All Forum Posts by: Brooks Rembert

We have two rentals as well and have personal insurance on them. I wouldn't think you would require a commercial policy unless it's a commercial property, i.e., 5 or more units, etc. 

Bhaskar, I'm starting a partnership as well with a friend and we're going in 50/50 in everything. We'll each put down 50% of the down payment, and each be on the loan together.

This will be for both flips and buy and hold rentals.

Hope that helps.

Joe,

The biggest benefit to an umbrella policy, as explained by my attorney, is that if you get sued for whatever reason, with only $500,000 in place, the insurance company will most likely send their "C" team in and settle.

If they're on the hook for $1.5 million, home policy plus umbrella, the "A" team shows up.

In addition, the umbrella policy SHOULD (depending on the company; I have USAA, so I'm not sure about Liberty Mutual) pay for your defense costs as well.

I feel comfortable with the advice from counsel as he has no affiliation with an insurance company, and has his own umbrella policy as well for his properties.

I don't make an offer on the spot. I take a little time, usually 24 hours, before making an offer.

Sort of a self imposed cooling off period to make sure I don't get too excited about a deal.

Tarrin,

Not necessarily. If the seller is very desperate and just wants out, if they have money to cover the shortfall, the deal can still proceed.

E.g., they owe $100,000, you offer $70,000. If they have $30,000 to satisfy the payoff, you're a go.

Chris,

Being nervous is perfectly normal when you have so much money on the line. One thing I would suggest would be to post the actual numbers you're looking at. That will allow more experienced folks to see how you are reaching those numbers and to play devil's advocate.

Congratulations on getting this far.

Daniel,

I did my first mailing about two weeks ago. Very small mailing (18 cards) but I got two calls. I realize that is probably just dumb luck because of the small sample size, but I use hand written yellow postcards.

Not to be flippant, but you can use the search box at the top right of the site and find PLENTY of articles and blog posts about wholesaling.

Yikes! I host mine with DreamHost and pay about $10-$12 per month and it is way more than I need.

Plus, they have easy WordPress integration to get up and going a breeze.

I'm not affiliated with them at all, just a satisfied customer.

Sounds like you were talking to a doofus who doesn't know what they're talking about. They might have been trying to tell you that you can pay interest only until the principal is paid off, but the interest rate should be 5% per year.

Caveat though, there may be a minimum due per month, e.g., $150 per year of interest is $12.50 per month. They may require you to pay a minimum of $25 or $50 per month.