All Forum Posts by: Erik Pacpaco

We have owned a 4 plex that we purchased 2 years ago and inherited 3 tenants. For the time that we have had these tenants they have been wonderful. They never complained, took care of our property, made the place a wonderful community and home. Everyone seemed to get along well until recently where we have heard complaints against one another to the point where they are contacting the police on one another. Wondering if any landlords have had similar experiences like this and would be willing to share advice about how to deal with this

Just to follow up with the story, we were advised by the water and mold remediation company to contact our homeowner’s insurance regarding the water damage to the walls and flooring as well as the air quality. When I spoke with the insurance company, he said to immediately contact the water and mold remediation company and that he would approve the work done. The water and mold remediation company immediately went in treated the air quality, water damage and replaced the flooring. The estimated costs came out to be $18k and my deductible with the homeowner’s insurance was $1000. When I asked whether my monthly insurance premium would increase and the agent said that it would not unless I made over 3 insurance claims. I hope that to get some comments from the BP community on whether others have gone through their homeowner’s Insurance or a nIghtmare WIth Water Damage And Mold R

We had a plumbing leak in our rental and there was damage to the flooring to the bathroom, kitchen, hallway as well as one bedroom. It was so bad that the tenant contacted us with a video showing the water seeping through the flooring when you stepped over a section of the flooring. Well we responded immediately and had a plumber there in the morning. Besides the damages to the flooring, (possibly black) mold was discovered after the plumber opened the wall behind the shower to make the repair. Has anyone gone through their home insurance to have water remediation and mold treated? Would like to hear other people’s experiences and what they have gone through. This is the first insurance that we have ever made on this property. Where I am now, the home insurance company told me to get a water remediation company to go in and instructed them to proceed and replace the flooring. We will be putting up our tenants for one night in an airbnb and the water remediation will be begin on sunday Will my premium shoot up and spike to a level where the cash flow will significantly be affected? Will the spike in the insurance premium stay high forever or will it decrease over time.

@Dan Barli thank You Dan for the great advice!

Just wanted to ask landlords in the Phoenix, AZ area whether it is okay to show a property after the current tenant has put in their 30 notice that they will be moving out?

I'm an out of state real estate investor who is thinking about partnering with someone who has knowledge of a market that provides better deals than where I can find at home. I've been reading that 50/50 is one of the best options when partnering up with someone who will provide a skill set that I do not have especially when they have boots on the ground. For this deal, I would be more of a silent investor who will find the deals and the funding whereas the other person will be an active investor and who will oversee the renovation. What if it's a project that will require very little work and was pretty close to being rent-ready? Would 50/50 be appropriate or a 60/40 deal out of the question for a property that won't require much work? Would love to hear what people have done and have to say. Thanks!

@Scott Montgomery, Jr Hey Scott Welcome to the forums! Hope you can realize your dreams and build your legacy through REI. Best wishes!

Thank you Denise! Great advice!

Hello, my name is Erik and originally we are from Honolulu, Hawaii. The reason why I am writing is because I wanted to introduce myself as a new investor who lives in a market that he cannot afford so we have to look to other markets in order to find deals that can meet our criteria such as the 1% rule. A friend of mentioned Florence, Alabama and I became interested in the area especially after reading David Greene’s book Long Distance Real Estate Investing and finding out that there are deals that can be made there. I’m primarily interested in buying and holding by using the BRRRR strategy. That is, buying properties at a low price, renovating it, finding a tenant to rent it, refinancing and repeating the process over again. If there is anyone who would who knows the area, I would love to hear from you and connect. Thank you!

Greetings, this is a question for y’all in New Orleans. Would any of you know of a CPA who can help us with filing our real estate investments for 2017? We are currently in New Orleans bc I’m working as a traveling nurse and would like to know of any referrals in the area