All Forum Posts by: Account Closed

Hi Taj, Generally dwelling coverage is determined by your insurance agent, however you do and should have a say in it. You give them the specific features of your home (i.e. Sq ft, construction type, etc.) and they tell you what it would cost to re-build it if something happened to it. In my experience they are normally higher than what I would have thought. But be careful as not all insurance contracts are the same. Ask lots of questions!!!! In terms of liability coverage. I encourage people to buy as much as they can. Normally the cost difference between 500k and 1 million is not much. The goal here is to maximize your coverage and minimize your exposure all balanced by the price. Hope this helps.

Most large insurers use a software that is updated often with current construction costs for your area. Generally, an insurance company is taking the unique features of your home and determining, based on their data, what it would cost to rebuild your home if disaster struck. Keep in mind, you don't have to insure it at their recommended amount, however if you choose not to, you might be opting for a reduction of benefits for not much difference in price. My advice would be to speak to an agent who works with lots of investors and ask lots of questions.

Hi Robert, I am just starting. I have three in Escrow as we speak and an offer out on another one here in Lubbock. Happy to visit anytime.

-Ryan

@Casey Moen I've been looking into your suggestion of rentech direct. One question for you? Do you use that the software for accounting as well?I'm confused on how to use it for tracking P&L if an expense isn't associated with a specific property. Like the purchase of business cards for example. Do you also use quick books or some other accounting software? Thanks!

Erin, Great question and good responses. Something I haven't seen someone comment on is, what the market will bear. For me, these things all come down to the numbers. Here is what I mean: (Examples may be exaggerated but used to illustrate my point) If you don't stain the cabinets you can get say $1900 a month in rent, but after doing some research you find that if the kitchen was a tad more updated you could rent it for $2100 a month, what would you say then? Don't jump up and down yet...I think you still don't have enough information. Why? We don't have the cost of the upgrade. If the upgrade only cost $800.00 then you would have a great return on your investment... right? You earn an extra $2400 for an $800 investment. I'll take that any day! All in all for me, I think you have to look at what you can expect to increase rents by and how much the upgrade/repair costs. Hope this helps.

Happy to look at what you have available in Lubbock. 

I've heard accounts talk about Xero as an accounting solution both on BP podcast and others. From my small amount of research, it appears to be a good value and comparable to what quickbooks would provide. Might be worth looking into.

@Jason Hartley Thank Jason for looking out for us "little guys"....

@KK A.  Thank you very much.

Does anyone know if any these platforms will allow you to link form your own website?