All Forum Posts by: Rex Celle

Looking for RE deals before they come on the market — RE investors locked up contracts on 3 properties I was about to put and offers on this week, RE agent didn’t even see them coming... any thoughts on how to remain FIRST in line?

If you had experience buying properties through Hubzu, do you think you landed on a fair purchase price after a bidding war?

@Christopher Neal Hi Christopher, feel free to reach out to me directly and we can chat about your goals and how you can get stared.

Looking through the Fix and Flip Loan Program information that my mortgage broker has provided me. It looks like a LOC will be issued and will be available for 12 months, and can be used for multiple acquisition/rehab requests up to the maximum exposure limit. The loan structure is 90% for acquisition, 90% for rehab, and 75% LTV/ARV. Looking to hear if anyone has leverage this type of loan program, and what are the pros and cons… Thanks in advance, Rex

Good decision

Sounds good, thanks for the update!

@Jordan Deeney thanks Jordan for this comprehensive perspective. Extend my thanks to your dad. Property looked good today but there definitely needs to be a new septic installation as part of the rehab, and given that I saw traces of people digging into the ground to do testing, the house being on the market for over 200 days, a contract falling through, and a few houses on the block for sale, I’m going to pass on this one.

Thanks all, will keep you posted on the next opportunity.

@Terrance Wiggins thanks for meeting me up at the two properties this morning with Brian. Great teamwork, looking forward to meeting the rest of the rehab team.

@Scott Mac, @Greg Dickerson Thanks for the quick response on this topic. The information I’ve gathered on the property for tomorrow’s visit is that in 2007 there was a seepage pit that replaced the original septic system, and I understand that as of 2012, seepage pits are no longer up to code in the state of New Jersey, so it will need to be replaced with a new septic system. I have received a detailed quote from an excavation company and I’m just wondering how much padding I should put into that number of $30,000. Love the input from you guys, I’ll keep you posted after my visit tomorrow with the agent and contractor crew.

@Mike Vu Just want to clarify, each property has the same policy structured in the way I have mentioned, and I do not have a separate umbrella policy.

@Mike Vu Congratulations in advance on the fourplex. The coverage I have in my landlord insurance policies are all 100% of rental income over a 12 month period, along with a $1 million liability coverage and cost to rebuild limit with 5k deductible. I have all of my properties under an LLC, which is good for personal asset protection. But if you ask me what is the most important to have when acquiring multiple rental properties with multiple tenants, I would say that the number one priority is having a very strong insurance policy structure as your first line of defense for any unexpected/extraordinary events. I recently had a total loss on one property due to a fire. No tenant or any other parties were injured at all, but the fact that I had insurance coverage structured like the above, rental income for 12months was forwarded to me in one check along with the total amount to rebuild/repair the property. If person were to sue for damages, it would be tough to cross the $1 million mark.