All Forum Posts by: Jimmy Hong

That's the problem @Dean Letfus , no insurance will touch it.

Thanks @Adam Greene @Jeff S. and @Dean Letfus , its for long term and cash flow. Renter's docs shows great cash flow. There's an additional building in back with garage that has 2 additional units. Overall, cash flows $2400 monthly, purchase price is $122k. I'll be financing about $90k for $500. So using 50% rule:

$1200 - 500 (p&i) = $700 net.

Still not worth doing?

Hello fellow members,

I'm in the process of purchasing a buy and hold property out of state, Memphis, but I can't get the property insured. This house is over 80 years old and have knob & tube wiring, which insurance companies won't cover unless updated. The loan is ready and we're in the last stages of wrapping this up. The seller has agree to install brand new roof but not budging on knob & tube wiring. I got an guy to check it out to find a quote and he stated it'll be extremely cost prohibitive because they have to gut the whole house to do that.

Any suggestions? Thanks.

I just set it up tonight and sent out one to a potential renter. Very easy to use, renter hasn't completed the application yet.

Do you have good credit? Don't forget to build your credit.

I use myfax.com. $10 monthly, don't need fax line or fax machine, send and receive from email account. Pretty convenient.

Latest update, before putting the property back on the market, my wife and I decided to stage it. Less than 3 weeks after staged, broker preview, and open house, we got an offer, countered, and accepted. I followed @J Scott "10 Rules to Improve Your Sales Closing Success" with this new buyer and we successfully closed and were funded less than 30 days. Here is the property after staged.

Obviously my wife did all the interior design and staging (I don't have any creative side whatsoever). I really don't think we would have moved this property so quickly if we didn't stage it like my wife did. My thanks to @J Scott again and everyone with their great advice. Working on our next rehab now. Will post new topic with our next rehab info, will also have before, during, and after pics.

@Lee Warren , I'm very glad to hear this situation ended well for you. It looks like you took appropriate actions and hired professional teams (pest company, lawyer) to tackle the situation.

I agree with @Jesse Rivera , college is not essential. Nothing I learned from college am I applying it to my REI today, with exception of few math classes. I've learned more from real estate investment books and biggerpockets.com than college. Having said that, I would absolutely, 100%, guarantee go back to college again. BEST TIME OF MY LIFE.

Hi @Tia M. , I agree with all the experts, hard money is commonly used for very short term flips with an exit strategy of 6 months or less (less being better). I definitely don't recommend using hard money for your rental strategy.