All Forum Posts by: Tammy Vitale

I have 300 on all of mine.  Umbrella insurers want 500K on the underlying policies - and some of my policies won't write that.  Liability is for events not property.

my gf who bids on these things says they hold them open.  I haven't so I'm passing along 3rd part news.  But they started a bidding war and did exactly what they wanted to do:  hiked the price up.  Good luck to you.

I'd like to hear more details.  Thanks!

I would anticipate that you are going to need 25% downpayments (if not, tell who your lender is!).

I borrowed against equity in two of my properties (including my primary residence) to buy 4 houses in the last two years (3 in florida).  All of them have forced equity as well as the fact that the prices are slowly going up where I am.  All of them have mortgages below 50% of the appraised value.  My take on risk:  if everything goes down the tubes again, I can get out from under if I need to but everyone has to have a place to live and I got the Fla houses, at lease, so inexpensively that even if rents drop I'm making really good cash flow from them.  I did this at age 65 btw.

Risk is in the eye of the beholder (IMO).  Decide what you're willing to risk and then take it from there.

We bought a small shack on the water we turned into a cottage and eventually rented.  Purchase price was probably 10K more than it should have been, fix up was exorbitant because the original idea was to have it as a getaway, cash flow was negligible.  But after 16 years the equity financed the purchase of 3 more rentals.  I still have it.  Cash flow still isn't good, but I have a tenant going on 4 years who was in her previous place for 10 years and only changed to come to my cottage (it is cute and it is on the water) and she is currently covering my mortgage expenses.  Because it is small, expenses are small.  We remade it from the walls in when we bought it.  Is it the best investment/business plan?  No.  Has it worked well for us?  Yes.

I'd check in with local mortgage folks to talk about financing, or hard money folks, or attorneys, or title companies - my experience is they are always willing to go in front of a group.   This group is their target market.  It would be good to set parameters:  information, 2 minutes of selling (maybe) at the end.  If they do a good job at providing information they can sell themselves....good ones should jump at it.

If your lease requires that your tenant carry renters insurance, then it is her responsiibility.  If your lease doesn't require it, I don't know the answer other than to amend your lease for the future.

I live in Maryland and have 3 properties in Florida.  2 of them were rehabs, 1 a total rehab.  I feel comfotable doing this because my son is on the ground and knows the area, the workers needed and the tenants we rent to.  I wouldn't do it without him.

Hi James - the woman who got me into buy and hold rents to Section 8 in some of her Waldorf properties.  She comes to the LaPlata monthly meetups.  I'm sure she'd be happy to talk to you about this is you come.  IN the meantime, she says they go through the property with a fine tooth comb and "hoops" are finishing all that up to their specs but she says once you understand they are going to do that, it's just part of the process.  She says that she has one section 8 she's had for years and it has been a very good rental.  I've never done it but would be happy to introduce you two if we all wind up in the same place.  She manages all her own houses.  She also has a house in Lex Park.

You will have to put more down as an investor than you will as buying to live in.  You can buy your residence and a "2nd house" with low downs but after that, you're an investor and your downpayment will reflect that - at least with the lenders I"ve worked with.  I always hate to make blanket statements because there are a lot of options out there.  Just keep asking until you find what you want.