All Forum Posts by: Mark Fagan

I live right around the corner from there, interesting idea but agree that the county/neighbors would not allow it to happen.

I had NFCU call me out on it, I transferred deed to LLC for the purpose of selling some historic tax credits, they called me in a few months and asked if I had sold the house and they would call the loan if I did not gift it back to myself. I will not do it again.

That is what we are thinking, but it is a small space, the difference in cost between the 3 materials would be $80-130 dollars. I was looking for more insight on durability and appeal to renters. Guess as long as the pictures look good and it shows well, we will be ok. 

We are currently remodeling the kitchen of our primary residence, as soon as it and a few other improvements are made we will be refinancing and moving on to the next project. 

We are in a dilemma in choosing countertop materials that would be appealing and durable for rental. Our other property has Marble and it is beautiful but there are a few little stains here and there. Quartz is more resistant to staining but is manufactured with plastic glue so it can burn. Granite seems too common and may not stand out.

Are we thinking too much into it, should we just get what is cheap and looks good. I am a sucker for marble lol

-Mark

@Tom S. Thanks, that is something to consider. As the owner of the house for over 25 years, he said he doesn't see a need for it and wouldn't require it. I am reluctant but without flood insurance it is a great cash flowing property. almost 550/month. 

could I bring my insurance deductible up to $20k to significantly reduce my premium or doesn't it work that way? I would definitely consider that.

@Mai Vo I got an elevation certificate and this is the price. It is a NFIP quote. Private insurers will not touch it. It is super high risk. getting the house lifted is another option but seems to be $35-40k

I came across a deal in Virginia that I am very interested in. I think the neighborhood is soon going to go through an general improvement and the schools are top notch! It is a well maintained duplex that I could get into for $190K owner is willing to finance 75% and I have the cash to put down. 

The rents are low, $700 and $800, they should be at $900/side which gets us close to .9%. With some inexpensive upgrades I believe the rents could be $1000-1100 in a couple of years. 

All of this makes it a go, until I got a $2400/year flood insurance quote. This ruins the deal. 

the general renters policy is $850/year 

Would any of you risk going ahead without flood insurance? Recent storms have made me nervous but this neighborhood has never flooded. 

Flood insurance ruins the deal. 

Let me know your thoughts

@Thomas Bender the bank will likely call the loan, there is a Due at sale clause in your mortgage and a gift of deed to LLC is a sale with no price. Bank will not allow it. It is not in their best interest to lock in money long term for low interest rates.

@Jason DiClemente my thoughts exactly, pool is a no go for me! All the other variables are repairable, Refi, raise rent, ect, but the pool can end up costing thousands!