All Forum Posts by: Eileen Murray

@Andrew Alvira your not late! The thread moved to the meet up forum. I’ll get you the link in a sec. Meetup is tomorrow 1/10 at 6 pm at the expo market. 

@Mike Cumbie- yup. Sad but true as well here in Niagara County NY!  But wouldn't ever change where I live- WNY is beautiful! Now where I invest? That may end up being another story once I get more experience. 

@Bryan Vincent- I don't know in those areas, but recently I've noticed RE listings on mobile homes set on foundations listed as "modular".  It really  undermines the reputation of a true quality modular build. If realtors are confused as to the difference between modular and mobile, I'm sure the average tenant or buyer is too. 

On a personal note, I put up a modular and I loved it!! Plus you couldn't beat those thick middle walls whe the teens had their music blasting!! I wouldn't hesitate to build or live in a modular home again!  ( bonus- it's fun watching the cranes swing your house around in the air to set it on the foundation!) 

Husband and I are in the midst of purchasing our first REI in Western New York. Purchase price 81k. 25% down payment. 4.75 interest for 30 years. No points. So $20,250 down payment and need 32k at closing. Foreclosure so we have to pay what would normally be sellers costs. But still- ouch. I feel your pain because I truly did gulp hard when my mortgage guy told me what I needed to bring to closing. I also have noticed how much lower everyone else seems to be paying in closing costs and insurance costs. Half the deals discussed in podcasts don't even mention closing costs!!

If misery loves company, I hope I cheered you up @Luke Anderson 🙂

Husband and I are in contract to purchase our first REI. A nice solid Duplex. We want to keep the rehab costs down as much as we can especially since we made the rookie mistake of overbidding. Anyway, if we can't get good cabinets in budget at a local auction, we would like to replace both kitchens with IKEA cabinetry, which we have in our own home and love. We can drive to Pittsburg - 4 hours or to Canada -2 hours. Current exchange rates make the transaction favorable to the US dollar and wed save about $500 shopping at the Canadian IKEA.

I'm concerned about duty charges and the high Canadian taxes and potential unknowns. 

Does anyone have experience in this? 

Cost of two IKEA Kitchens in US- $3818 about $500 less in Canada before all the above charges

So rather than starting a new thread for insurance questions I hope it’s ok to piggy back on this one- similar questions. 

How much are people paying for insurance? I'm in contract for a duplex and am shocked st the quotes I'm getting. Paying 81k for duplex. 11k closing costs (including re taxes, lawyers, title and survey) and figure I'll be putting in about 20k in rehab...ARV about 140k.

Full replacement policy with 500k liability quote from no-name company through agent - $1200 per year. 

Same coverage quote from Allstate $1350 per year. OUCH!! This is about double what I was expecting!! Location Western NY- Niagara County. 

Is this about right?   Also is it worth more to go with a name-brand company?

@Raylan Willis

Tried to PM you But it says “sending” for the last 5 minutes. I’ll try again tomorrow. 

Also- wondering, since I’m about as green as it gets- is it appropriate to bring an analysis with me to seek advice/opinions? I’m in the midst of purchasing my first investment property and I think I should have thought harder about the high property taxes. Gotta love New York!!

Hi @Raylan Willis

I’ll be there!! I’ll try to figure out how to pm you with requested info. Hopefully the weather cooperates. Crazy winter so far!! Happy New Year!!

Thank you all for the welcome! Hopefully one day there’s a BP meetup and I’ll get to meet more BP members in person!