All Forum Posts by: Tim Puffer

I have to add another - The Go-Giver by Bob Burg. Simply brilliant. It's a good perspective changing book.

@Anthony Lee @Pat L.- The Dwelling Coverage (Coverage A) is not always the Replacement Cost(reconstruction cost) of the property.  It depends on the type of policy you end up with - basic, broad, special form. Repair Cost, ACV, Replacement Cost. 

Some companies will have a limit on how high your Dwelling Coverage can be and the type of policy based on how much you paid for the property. 

If you are doing a rehab there are also specialized policies that you will typically need to have written. Again it will depend on the company and what their risk appetite is for what coverages/policies they will offer.

@Joshua Barker - Millionaire Real Estate Agent. Gary Keller. 

@Marcus Isaac - If it is her name on the loan and the deed she will need to be involved in everything related to the property.

You need 3.5% down for FHA. not sure what the prices are in Delaware, but that is not a whole heck of a lot to come up with.

Would love to see before and after pictures and what the final cost of rehab ends up being. @Tyler Jahnke definitely keep us updated!

@Brad Noe - You should change the name to the LLC. This keeps the property separate from you personally. Which is the point of the LLC to begin with right? Also, there is potential your current company will want to switch the policy into a commercial policy from a personal one due to it being in an LLC name now.

I say buy those indulgences whenever you want to. Be it a daily Starbucks, or going out to eat once a week. Here's the caveat though - what is one doing to create the income to be able to purchase the indulgences and not have it affect them financially? There's a big difference between a W-2 employee who drives a leased car, has a house payment at the top of their budget and someone who has multiple streams of income (W-2, real estate, other business, etc). 

If you have your income game tight, by all means treat yourself a little!

@Jason Bott - Detroit and the suburbs of Detroit are very different haha. Great example. It really will depend area to area.

@Elliott D. - At any rate - please don't try and shortcut the insurance portion. Make sure you are properly covered and your agent fully explains things to you. 

@Christian Hutchinson - I'd say you have a pretty good grasp there of SE Michigan. That's a good estimate to have for most homes replacement cost. I'd say a bit higher for the brick homes - probably $150/sq ft. That's what I'm seeing lately when I'm underwriting.

@Hayden Harper  - I could see getting positive cashflow out of that! Haha. Man that's terrible. If you have any clients that want to get something better than those boxes let me know. I'd be more than happy to help them out. High prices in Cali shouldn't keep someone from being able to build wealth for themselves!

@Hayden Harper - It's almost cost prohibitive for a relatively new investor to get started in California. $500K in Cali and $500K in Michigan are two different worlds. I know of a 19 unit that can be had for that much. Not sure what that gets in Cali?!