All Forum Posts by: Kyle Mccaw

@Joe S. I had cashflow from other properties and business income to cover the shortage. I pushed rents up hard. What sucked was the capital gains tax I generated at each sale when I didn't get cash at closing. I did get to 1031 some of them at the end. I did end up making a great return. It just hurt like hell for a while.

@Nathan Frost
I once had a large portfolio loan covering 28 houses. I appreciated making a single payment, but it can become problematic when you sell a few properties. The terms often require that all proceeds go toward the principal. This can worsen your situation because, although your rental income decreases, your payment remains unchanged.

 ProCo Insurance

(817) 665-8828

 https://g.co/kgs/P3pLu8j

@Richard Redfern I am on the board of a couple HOA's. Both are in Texas. And both went up significantly due to claims or regional risk. Your board need to find an insurance broker. They will work hard to find the best quote. Not all brokers are the same or have access to every carrier. If your in Texas, I would say reach out to @Cameron Moore at ProCo Insurance. He had to get very creative to get legit insurance on a complex with an outstanding fire claim.

@Skyler Lehman every market will be different. Evrey type of property will be different. It is best to reach out to 3 or 4 managers in your aread.

@Sam Nichols Not a great feeling, I'm sure.

Easiest option is to find another property manager. Preferably one that answers your calls and emails. Hire him or her and send a notice to the current one of the change.

@Noelle Geeting I would add to your list to look at Buildium and Rentvine.

@Austin Bright Goosehead has a reputation. Texas insurance is crazy right now. You need to reach out to @Cameron Moore. He is an insurance broker that handles my clients and my investment properties. 

@Aruna Ravichandran affordablehousing.com should be more than enough to get you section 8 applications. You need to understand that it is true that the housing authority pays more in some zip codes. But they pay based off rental comps. So if they pay more it is not that they pay over market rate. So I'm not sure why you would chase after lower qualified tenants only to make the same rental rate? This is coming from 15 yrs of experience managing rentals in DFW, many of them section 8.

While a high limit of $500k or $600k might seem sufficient, there are situations where these amounts can fall short. For instance, if someone dies on your property, that $500k limit may not be enough to cover the associated liabilities.

In another scenario that I personally experienced, a property caught fire and damaged neighboring properties, including mine. The owner’s $500k liability coverage wouldn’t have been adequate to address all the damages.

An umbrella policy, often costing just a few hundred dollars, can provide an extra layer of protection and peace of mind by covering liabilities beyond your primary policy limits. It’s a worthwhile investment to safeguard both your assets and your financial future.

 If someone dies in a property 500k won't look like a high limit anymore. Another scenerio that effected me once was when a property caught on fire and damaged my property next door and others. $500k would not have covered that owners liability in the situation.