All Forum Posts by: Martin N.

I'm based in IL, but own two single family rental properties that I'd like to get some insurance coverage on (in case of a slip and fall or fire, etc.). What is the best way for me to find some quotes from reputable insurance companies that provide these types of policies? Any companies that you'd recommend?

Alex. Hello from a fellow StL investor. I'm an out of town investor based in Chicago and use TNT for my Northside PM. Very trustworthy and tenants have been very happy. Worth a conversation. [TNTPropertiesStL at g mail] is the best way to connect.

Brandon. Hello from a fellow StL investor. I'm an out of town investor based in Chicago and use TNT for my Northside PM. Very trustworthy and tenants have been very happy. Worth a conversation. [TNTPropertiesStL at g mail] is the best way to connect.

@Patrick Johnson

Thanks a lot. I’ll grab it and check it out.

@James Wise I appreciate the heads up. You're right, C+ would suggest that the neighborhood can get worse. Frankly, it can. While this is a tough part of town (in StL), there are much worse areas and the crime in the neighborhood is not bad. People on this street generally take care of their homes. That being said, I could downgrade it to a D after your callout.

Your example of the local guy in Cleveland is helpful context. While I'm no felon and don't plan to release any rats, I know my way around and can general fix problems when they pop (if that makes sense). Definitely won't have issues collecting when things are due. I have a good team.

@Shera Gregory Thank you so much for the additional perspective. I'm going to make some calls to banks and get a sense for the minimums. I don't want to over pay for a good learning experience, but I do want to avoid paralysis by analysis.

@Alan Grobmeier I appreciate the call outs and the humor, seriously. Lol

A couple of points to add:-I'm buying these off-market in an all cash deal. I'm hoping to accumulate a couple more properties and then find an investor friendly bank that will mortgage my properties (individually or as a bundle). This will be after I've captured +6 months of rent and made some minor updates. Basically a BRRR.

I know the cash flow is relatively low, but I've also included replacement savings, repair and maintenance cost. Trying to be very conservative. Wondering if this is worth getting me started in the RE Investment game.

The vast majority of repairs will be handled by my PM/handy man. His cost for a callout will be included in the monthly PM cost. And yes I know there are a million PM horrors, but mine is trusted (he's essentially my brother).

So I've been researching and eyeing out of town properties for a while now. I have two properties lined up that I'd like to purchase as rental properties.  I've made some assumptions, but wanted to crowd source some opinions on the deal.

Properties are in well populated C+ class urban neighborhood (where I plan to focus my investing) and I plan to Buy and Hold both properties. Cash purchase and will Cash Out Refi after 6 months as they should appraise for +$25K each.  Well trusted PM will take 8%. Take a look at the numbers below and let me know if you like the deal.

Property #1: Purchase price of $17,500, newly touched up, renter is moving in now and just signed a 12 month lease at $550 per month, tenant pays all utilities except for trash ($60 per quarter), city just completed and approved an Inspection Report.

Property #2: Purchase price of $17,500, needs to be refreshed (estimating ~$5,000), renter has been in for over 6 years, current lease at $650 per month, tenant pays all utilities except for trash ($60 per quarter)

Anyone have experience using Figure.com (or another online only lender) to obtain a HELOC? Trying to find a low cost, low fee, low rate HELOC that does 90/10 or 95/5 lending. Asking for a lot, but I have excellent credit and strong income. Any traditional banks you suggest?

@Andrew Hogan Thank you for sharing and yes, this makes a lot of sense. As I understand it, the issue is that cost segregation, bonus depreciation, and accelerated depreciation are beneficial for "RE Professionals", but don't help someone with significant W2 (at least initially). These depreciations can only be captured at the sale of the RE Investment and will not help to offset W@ income. I think I'm understanding this correctly, you would know better than me.