All Forum Posts by: Rahnesha White

I just had a home inspection and I had the same issue when I got my report. I called the inspector and asked him a bunch of questions about the things he reported... he was patient in answering my questions but i'm not sure if thats the norm.Also he didn't tell me exactly what needed to be addressed immediately per say but I was able to gauge the urgency of certain things based upon him explaining some things further. I asked him if he saw anything concerning in regards to the foundation, plumbing( I had a sewer scope), electricals, age of hot water tank and furnace, any mold, any functional issues with the windows, any water damaged noted.. everything else on his report I considered less urgent. I wasn't exactly sure what to ask but those are questions that helped me get a better idea... not sure if that is helpful but unfortunately thats all I got lol...good luck!

I have my first property under contract and I did inspections and the sewer scope results are as follows. I don't know if this is considered a red flag for closing on this property and or if I should try to negotiate with the seller for concessions OR if this just the plumber being overly cautious since the pipes are technically draining. Due diligence technically ends today so any advice is appreciated thank you! 

"Put camera in sewer Sewer pipe is aprox. 85 feet long and the first 75 feet of the sewer is
PVC, which indicates that the sewer has been replaced up to 75 feet.
There is a belly at 20 feet where pipe goes down then back up
At 75 feet the pipe is shifted (most like due to improper bedding.). The new pipe settled lower than the old pipe that it was attached to.
At this point sewer is draining and working but will most likely have problems in the future.

To replace shift near the tap aprox. $6,500.00"

Thank you all for your feedback I got quotes from all companies recommended goosehead was the highest they were the ones that quoted me the $2700/year and simplified insurance was the lowest they quoted me $1200 per year so big difference for very similar policies I appreciate all of the input!

@Nick Belsky

@Drew Sygit

@Nathan Gesner

@Greg Scott

Does any have any recommendations for Landlord Insurance? I got a quote for property and I think its pretty high but I'm not sure how this compares to other polices. The rebuild value is 191,000, deductible $5,000,liability $200,000, and this for RCV, medical 500.00 per person /25,000 per occurrence, personal property $3,000. There is no garage but has a basement so has $19,000 private structures and I was quoted for $2700 per year premium for a 3/2 Single family 1100 sqft built in 1948 located in Detroit. Looking for guidance on this pricing and if it seems high and also recommendations for insurance agents thanks!

@Jeff S. Thank you makes sense! However, I called my CPA to clarify about his franchise tax and he told me that I wouldn't have to pay the franchise tax if my LLC is out of state and that the franchise tax only applies if my LLC was here in California and doing business here in California but since it will be out of state I don't have to pay it?? He said it would just be taxed as personal income and something about a pass though since it will be taxed as a "disregarded entity or sole prop"? Im wondering if anyone knows if this information is correct because when I googled franchise tax it said I would have to pay it so thats why I asked him and he said I don't so now I'm confused.

@ Manny Vasquez

@ Charles Carillo

@ Bruce Woodruff

Thank you all for you responses all very helpful!

Hello, I am a rookie and I'm looking into creating an LLC to purchase out of state properties. I'm considering a name and I read somewhere a while back that your LLC should be your property address? I'm curious if I mistaken that information or it that is correct. Does my LLC have to contain the address of the property or can it just be a random untaken name? Also does or should in contain the words real estate in it or it that not preferred? " ________ real state"

@Account Closed well that would be ideal but I cant afford a small multifamily right now in Los Angeles, California thats why im thinking of investing out of state a small MTF is going for at least 1 million here in LA,.... but I can afford a small multifamily in the midwest. In order for me to live in one unit and rent out the others I would have to move to the midwest which I don't plan on doing. It would just take me longer to save to buy in Los Angeles as a primary residence versus being able to get started now in the midwest but my DTI of buying a investment property first is my ultimate concern.

I currently live in a high cost market ( California) and I for sure want to buy a primary residence here to house hack in the near future. However, I also want to buy an investment property (Small MTF 2-4 LTR) in the midwest due to the lower purchase prices so I would be able to get started sooner. In terms of my DTI would buying an investment property first make it harder to qualify for financing on a primary residence later because I will now have the debt from the investment property? Im wondering if getting a primary residence first would make more sense since I currently have no debt and from my understanding investment properties financing typically take into account the income of the asset versus my personal income to qualify me for the loan versus fannie mae and freddic mac( conventional loans) which would consider the debt of the investment property (DTI) in considering the whole picture? Also would creating an LLC putting the investment property into that help diminish the concern about the new debt affecting my DTI for qualifying for a primary residence?Hopefully that makes sense trying to articulate these concerns that are floating around in my head lol. Also my current rent is very low currently so there isnt necessary a rush for me to get a primary residence.

@Ryan Taylor

@Kyle S.

@Armando Fernandez

@James R Dean

@Mitch Larrivee

@Lindsey Johnson

@Chris Tarpey

@Pego Jean-Paul

Great insight I will start looking into these suggestions super appreciative for all the responses!