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All Forum Posts by: Michael Badin

Michael Badin has started 13 posts and replied 194 times.

Post: Need info on Insurance Clue Report for Rehab

Michael BadinPosted
  • Rental Property Investor
  • Apex, NC
  • Posts 197
  • Votes 102

Short answer... yes.  I am a property insurance adjuster during the day.  If the roof is in working order they have no legal reason for not covering the roof.  The only caution I would say is not on the insurance side but on the sales side, if I walked up to a property and saw a bunch of patches on a roof it would be a red flag to me.  Even if it is not visible from the ground the property inspector should note it and photo it for the home buyer (assuming they get a home inspection when purchasing the property)  Just my two cents... Good luck!

Post: Rehab Calculator Tool Roundup

Michael BadinPosted
  • Rental Property Investor
  • Apex, NC
  • Posts 197
  • Votes 102

My day job is as a property insurance adjuster we have software that we use to write estimates based on our inspections of the damages. The software accounts for the areas your in and cost of living for that area. Many contractors use these software programs as well. One is called Xactimate, another Simsol.  However, the cost of the programming isn't cheep, probably easier for most people just to call their contractor and get a quote.

Post: Excel Spreadsheet for Landlords

Michael BadinPosted
  • Rental Property Investor
  • Apex, NC
  • Posts 197
  • Votes 102

I use Rentecdirect.com It is free (they have other features you can pay for)  The free version does all I need. I have 1 property with 8 units. I keep track of all my tenants, their payments, property expenses and at tax time there are a lot of good reports you can print out and just hand to your CPA. Makes it much simpler.  Just my two cents.

Post: Flipping houses for newbies

Michael BadinPosted
  • Rental Property Investor
  • Apex, NC
  • Posts 197
  • Votes 102

@Elaine Brooks to follow up and expand on what @Soleila Gonzalez was asking; what kind of financing did you line up, Private money? Hard money Loan? Conventional? 

Post: Insurance Policy Cancelled

Michael BadinPosted
  • Rental Property Investor
  • Apex, NC
  • Posts 197
  • Votes 102

if your policy lapsed due to nonpayment check with your mortgage company. (I realize they are part of the problem but they could also be part of the solution.). It is highly likely they have a dwelling policy on your house in the interim of getting everything else situated.  I deal with mortgage placed insurance all the time. It is not cheap but at least your covered until you get everything situated.

Post: Found great property 21k home value 400k-600k but 2 hours away..

Michael BadinPosted
  • Rental Property Investor
  • Apex, NC
  • Posts 197
  • Votes 102

I have to agree with @John Chapman and @Mitch VanDeveer I have been an insurance adjuster for many years and as stated by others there are tell tale signs that the property has or at least had a water issue.  Check the surrounding landscape to see if it slants toward or away from the property.  Also, unless @Todd Plambeck is correct and a zero is missing and the price is actually $210,000 I would be very skeptical as it most definitely appears to be some kind of scam.

I hope I am wrong and it becomes a great start to your investment portfolio. 

Post: A & B Neighborhoods around philly

Michael BadinPosted
  • Rental Property Investor
  • Apex, NC
  • Posts 197
  • Votes 102

@Matthew F.

I agree with you. Both Pottstown and Norristown have the prices you want on the home but lack everything else. I am not saying the good deals are plentiful, but they do exist. The property I previously mentioned was an REO Duplex which had a 3 bed 1 bath and a 2 bed one bath. Got the property for about 85 cents on the dollar which is not spectacular but not horrible either. (This cost includes repairs I made after purchase.) Those two units cover costs + about $250 a/ month but what made it really worth it is the property also has 5 Garages and a 2 story small barn. All of which I rent out. The entire property was vacant when I bought it. One month for all repairs/ upgrades then marked it. ($65.00 worth of signage and a lot of free internet posts.) Took less than a month and it was fully rented. A step further the property also has a full basement that the bank had a new french drain and sump pumps installed before the sale. Basement is bone dry and in progress to become a one bedroom unit. This will increase the property value further as it will then be a Triplex with 6 storage units.

Post: A & B Neighborhoods around philly

Michael BadinPosted
  • Rental Property Investor
  • Apex, NC
  • Posts 197
  • Votes 102

I realize this thread is pretty dead but for anyone who cares, you can get a decent return in Montgomery county, you just need to look hard to find it and pounce before someone else gets it. I have a property in Cheltenham that give me 1.4% of purchase price. When I add in the repair costs the property needed when I bought it the ROI drops to 1.2%, but that's still decent in my book. Property is a "high C to low B" location.

Post: Portfolio Lenders in Philly/ Montgomery County PA

Michael BadinPosted
  • Rental Property Investor
  • Apex, NC
  • Posts 197
  • Votes 102
Originally posted by @Percy N.:

Am I correct in assuming that the portfolio lenders will lend to a LLC?

Do they require a personal guarantee?

Do they lend to self employed individuals?

Portfolio Lenders do lend to an LLC and the self employed. This of course is assuming you meet their requirements with credit score and income. (Not trying to say you don't just providing the info.) They usually have more leeway than a larger bank chain.

Post: Business Funding Engine??

Michael BadinPosted
  • Rental Property Investor
  • Apex, NC
  • Posts 197
  • Votes 102

Hi all,

I am trying to review my options to get some working capital.  I am considering many different avenues including crowd funding, home equity loan, personal loans and lines of credit.  I came across a web-site for business and or real estate lines of credit:

http://businessfundingengine.com

Does anyone have any information for this company, good - bad?  Scam or reality?  Have you used them or know someone who has?  Any help would be greatly appreciated.