyer (me) and a real estate agent. I have not heard of this form before. In the form, it says I can only work with them exclusively from a specified beginning date and end date. Is this normal? To be only exclusive to this agent when trying to find good deals? 

I am a rookie and I am ready to begin finding my first rental property. Just want to make sure this agreement form is a normal process or not. 

I appreciate everyones time & guidance!

Ashley