All Forum Posts by: Luka Milicevic

What Jerry said; put in an inspection clause. Gives you some protection.

Not sure what "different" contract they are talking about. Most Realtor offices have their standard contracts, so not sure what they are wanting.

Welcome to BP! What part of TN are you from?

15k or 150k? If it's 15 it's probably definitely worth it. Even just for the land. Check to make sure it's not on some sort of a toxic waste land!

Some day I'll be able to say "I used to be an accountant"

Welcome! This is the place to be!

Originally posted by @John Arendsen:

@Luka MilicevicThanks for the HU! Those are some great fundamental ideas.

 It's funny that you ask this question because I think I've asked it 1000 times to my friends. I probably ask my wife every week what she would do with a million dollars.

It's very interesting seeing everyone's responses.

$80k-20% down payment on a $400k property with land as my primary residence. Rent out my existing residence. Cash flow around $500/month

$70k-Cash/savings

$150k-Paper assets (Mostly stocks)

$600k-Down payments on multi-family properties, SFR, and Air Bnb properties.

$100k-Property reserves

I guess it comes down to good/bad experiences.

I had AHS for the first year on my primary residence. I purchased brand new appliances and the dishwasher installer wouldn't install the new one because I had a "hot water valve leak". Not knowing really what he meant by that I called AHS. They sent out a plumber in about a day and he fixed it. 

It turned out to be a very easy fix and it cost me $75 total. The policy I had was purchased by the sellers as part of the sales contract. It was about $570 I think.

I didn't renew my insurance, but I did get calls from them asking me to renew. I spoke with one of the agents and she told me if for instance my A/C goes out they will replace the entire unit if they can't fix it. I thought, wow that's awesome! An A/C unit can be up to $3000! Well I went home that day and read the fine print. The deductible was about $1000 and for them to actually replace the unit there was stipulation after stipulation in the fine print. 

I think in many cases the warranty will save you money and in other cases it won't really. 

My advice is really to decide for yourself the condition of the property and if it needs a warranty. Brand new appliances, solid plumbing, new HVAC.....probably doesn't need coverage as much as older stuff does. 

Also, how much hands on type stuff do you as a landlord want to do? If something needs fixing you can call them and pay the 75-100 fee without having to go to the property. In my case, the actual repair to replace my valve cost about $5, but I paid $75.

Something to think about....

Welcome, Matt!

Always nice to connect with fellow Nashvillians.

My old roommate was a Civil Engineer for the city and done a bunch of surveying of land.

I don't know anything about Germany's real estate. I imagine the laws and markets are different but that the principles remain the same. I would set up keywords for Germany and Berlin. Search for the terms with the search feature and see if there are any topics that come up!