All Forum Posts by: Jun Wang

@Mark Bills

Thanks Mark

I will definitely ask all that

@David Chapoell

Thanks David for your support

@Alex Olson

Thanks Alex. I will call around and ask. How much should I be expecting for the insurance premium ? The house was purchased for $168900

@Jonathan Greene

Hi Jonathan,

Thanks for reaching back. I don’t have much oversight around the area right now, but I plan on moving back within the next 1-2 years. Currently i visit my parent in Madison AL every 3 month.

As for the number, I purchase the house at $170,000 with 20% down investment mortgage. The rate is 4.75%. The average rent is around $1300 for the area. The area is prime location with the best school in the state, so I am more interested in appreciation as oppose to monthly cash flow.

Please let me know if you think this was a bad deal. I won’t be offended, so just tell the truth.

Thanks

@Drew Sygit

Thanks for your input. I will definitely ask about the fees. I plan on calling multiple PM starting tomorrow and see which one is better for me.

One question if you don’t mind me asking, what kind of insurance should I be searching for? Homeowners insurance or landlord insurance or both ?

Thanks

Hello guys,

I just bought my first rental property with 20% down investment mortgage. Will the mortgage bank include their own insurance plan or will I have to shop around myself for the property ? What type of insurance do I need? Landlord insurance or homeowner insurance or both ?

I am in state of Alabama.

Thanks for your help

@Reggie Rearden

Thanks Reggie

I did factor in the PM cost of 10% but I did not know they require the first month gross rent too. Guess I will just have to take that hit.

So for the utilities, when the property management does the tour house, will they expect the utilities to be on ?

Thanks

I just got my offer accepted on my first rental property. I am excited that I finally made the first plunge, hopefully i will not regret it.

If you guys have any suggestions for property management, please help me.

The property is a single family home located in class B neighborhood in Madison AL. It is located in the best school district which is why I decided on this house.

I am planning on using property management since I am currently out of state. I used to live around Madison so I know the area very well.

How does the process work for the property management ? Do I need to set up electricity, water, and sewer before contacting them so they can show the house to future tenants ?

I plan on update the kitchen equipments, does Lowe’s or Home Depot offer installation on their purchase ? If not, should I hire a handyman or a contractor ?

If you guys can offer any advice, it will be greatly appreciated.

Thanks

Thanks Michael for your opinion. 

As for the property the roof, a/c unit, and water heater are about 10 years old. I expect to replace them within the next 5 years. That is about 5k-7k all together and I am hoping 1 year worth or rental will be enough to cover that. 

I agree with you Carmichael Lewis. It is just that the location is highly desirable and the seller already has a cash offer on it already. I think it has great appreciation opportunity. according to zillow, home value has risen 7.7% in the surrounding area. 

thanks for your input