All Forum Posts by: Shiv A.

@John and @Bill - thank you so much for your prompt responses. Yeah, makes sense not to file under 5K because higher premium would eat away expenses recouped. 

Thanks again!

Hi - I recently had a rental property basement damaged due to street flooding which caused water in the basement and therefore damaging furnace and hot water tank. I paid 3600 out of pocket already to fix it. Is it worth to go through the insurance claim? I am covered under flood? 

Can someone explain when it is or is not a good idea to file claims for rental properties with regards to it impacting insurance premiums later on. 

Sounds good - i think I know my first step at least. Thanks again!

Thanks @Wayne Brooks - I guess I am using the wrong term (mortgage lending is more like it not mortgage banking). Would you agree then that getting the MLO license would be the first step in the process? And, creating an NMLS account the way to get started?

Let me start by thanking you for all the help in the past! While I try to google or research forums before asking a question here, you know how deep and drowning google answers can be, and some of the forum topics are too spread out :)

Need help in understanding mortgage banker process (for those who have the license): what is the sequence of mortgage banking, is it that first you become a mortgage loan officer (mlo) and then apply for broker license? And, is the sequencing same across most states? also whats the difference between mortgage loan officer vs. underwriter vs broker?

I am looking on the NMLS site and while there are tons of resources, what I figured out as a first step is to create NMLS account, and then apply for a pre-certification course, which needs to be passed. And, is it recommended you start out as an individual and apply to a company?

Oooh boy - lots of questions, but am I in the right direction? Please, any help/pointers would do!

Again, thank you in advance.

@Basit Siddiqi - thank you. Yes, am looking for a registered agent and it will registered.

First, Happy New Year to all!

As we continue to build our RE portfolio - we are expanding in other markets outside Detroit as well. One of the states is North Carolina. We are in process of applying for a new construction - and because I have never purchased a new construction before (note: this purchase does not meet the 1% rule but our goal is different - capital preservation/future appreciation) - could you please share your experience in negotiating for a new construction? What do you focus more on - price (the builder has a sold out community so I am seeing little opportunity there) or financing terms? Anything else?

Thank so much BP community!

Thank you so much @Drew Sygit and @Alberto Nikodimov - appreciate your quick responses. My only concern is around having a mailing address for the LLC- would it be ok (although I have my apprehensions) to use one of the investment properties as the mailing address for the LLC? And then would you say that as my portfolio grows, I should use each property with its own LLC vs lumping into one?

Hi All - super excited to be here! Relatively new to the real estate investing world - and absolutely love it so far! Through its ups and downs, I have learnt a lot, and believe it has given me some character.

Ok, on to my question -- could you please tell if it is ok for me to open a NY LLC and add a Detroit based property to it? If not, what is recommended? I'd ideally prefer to have the LLC based in NY because I don't have a mailing address in Detroit (other than the property I own - where I don't want the mail to go).

Thank you much!