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All Forum Posts by: Gina Coleman

Gina Coleman has started 3 posts and replied 14 times.

Post: What will I need for my first rental? Insurance, banks, PM, etc

Gina Coleman
Posted
  • New to Real Estate
  • Nuevo, CA
  • Posts 14
  • Votes 4
Quote from @Alecia Loveless:

@Gina Coleman Check with a few independent insurance companies about your policy options. My company allows me to place more than one property together on one policy which saves me a lot of money.

If the buildings are all on one lot this won’t apply.

I have one property with multiple buildings and it took a little more creativity to write its insurance policy.

Good to know! Thanks for the info!

Post: What will I need for my first rental? Insurance, banks, PM, etc

Gina Coleman
Posted
  • New to Real Estate
  • Nuevo, CA
  • Posts 14
  • Votes 4
Quote from @Bob Stevens:
Quote from @Gina Coleman:
Quote from @Bob Stevens:
Quote from @Gina Coleman:
Quote from @Bob Stevens:
Quote from @Gina Coleman:

Made an offer on an off-market portfolio consisting of 2 duplexes and 1 SF. I’m planning on getting a Property Management company as I live out of State in CA. Just a few questions I’m hoping someone can help me with.

1) Do I need landlord insurance? Or is just the home insurance fine?

2) If I plan on using a PM for my properties, would landlord friendly companies like Stessa benefit me? Im wanting to open a separate bank account for each property and saw a lot of people recommending Stessa for bank services.

3) Do most use an LLC when having multiple rentals? Is this something I should look into?


Thanks in advance!


 Hi did you close and if so how's it going ? 


 I ended up closing on a different property. That one did not work out.


 Where did you close in Cleveland ? 


Yes sir! 


 where and how much did you pay ? 

A block away from the Cleveland clinic. Paid 40k cash

Post: What will I need for my first rental? Insurance, banks, PM, etc

Gina Coleman
Posted
  • New to Real Estate
  • Nuevo, CA
  • Posts 14
  • Votes 4
Quote from @Bob Stevens:
Quote from @Gina Coleman:
Quote from @Bob Stevens:
Quote from @Gina Coleman:

Made an offer on an off-market portfolio consisting of 2 duplexes and 1 SF. I’m planning on getting a Property Management company as I live out of State in CA. Just a few questions I’m hoping someone can help me with.

1) Do I need landlord insurance? Or is just the home insurance fine?

2) If I plan on using a PM for my properties, would landlord friendly companies like Stessa benefit me? Im wanting to open a separate bank account for each property and saw a lot of people recommending Stessa for bank services.

3) Do most use an LLC when having multiple rentals? Is this something I should look into?


Thanks in advance!


 Hi did you close and if so how's it going ? 


 I ended up closing on a different property. That one did not work out.


 Where did you close in Cleveland ? 


Yes sir! 

Post: Anyone have a written contract for out of state GC’s?

Gina Coleman
Posted
  • New to Real Estate
  • Nuevo, CA
  • Posts 14
  • Votes 4
Quote from @Jack Krusinski:

The GC should provide you with a contract. Here are the things I would recommend looking for in that contract. 

1. Scope of Work: Clearly define the tasks and responsibilities the contractor will undertake. I can't tell you how many times I have heard, "That was never in the bid." Put it in writing so there is no miscommunication. 

2. Payment Terms: Outline how and when payments will be made. There will be an initial deposit, progress payments tied to milestones, and a final payment upon project completion and satisfactory inspection.

3. Project Timeline: Specify the start and completion dates, including any deadlines for specific milestones. Include clauses for delays and how they will be managed.

4. Change Orders: Detail the process for handling any changes to the scope of work, including how they will be documented, approved, and the impact on the timeline and budget. This is a big one! Change orders will most likely happen! 

5. Permits: Clarify who is responsible for obtaining necessary permits! Contractors should do this, but to be safe, I would outline it in the contract. 

6. Termination Clause: If things don't work out, define the circumstances under which either party can terminate the contract.

7. Lien Waivers: Require the contractor to provide lien waivers from themselves and all subcontractors to prevent any future claims against the property.


 Thank you so much! Exactly what I needed!

Post: Anyone have a written contract for out of state GC’s?

Gina Coleman
Posted
  • New to Real Estate
  • Nuevo, CA
  • Posts 14
  • Votes 4
Quote from @Matthew Paul:

The GC will provide you with a contract . 


 Oh ok that makes sense! Thank you!

Post: Anyone have a written contract for out of state GC’s?

Gina Coleman
Posted
  • New to Real Estate
  • Nuevo, CA
  • Posts 14
  • Votes 4

I recently closed on my first property and it’s going to need a full rehab. My realtor recommended a GC he’s used in the past for his personal properties. I’m wanting to know there are specific things I should add into the contract before beginning the work, ie: terms, payments, timeline, etc. I don’t want to miss anything since I am out of state and will not be present weekly. Perhaps a template or current contract for anyone out of state that I could look at would be helpful! 

Thanks in advance!

Post: What will I need for my first rental? Insurance, banks, PM, etc

Gina Coleman
Posted
  • New to Real Estate
  • Nuevo, CA
  • Posts 14
  • Votes 4
Quote from @Bob Stevens:
Quote from @Gina Coleman:

Made an offer on an off-market portfolio consisting of 2 duplexes and 1 SF. I’m planning on getting a Property Management company as I live out of State in CA. Just a few questions I’m hoping someone can help me with.

1) Do I need landlord insurance? Or is just the home insurance fine?

2) If I plan on using a PM for my properties, would landlord friendly companies like Stessa benefit me? Im wanting to open a separate bank account for each property and saw a lot of people recommending Stessa for bank services.

3) Do most use an LLC when having multiple rentals? Is this something I should look into?


Thanks in advance!


 Hi did you close and if so how's it going ? 


 I ended up closing on a different property. That one did not work out.

Post: What will I need for my first rental? Insurance, banks, PM, etc

Gina Coleman
Posted
  • New to Real Estate
  • Nuevo, CA
  • Posts 14
  • Votes 4
Quote from @Bob Stevens:
Quote from @Gina Coleman:

Made an offer on an off-market portfolio consisting of 2 duplexes and 1 SF. I’m planning on getting a Property Management company as I live out of State in CA. Just a few questions I’m hoping someone can help me with.

1) Do I need landlord insurance? Or is just the home insurance fine?

2) If I plan on using a PM for my properties, would landlord friendly companies like Stessa benefit me? Im wanting to open a separate bank account for each property and saw a lot of people recommending Stessa for bank services.

3) Do most use an LLC when having multiple rentals? Is this something I should look into?


Thanks in advance!


 YES you 100% need PM. ( I know most happy to recommend) YES you need insurance. I have been doing biz out there for year, 100s and 100s and 100s of deals. I am happy to recommend, Contractors and PM. I closed last week on a SF just under 20% net cap, buying two more next week with similar numbers. Best part I live in FL, 

Good luck  


 Thanks! I appreciate that!

Post: What will I need for my first rental? Insurance, banks, PM, etc

Gina Coleman
Posted
  • New to Real Estate
  • Nuevo, CA
  • Posts 14
  • Votes 4
Quote from @Gary Mascitis:
Quote from @Gina Coleman:

Made an offer on an off-market portfolio consisting of 2 duplexes and 1 SF. I’m planning on getting a Property Management company as I live out of State in CA. Just a few questions I’m hoping someone can help me with.

1) Do I need landlord insurance? Or is just the home insurance fine?

2) If I plan on using a PM for my properties, would landlord friendly companies like Stessa benefit me? Im wanting to open a separate bank account for each property and saw a lot of people recommending Stessa for bank services.

3) Do most use an LLC when having multiple rentals? Is this something I should look into?


Thanks in advance!


Hi Gina,

How are you purchasing these properties? Most lenders will require the properties to be purchased under an LLC. Even if you are purchasing using your own capital, I would suggest creating separate LLC's for each property! Happy to answer any other questions you may have. Feel free to reach out!

Best,


I'm looking into a bridge loan at the moment, and figured I'd move them to an LLC later. What's the reason for having a separate one for each property? Is it better protection? I'm completely new to this so I did not know about doing that.

Post: What will I need for my first rental? Insurance, banks, PM, etc

Gina Coleman
Posted
  • New to Real Estate
  • Nuevo, CA
  • Posts 14
  • Votes 4
Quote from @John Mocker:

Gina,

The most form used to insure 1-4 family rental properties is a "Dwelling Fire" policy.  Some companies will use other names for it (ie. Landlord policy).  If the duplexes and the single family are all on separate parcels you can insure them on separate policies.  Some companies may offer to combine them on one policy.  Look at both options.  Sometimes, one company may be better on the single family and another better on the duplex. 


 Sounds like having them all on one policy might be easier, but I will have to ask when I shop around for insurance. This is extremely helpful!