All Forum Posts by: Chris Masons

Who owns the properties that Morris Invest sells?

Thx,

Chris

@Jared Newsom Actually you can get rates cheaper as there is a secondary market for flood insurance (private market) not governed by FEMA

Shop around as you can save a decent amount of money.

Either way get the elevation cert, as having this in hand can reduce your premiums as without the elevation cert you are always quoted the highest premiums VS your actual base flood elevation measurements...

I once had a property removed from flood plane went from AE to X via a elevation cert and a LOMA - Letter of Map amendment. 

Also call FEMA and request historical flood claims on the property. it is public info

thx and good luck.

Chris

Congrats Leo! No house is perfect and some issues are not evident up front. I wonder if there was any evidence of flooding prior?

How was your overall experience with roofstock? They have been hounding me to invest with them. I generally invest in my backyard (NJ) but have considered out of state but have trust issues with management...

Thanks!

Chris

You need to see what zone, A, AE, V, X...

I actually had a property removed from the floodplain via a LOMA - Letter of map amendment. If property has NEVER flooded you can get an elevation certificate and try to have it removed. It all depends on the base flood elevation of the property in relation to the base flood elevation of the land...

You can still get your premiums reduced by getting a elevation certificate. Google that term and you can read about how it can help you.

I own a couple properties in flood zones, no a show stopper for me but proceed with caution. obviously house should be discounted when sold if in the flood zone but if you can get it at a deep discount with potential of removing it that could be a home run!!

Good luck,

Chris

following this thread as I am in same boat and am looking for more info as well.. It is my understanding that you can only have a limited number of properties covered under your umbrella policy and it is based off of your primary redidence?

Can anyone shed some light on this?

I can pretty much guarantee you will lose if you try to evict someone over "how" rent is being paid VS. it NOT being paid. Don't go down that road........

Have you asked them to pay rent via the method you are wanting? What is their response? I don't think you can actually force them to pay via an app or web site. Bottom line is if they are paying you on time consistently, leave well enough alone. Pick your battles, as there are far worse things to worry and debate about..

Just my opinion

Chris

How do we know the roaches are not a direct result of her lifestyle or living habits? Something is causing them to appear....

You said you did a treatment back in March before she moved in? Was it vacant then? Were there roaches at this point? DO you have a warranty for the treatment?

Offer to treat again but I would visually inspect the house and see if there are any tell tale signs....

Since your lease doe not state tenant will lose security upon breaking lease I am not certain you have the right to keep security....

good luck,

Chris

If you buy your first investment property "right" meaning at a good valuation you will most likely go on and buy others..

If you buy incorrectly, there is a good chance you will exit this business sooner rather than later...

Getting good tenants is paramount!! This trumps EVERYTHING else and can be the difference between a great experience and a nightmare!!

You can have a bad building with a great tenant and it won't be so bad, on the other hand if you have a great building with a terrible tenant, Look out, you could potentially be in for a rough experience!!

Another thing as mentioned above, NOBODY will take care of your own property better than you do!

regards,

Chris