All Forum Posts by: Jason Taken

I'm running into a issue where I cannot find an agent licensed in NJ and FL. I'm looking to get one general liability policy for three properties. One is located in NJ and the other two is located in FL. All three properties have 3 units or less. Does anyone know of any companies that they are aware that can quote these properties under a single policy?

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $12,500
Cash invested: $130,000
Sale price: $204,900

Purchased home and completed a complete renovation of the property. Rented home for $1800 per month before selling it.

Wisconsin landlord tenant law has been pretty reasonable, but we just had a major shift with the Koble case. Because of language in a "homemade" lease the landlord had to pay back all the rent they have received over the entire tenancy. This could result in class action lawsuits where tenants of a building file together and basically wipe out even mid-sized landlords.

 In summary: if a landlord has a provision in its rental agreement, which includes any rental documents as they are incorporated into the rental agreement, that violate any of the “10 Deadly Sins,” the landlord must return all rent that it received from the tenant during the tenant’s entire tenancy. (The “10 Deadly Sins” are illegal rental agreement provisions as set forth in Wis. Stat. § 704.44.)

Essentially, because of something that may not even have been intentional by the landlord, the tenant will get to live in the landlord’s rental property for free for the tenant’s entire tenancy, even if the tenant was not damaged because of the prohibited language in the rental agreement.

You can read the details on the website of the RPA, which is the largest REIA in Wisconsin and will try to fight this.

RPA is a Milwaukee based non-profit and your support is appreciated.

We are hosting an emergency Zoom call tomorrow with Atty Tristan Pettit, anyone can join, details under RPAWI.org

Hello everyone,
I am looking for an insurance broker for builders risk policies for some properties in the Rome Georgia area. 

If anyone has any recommendations I’d appreciate any help thank you.

Hi BP!

Has anyone offered all cash then immediately refinanced to get the cash out? I am planning on doing all cash on an offer to make it more competitive and then getting a mortgage immediately after, but I was advised against doing this by a lender. He said that rates for cash out refi would be higher and you can only take out 80% of purchase price, not the ARV. I would be ok with only being able to take out up to 80% of purchase price, but I'm just worried about having to get a much higher interest rate. Anyone have any insights or experience with this? Thanks!

Is there a general calculation for determining if a deal will work using the BRRRR strategy?

Hi all,

Our new build will be finished in Cape Coral in a few months and I'm shopping for insurance quotes. Can you help and clarify what type of insurance I should have? Is it both liability and property coverage? Is it the same as umbrella insurance? thank you!

I have a home I’m currently fixing up for rental. I thought about doing mtr or str. It’s 4bd 3.5ba nice neighborhood and planning to cover inground pool and add pickle ball court. Can someone point me on where to start? Thanks 

If the loan is valued by the rents how do I calculate for the arv.

Example

6 Unit Property Cost - 850,000

CURRENT RENT - 5,300

ARV - ?

ARV Rent - 8100

Hello BP friends, 

I purchased my primary residence a couple years ago and it is on a double lot. I looked into splitting the lot with my lender, but I dont have the right LTV for them to split it outright without paying down my mortgage with a significant sum I don't have handy. Would it negativly affect my mortgage, or do I need to notify my lender at all to build the second home on the lot and then figure out the lot split later if it's necessary for renting or selling the new or original home?

Thanks for any insight!