All Forum Posts by: Tim Puffer

@Account Closed - are you suggesting the house catches fire somehow???

Shouldn't take more than a few hours.

@Rafel Montoya - Where's this building located in Michigan? Good call purchasing something in MI instead of Cali - you will get more bang for your buck. I'll help you out anyway I can!

@Billy Helvey - Definitely buy a 2-4 unit. Use an FHA 203 B or FHA 203 K loan - depending on the building. I did this with a 2 unit in April - evicted a tenant, renovate one unit.

Feel free to message me with any questions

@Gregory Hall - I installed one on my duplex. Broan pretty much has the market on these. You can also get Utilitech - which is Lowe's brand. But Broan usually does a good job. I'd get one that has above average speed to help clear out the air.

@Elliott D. - Unfortunately the best way is to get quotes from an experienced agent. Once you have a general idea of what the options are you can roughly estimate what it would be for a larger or smaller building. But it really will vary on location, insurance company, type of building, coverage requested.

Have you built a good relationship with a good agent yet?

@Michael Rogers - Awesome! Just goes to show that you have to keep the long term in mind in real estate. It's not get rich quick. 

@Tim VandenToorn - great info! Thanks for sharing.

@Xavier Green - You will need to acquire some skills to add value for someone who may be mentor. You could possibly tell a flipper that you will go driving for dollars and find them a deal in exchange for them letting you watch/learn/ ask questions the entire flipping process. 

Definitely keep reading books and listening to podcasts. You also need to make sure flipping is the niche that you like and want to get started with. 

@Gaynor Pendleton - Generally damage caused by tenants isn't covered. @Jason Bott may know Of a company that has an endorsement to cover it. 

It's this reason that you need to make sure to have adequate reserves if a tenant does damage the unit. You can only underwrite tenants so much but what you can underwrite for, scrutinize as much as you can to prevent bad tenants from happening!