All Forum Posts by: Ashley N Tauriac
Ashley N Tauriac has started 2 posts and replied 4 times.
Post: How to sell with exorbitant home insurance prices
- Posts 4
- Votes 4
Quote from @Patrick Roberts:
Insurance is rough right now in Louisiana. About 1-1.25% of the home's value (approx) has been what I've seen for decent policies. One thing that may help is replacing the roof - a lot of companies either wont write or overprice premiums for homes with roofs over about 5-8 years old because it's a replacement waiting to happen with the next hurricane. Reach out to a local broker and see if they can identify a carrier that would be reasonably priced for the house for a reference, or find out what you can do to remediate the risk to lower the premium.
What town?
Okay thanks. Its New Iberia.
Post: How to sell with exorbitant home insurance prices
- Posts 4
- Votes 4
Hello, I inherited a home in a small town in Louisiana. Since I live out of state and there are no nearby managing companies, I decided to sell the home. I have had 6 people sign paperwork to buy the home over the last few months, but even the cash offers have pulled out when they see the price of Homeowners insurance in Louisiana right now. The last offer I signed on was half the cost of the appraisal of the home, and they still pulled out. I am not sure what to do, since I cannot create new companies for insurance options, and do not expect those prices or interest rates to go down anytime soon. Do I have any other options?
Post: Drowning in Inherited Rentals
- Posts 4
- Votes 4
Thank you all for your input. It's hard to admit that selling seems so obvious, but it just feels like giving up on some level to me. To clarify, I am in Nashville, and the properties are in Louisiana. The mortgage makes me nervous because it's on two of the properties and the fixed interest rate ends in September but I'll still have 4 years before I can pay it off. But thanks for your comments, I'll look more into current market prices and chat with some other out of town realtors.
Post: Drowning in Inherited Rentals
- Posts 4
- Votes 4
I am new to rental properties and inherited 4 small single-bed rental homes in 2021 when my dad passed away. They've all being rented for the last 10 years or so with no increases to rent. They're all in a small town where property values and sales are way down as people are moving out to find jobs. Given the mortgage on the properties, during 2022, I was $1500 negative on the business. Increasing rents by $200-$300 would obviously cost me the renters and I might not be able to replace them. In addition, my dad could easily do renovations himself, but I live 13hrs away and do not have this expertise, and every property needs 2-3 major updates like roofing, fencing, or foundation repairs that I can't even get quotes on since evidently no one wants to work anymore.
I have thought about selling them, but real estate agents have mentioned this would be difficult, so I feel like this would net nothing between the taxes and mortgages. I have thought about 1031, but since these properties are all worth less than $100,000 and I live in Nashville, I will not be able to find a property nearby at that amount. Looking for any kind of suggestions or advice, since I don't see any great options at this point. Thanks!