All Forum Posts by: Geraldo Holter
Geraldo Holter has started 1 posts and replied 19 times.
Post: Flippping Formula Scam
- Chattanooga, TN
- Posts 21
- Votes 10
https://www.biggerpockets.com/...
Hope that helps. Try contacting them.
Good luck, sorry this happened to you and don’t let it stop you from your goal.
Post: Lost rental income: use reserves or insurance?
- Chattanooga, TN
- Posts 21
- Votes 10
Originally posted by @Nicholas Jose:
Good afternoon, BP.
When you start out and buy that first duplex (or other multi-family property), would you rather A) save enough in your reserves that you're covered for at least 6-months' worth of lost rent? or B) use an insurance company that covers for lost rent and let the tenant pay for it?
I don’t know of such a policy and will wait to hear others input( I’m going to google this too). Afaik insurance covers loss of income of property is uninhabitable for a claim( repairs etc).
If you have a Mortgage on your property it is a good practice to have 3-6 months of the monthly payment saved, just like your regular emergency fund.
Originally posted by @Noah Howells:
Is it feasible to wholesale properties during this pandemic if you haven’t already started the process with a possible seller yet?
I am looking to cold call some people I have skiptraced and was wondering if it would be better to just wait for the pandemic to pass or just try to make it all work some how.
Have people been able to find deals and actually go through the whole process with this covid19 going on? Thank you
Perfect timing, high likelihood of the seller being home/ not busy.
good luck!
Post: Coronavirus: email to send to your tenants
- Chattanooga, TN
- Posts 21
- Votes 10
Originally posted by @Gary L Wallman:
Originally posted by @Geraldo Holter:
I gave a 50% credit to all my tenants for april( im small at 10 doors currently), this may be needed for May as well we will see how things go.
if you can afford to,consider this.
Geraldo,
Why?
Gary
why not? Most of my tenants are low income and a lot of them are not working.
the impact this covid19 will have in our economy are very uncertain. It’s the least I could do.
Post: Coronavirus: email to send to your tenants
- Chattanooga, TN
- Posts 21
- Votes 10
I gave a 50% credit to all my tenants for april( im small at 10 doors currently), this may be needed for May as well we will see how things go.
if you can afford to,consider this.
Post: How much did you pay a wholesaler/broker for your last deal?
- Chattanooga, TN
- Posts 21
- Votes 10
Most expensive So far happened this week, 9k on a 26k sale price.....
Post: Chattanooga Investors Investing in Rossville, GA Area
- Chattanooga, TN
- Posts 21
- Votes 10
Originally posted by @Paul Honen:
Hey @David McLean. I'm looking for things to BRRRR for the most part, but just looking on the market it seems easier to find rentals that meet the 1% rule in Rossville. I have heard about incurring state tax on those properties, but haven't looked into it too in-depth yet.
Thanks for the info!
I have looked, very good deals to have. Almost jumped on one.
What stopped me was that my pm does not operate in ga( and another better deal popped).
Post: How much did you pay a wholesaler/broker for your last deal?
- Chattanooga, TN
- Posts 21
- Votes 10
2500. It was included in the agreed purchase price.
Are you trying to buy the property?
you should be able to inspect it before finalizing purchase, don’t expect any repairs to be made.
once you agree on a price it goes( hopefully) to a closing agency for the transfer of title and then the seller and wholeseller get their money, state taxes are paid and title gets transferred to you.
Post: What's the Cherry on Top?
- Chattanooga, TN
- Posts 21
- Votes 10
Kitchen backsplash and tile floors instead of linoleum.
wont break the bank as stone counters.