All Forum Posts by: Ohad Folman
Ohad Folman has started 3 posts and replied 10 times.
Post: Manager of the properties vanished - properties are vacant and i'm remote.
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Quote from @Bob S.:
Quote from @Ohad Folman:
Hi there,
I've purchased two section 8 properties from a management company in Detroit MI. Both properties are now vacant and the manager has vanished. I live abroad. Any suggestions on how to resolve this problematic situation? Thank you.
Yes CALL A NEW PM CO, explain and have them go there ASAP, before they break in and steal everything,
Thanks. Any recommendation for a PM CO in the area?
Post: Manager of the properties vanished - properties are vacant and i'm remote.
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- Posts 10
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Hi there,
I've purchased two section 8 properties from a management company in Detroit MI. Both properties are now vacant and the manager has vanished. I live abroad. Any suggestions on how to resolve this problematic situation? Thank you.
Post: Reasonable property insurance annual cost
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Quote from @Joe Hammel:
@Ohad Folman
I’m averaging $50 a month on my single family homes in metro detroit and a little more for multifamily.
Detroit proper will often be more expensive just because or the “location” variable.
Thanks, Joe. Who are you using for your insurance if I may ask?
Post: Reasonable property insurance annual cost
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Quote from @Drew Sygit:
@Ohad Folman $550 annually for each is a deal!
That is true :) But It's not annual. It's monthly.
Post: Reasonable property insurance annual cost
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Quote from @Kevin Hoag:
Insurance companies use a lot of different factors to calculate the annual premium. In Detroit the zip code is going to be one of the largest factors. The exact same home in different zip codes will have completely different rates. There are some zip codes in Detroit that certain insurance companies will not even offer a quote. This causes those areas to have extremely expensive insurance rates. Other than zip code your other factors that will play a large part in the rates are your credit score, your claims history and the properties claims history, Age of home and age of mechanicals, number of units, square footage, properties intended use(short term vs long term rental). If the rates you were offers are too high I suggest looking at some different insurance quotes.
What insurance carries have you been quoted with so far?
I've tried NREIG
Post: Reasonable property insurance annual cost
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Quote from @Cameron Moore:
Wow!!! Texas rates average between $1500 and $2000 per policy! You are lucky! But there is no real way to estimate rates. Depends on a number of things; Claims in the area, age of proeprties, materials used, size, financial history of buyer, claims history of the property and the buyer, and a number of other things. Best you can do is find an insurance broker that understands you want balance between cash flow and coverage that makes sense.
Post: Reasonable property insurance annual cost
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Quote from @Theresa Harris:
It varies a lot by location. I have rentals in two different areas. One the insurance is $600 a year, the other it is $1100 per year for a single family with similar replacement costs as far as rebuilding goes.
Is this in Detroit MI as well ?
Would love the contact of that insurance agent :)
Post: Reasonable property insurance annual cost
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Quote from @Theresa Harris:
It varies a lot by location. I have rentals in two different areas. One the insurance is $600 a year, the other it is $1100 per year for a single family with similar replacement costs as far as rebuilding goes.
Where are your properties located? any insurance agent to recommend?
Post: Reasonable property insurance annual cost
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Hi everyone,
I'm pretty new here. Recently bought two properties (single and a duplex) in Detroit MI. Looking to insure them (under my llc). I got a quote for $550/m for both. Seems high. It is up to $1m for each property while the the value of the properties together about is about $250k. All perils is $5k, excludes earth movements, floods and the rest storms and wind/hail is 2%. Liability deductible is $500. co-insurance is $0 covered loss is basic.
Any suggestions how to get a more reasonable insurance or are these numbers pretty much what one should pay for the location/property?
Post: Best way to file taxes when living outside the US as a US citizen
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Hi there BP community! Good to be here. I've started investing in real estate in the US market (currently in Detroit, MI). I've lived outside the US for about a decade now. I'm trying to figure out how do I handle my taxes in regards to these new rental properties (located in the US) while living in a different country. Any suggestions will be greatly appreciated. Thanks everyone.