All Forum Posts by: John Wang

@Michael Hamby Thank you so much!

@Caleb Drake Thank you very much! :)

@Caleb Drake thanks for the info. I need some help about LLC setup and quit claim deed.

Can anyone recommend a good real estate attorney in Pensacola area or in Escambia County? Thanks in advance!

Well, I guess it depends on what you are looking for. 1. If you are looking for a safe way to park your un-used 50k money and get decent above market cash-return, it should be a fine deal. Assume there is no too much renovation/repair and add-on costs after purchasing. 2. If you are looking for one out thousand smoking deal (like sweat equity and cash out your investment out or at least big portion of it), this one is not that super deal. But it is extremely hard to find that type deal in Southeast Michigan these days. Howell, is not a big city. We used to live in Highland close by and drove to Howell sometimes. We like it. Small cute downtown. Quite bit new construction came up in the past 10 years for the people working in Brighton and East Lansing and willing for the commute for nice and better living. Things have changed a lot in the last 3 years for real estate price in southeast Michigan. We bought our first duplex in Ann Arbor for about 180k in 2015. This year, the second one cost us around $240k for the very similar duplex in Ann Arbor with similar income. Put myself in your situation. I would definitely pass this deal in 2015. But now in August 2017, I would give this deal a serious consideration. Hopefully it helps. Feel free to PM me if you want to have more discussion about deals in Southeast Michigan. Southeast Michigan is our focus and have been investing locally here for the last 3 years. Always look forward to meeting similar investors sharing the same passion and goals... cheers

@Account Closed super appreciate the information. I will look into details of DP-3 and sewer backup policies. 

@Amit Kal, I got the quote. How can I share with you? 

@John Mocker, thanks for useful information. $5000 is better than nothing. Right now, I do not have any protection for sewer backup. 

Just want to confirm what I understand it correctly. I can keep my current StateFarm Rental Dwelling insurance and buy stand alone flood insurance. Our current mortgagee has no problem with our current StateFarm policy without sewer backup and without flood. 

@Amit Kal, sure, I will share the quote with you once I get it back from Owen. 

Originally posted by @Jason Bott:

@Amit Kal & @John Wang, a few comments.

Back up of sewer is available on many commercial insurance policies.  Pricing and availability may be determined by the geographical location of the property.  Cost can be $10-$100 for $5,000 - $10,000 depending on the company

Flood policies are always separate stand alone policies.

Renters can only insure their own possessions/property.  Renters insurance does not cover the rental dwelling/protect the landlord's building from weather related claims.

Hope that help clearify things.

 @Jason Bott, Can you recommend a few companies you know that have the sewer backup available? We know StateFarm does not have that policy...