All Forum Posts by: Tim Puffer

@Seth Myers - I am almost done renovating a unit in the duplex I'm house hacking. Paid $119,500 for it. A building the same style on the cul de sac I'm on sold for $153,000 farewells ago. The unit is a 3/1.5 and I will be able to rent it for at least $1,000. There are buy and hold deals out here.

@Carl Costa - Find an independent insurance agent. They will be able to give you multiple options for companies. Likely it will be with what's called a Lloyds of London insurance company. This is because vacant properties are considered high risk. Let me know if you have any specific questions. 

@Linda Collins - I would find a local independent insurance agent. They will have multiple companies to obtain quotes from. If you have an insurance related questions feel free to reach out!

I'd leave them month-to-month - it gives you as the landlord more flexibility in raising rents, making changes, or evicting the tenant easier (depending on your state law). I recently bought a duplex and the tenants were month-to-month and I just had to give 30 day notice to vacate and have it delivered to them and that was it. They were also $300 under market and were smokers. Both not good.

It really is sad that a lot of PMC don't conduct business with integrity. They are getting paid to maximize cashflow and properly maintain a property for their client. Honestly I think it comes down to the mindset of the person who owns/operates the PMC. I think that person needs to truly want to see others succeed and not just try to maximize their success. If you help others succeed your success will be multiples of what it would be if you only cared about yourself! 

If the roof is 10 years old it shouldn't need a full replacement if only 15 shingles are damaged and the flashing needs repaired. Insurance is designed to make you whole and not over indemnify you. Adjusters meet with a lot of roofing contractors and see a lot of roofs. Generally they know what they are looking and can assess damage very well. 

The roofer may be saying it needs full replacement because he wants to get paid for a full job. Have you ever seen roofers drive around and look for a bad roof and tell the owner to file a claim? It happens. Not saying this guy is like that, but there are those out there. 

With an FHA loan you will be able to use 75% of the income of the other units toward your income. They will likely look at what the market rents are and take an average.

$1,000,000 for a 4-plex?! Wow, that's nuts.

USLI is a good company with a good product. I would go with an independent agent as they will have a ton more options as far as insurance companies for you. Please don't go to an online company only for your insurance. You need to make sure you are properly covered and Esurance and the like only care about getting paid. Find a good agent who you can build a personal relationship with.

You should be able to have your liability at $1 Million on you rental property policy and then also have a $1 Million umbrella. 

The benefit in having your rental policy and umbrella with the same company is that the policy language will be seamless and there wouldn't be any question as to who is going to cover a claim should one occur.

If you have your properties in an LLC, you will need to have a commercial umbrella and not a personal one.

Hey guys!

I'm looking for an accountant in the Lansing Michigan area. I'd like someone I can go to locally, but would be open to out of area as well if the accountant knows real estate investing.

Any help is much appreciated!

hey guys! 

I have a lead on a 6 unit in Battle Creek. It's 100% vacant. It is in a good area of town. The owner is older and wants to get rid of it. The family also wants him to get rid of the building. 5 units are 2/1. 1 is a 1/1. Solid brick building. 

I'm wondering if there is anyone that does investing in the area would have any interest in this?