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All Forum Posts by: Huong T Nguyen

Huong T Nguyen has started 3 posts and replied 79 times.

Post: Insurance company does not allow gas grilling in balcony/patios

Huong T Nguyen
Posted
  • Posts 80
  • Votes 32

I will try to convince the insurance company to change their mind and renew the policy for my property. In case they do not, could you please recommend other insurance companies?

Post: Insurance company does not allow gas grilling in balcony/patios

Huong T Nguyen
Posted
  • Posts 80
  • Votes 32

Thanks for sharing and for your advice, Greg! Great point about renter's insurance paying for my deductible in case of a fire!

I might lose some tenants over this. My PM who also manages hundreds other properties in the area said that other property owners were never asked to have their tenants remove gas grills from their balconies/patios.

Post: Insurance company does not allow gas grilling in balcony/patios

Huong T Nguyen
Posted
  • Posts 80
  • Votes 32

My buildings are 3-leveled, all the walls surrounding each unit, the floor and ceilings are all concrete so should fire happens, it would be contained in the unit where it starts. First and second level have brick exterior and third level has siding outside the concrete wall. It is nice and convenient for tenants to keep and use their grill in the balcony. Not many other apartments in this area have a balcony.

The insurance company asked me not to allow grilling in the balcony and gave me a few months to correct this. I have to admit I was not eager to do this. Everything else (such as fill a few depressed areas in the parking lot, seal cracks on 3 stepping concrete slabs) etc. could be done and will be done soon, but I am hesitant about asking tenants to remove their grills from the balconies. 

Please advise on what I should do? Should I ask tenants to provide proof of rental insurance? Thanks!

P/S: this insurance company is not going to renew my policy when it expires in March. I will need to find a different insurance company.

Post: Ways to reduce or finance closing / escrow Costs

Huong T Nguyen
Posted
  • Posts 80
  • Votes 32

Ask your buying agent, who gets paid 2.5% - 3% commission of the purchase price, to give you half of his/her commission, or at least 1% of the price you pay for the house.

Post: Commercial 80%LTV for cash out refi? I already own w/ seller fin

Huong T Nguyen
Posted
  • Posts 80
  • Votes 32

mine is also 80% ltv for initial purchase

Post: Commercial 80%LTV for cash out refi? I already own w/ seller fin

Huong T Nguyen
Posted
  • Posts 80
  • Votes 32
Originally posted by @Nikki Closser:

@Huong T Nguyen I have that option on a new purchase. I’m looking specifically for a cash out refi. Curious, what rate did you get? 

 4.25% 20 years

Post: Commercial 80%LTV for cash out refi? I already own w/ seller fin

Huong T Nguyen
Posted
  • Posts 80
  • Votes 32

I got 80% LTV on an initial purchase with a small bank, Standard Bank of PA. Just close on my 24 unit property last Friday. Not the best rate though, I think.

Post: Commercial MF Calculator

Huong T Nguyen
Posted
  • Posts 80
  • Votes 32

Hi Brenton:
Your calculator works great and is simple to use. Thanks for sharing with us. 

Post: First time real estate investor, venturing into long dis. rentals

Huong T Nguyen
Posted
  • Posts 80
  • Votes 32

I was told that Baltimore City law is very pro-tenants. Good tenants tend to be picky about location. Bad tenants: eviction is a long dragged out court process.

Credit check all applicants, don't just take everyone just because they give you the entire year's rents in advance.

Post: Newb from Cumberland MD area

Huong T Nguyen
Posted
  • Posts 80
  • Votes 32

JMR:: how did it work out for you?

I have been looking at that particular area outside of Cumberland proper near IBM. I would appreciate any advice or if you could share your experience in investing in that area. Please PM me. Thank you!

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