All Forum Posts by: Jim B.

Do you have an umbrella?  If you do, those liability limits could come way down.  If you don't, I would keep them as-is.

I would probably look at increasing the loss of rents as well, that'll only get you through a couple of months without rent at $5,000.

As far as I know, unless they specifically have a sign that says "no soliciting", then it's free game.  Either that or those people have no fear!

Check out fiverr.com you should be able to find somebody to do it for you.  For $5, if you didn't catch that by the name!

@Cierra Seay I admire your courage, but be careful just putting letters into people's mailboxes!  It's probably unlikely you get punished for it, but it is illegal.

http://www.law.cornell.edu/uscode/text/18/1725

Sure do.  Just sent you a colleague request, message me your info and I'll get in touch.

I would steer away from anything requiring flood insurance, whether it's a personal residence or investment. The rates are ridiculous and the coverage you get is laughable. I quoted a young couple recently at the bare minimum rates they could get for a potential home and it was roughly $1,400/year for JUST the flood insurance, which ended up killing their deal because it was enough to send them over their max allowed monthly payments with PITI. How do you think FEMA is able to come in after a disaster and dish out millions of dollars in relief to communities?!?!

Hey Everybody-

I'm working on a couple properties and doing my research, and have a scenario I'm looking for opinions on.

I'll give 1 example: 

Fully rented 4-unit in a so-so suburb.  Not a violent part of town, but economically, not so great. 

Cash flow is roughly $170-210 per unit depending on expenses such as insurance and water which I would be responsible for.  I'm trying to be conservative with my estimates, so let's just say $170-180 cash flow per unit.

Now, like I said, the area is not so great.  Not the worst by any means, but I personally probably wouldn't live there!  Median household income is ~$46k, minimal violent crime.  Lots of access to public transportation and there are some very nice areas within 1-2 miles.

Obviously, I would have to take the good with the bad.  This would be my first rental property, so I'm looking to make my first move.  I'm to the point now where I'm wanting to do my first deal like crazy, but also suffering analysis paralysis!  Looking for opinions, good and bad, all are welcome!

 What is the name of the company?  Do they have a website you can point us to?

Also, thanks for your input Mark and Kenneth!

I appreciate the input.  They properties are a bit on the older side, but I'm not drawing any definite conclusions until I see them in person myself.  Definitely not trying to bite off more than I can chew at this point, although they will not be perfect by any means in my price range.

I do have a handyman that is roughly a 15-20 minute drive from the area who I trust, so he would likely be my failsafe if an issue is over my abilities and/or time constraints.

I currently run a small business that allows me great flexibility, so I would almost always have the ability to be an hour away if need be.

Obviously there are a lot of factors to consider and no end-all answer to this, but the input is appreciated and I'll keep note of any other considerations that pop up from you all.

Thanks again!

I'm looking for a multi-family in an area thats roughly 1 hour away from where I live.  Initially, I want to manage the properties myself, until I get 2-3 properties under my belt to increase cash flow.  

So, question is, is it reasonable to think that I could manage the properties from an hour's drive away, or am I being crazy?  They are fully rented by the way, so tenant screening/marketing is not an immediate concern at this point, but obviously will be in the future.