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Message
Posted on 1/10/17 at 9:33 am to poochie
Just got under contract for my first home.
What's the best places to look for homeowners insurance? I would like to shop around, home is grandfathered in for flood insurance which is great but wanted to shop the homeowners to get the best rates. Have a quote from Allstate, quick synopsis of the home/property.
.6 acres fenced in back yard, home is equipped with home security system. No pool or anything like that. 12 year old home 1 owner.
New to the process since this is my first home purchase. Lending wise, so far really like NOLA Lending group compared to other lending companies and the banks quote as well.
Lining up home inspection for this weekend.
Have the 20% down payment but I also purchased .5 acre in a subdivision a few years ago that I already paid off in Youngsville. Wanted to sell that to get the 20% instead of using most of my cash up.
Trying not to list the property w a real estate agent but may have to in the next week or two. Just w social media, have been getting inquiries over the last few days
Thanks any information helps
What's the best places to look for homeowners insurance? I would like to shop around, home is grandfathered in for flood insurance which is great but wanted to shop the homeowners to get the best rates. Have a quote from Allstate, quick synopsis of the home/property.
.6 acres fenced in back yard, home is equipped with home security system. No pool or anything like that. 12 year old home 1 owner.
New to the process since this is my first home purchase. Lending wise, so far really like NOLA Lending group compared to other lending companies and the banks quote as well.
Lining up home inspection for this weekend.
Have the 20% down payment but I also purchased .5 acre in a subdivision a few years ago that I already paid off in Youngsville. Wanted to sell that to get the 20% instead of using most of my cash up.
Trying not to list the property w a real estate agent but may have to in the next week or two. Just w social media, have been getting inquiries over the last few days
Thanks any information helps
Posted on 1/10/17 at 2:38 pm to Fat Bastard
Made an offer on a place yesterday and got a quick response with no counter. Inspection being done Friday and should close within 14 days. Spec's below.
3 bedroom/ 1 bath
1,050 sqft
New Roof, appliances, HVAC, Corner Lot
Rent ready minus a few paint touchups and a good cleaning
Buying price $72K w/ maybe $500 in repairs.
Estimated rental income between $950-1,050/month.
This one is in the same neighborhood as 3 other properties we have and should rent quick, like under a week quick. We spent a good deal of time when walking through it, so I do not expect our inspection to go poorly. This will be a rental property as there is not much upside in putting more money to flip.
Fingers crossed it works out. Will be our 5th rental and we are putting our 3rd flip on the market on Friday. 8 properties in 2 years since my first thread on this board.
3 bedroom/ 1 bath
1,050 sqft
New Roof, appliances, HVAC, Corner Lot
Rent ready minus a few paint touchups and a good cleaning
Buying price $72K w/ maybe $500 in repairs.
Estimated rental income between $950-1,050/month.
This one is in the same neighborhood as 3 other properties we have and should rent quick, like under a week quick. We spent a good deal of time when walking through it, so I do not expect our inspection to go poorly. This will be a rental property as there is not much upside in putting more money to flip.
Fingers crossed it works out. Will be our 5th rental and we are putting our 3rd flip on the market on Friday. 8 properties in 2 years since my first thread on this board.
Posted on 1/10/17 at 3:23 pm to eng08
quote:
Get an agent that you are friends with to make the offer.
Do not let listing agent double up on negotiations, it does not work out well.
This isn't the case at all in my experience. Just don't be a pushover, often times if you use the listed agent you can knock 1% or more off of their commission. Tell them bluntly I'll make my offer through you for 4% or I'll call my guy for 5%.
Posted on 1/11/17 at 8:41 am to stevengtiger
Steveng- what area are you in?
Posted on 1/11/17 at 10:53 am to Tigerbait337
NWLA. Shreveport/Bossier
Posted on 1/11/17 at 3:51 pm to stevengtiger
Damn! We are on fire right now. Just made another offer on another rental property that is already tenant occupied, and got it. Wasn't on the market but got a lead from our realtor. Spec's below.
3 bedroom/1 1/2bath
right at 1,000 sqft
Needs some light repairs, approx. $2,500 but nothing urgent.
Offer price $65K and got it with no counter
Rent is currently $1,000 per month
Currently have two houses under contract to add to the rental portfolio. Have talked to our realtor about switching him into a property manager role for us. Real job for me has gotten more busy and I feel like its time to start paying someone to take care of things and make this more "passive" for us. He is making us a great deal for management and I am looking forward to not fielding calls about rent.
3 bedroom/1 1/2bath
right at 1,000 sqft
Needs some light repairs, approx. $2,500 but nothing urgent.
Offer price $65K and got it with no counter
Rent is currently $1,000 per month
Currently have two houses under contract to add to the rental portfolio. Have talked to our realtor about switching him into a property manager role for us. Real job for me has gotten more busy and I feel like its time to start paying someone to take care of things and make this more "passive" for us. He is making us a great deal for management and I am looking forward to not fielding calls about rent.
Posted on 1/11/17 at 6:00 pm to stevengtiger
This certainly is a breakneck pace y'all are on. When did y'all start, like 2 years ago? What's your count up to now? I need to find your original thread when y'all got started.
Also, prior to getting into REI, did y'all have any previous real estate/property management experience or are y'all just doing it trial by fire?
Also, prior to getting into REI, did y'all have any previous real estate/property management experience or are y'all just doing it trial by fire?
Posted on 1/11/17 at 7:17 pm to stevengtiger
quote:
Damn! We are on fire right now.
Posted on 1/13/17 at 10:25 am to Fat Bastard
Guys that renovate/new build rental units here, is it worth it to pursue a general contractors license?
This post was edited on 1/13/17 at 10:26 am
Posted on 1/22/17 at 11:39 pm to stevengtiger
quote:
stevengtiger
ok, inspection failed. Things were not even completely installed yet like some electrical and HVAC. so it actually was not ready yet for inspection. somebody got lines of communication mixed up obviously. first time for everything.
Posted on 1/23/17 at 9:19 pm to Fat Bastard
For those of you that flip or have rentals Lowe's is having an awesome deal right now on carpet. Free installation with any carpet and pad purchase. This isn't their basic installation it's free tear out, haul away, and furniture moving. They'll even lay it on stairs for no extra charge. I've been flipping for 3 years now and haven't seen them run this special.
They also have 89cent installation on pergo laminates. They have several laminates for $2.50 /sqft with the pad attached.
You can't beat that unless you install it yourself. Most contractors around here charge $2.50ish /sqft to lay floating floors
They also have 89cent installation on pergo laminates. They have several laminates for $2.50 /sqft with the pad attached.
You can't beat that unless you install it yourself. Most contractors around here charge $2.50ish /sqft to lay floating floors
This post was edited on 1/23/17 at 9:24 pm
Posted on 1/31/17 at 8:29 am to AUtigR24
ok, everything installed now. I have lined up my inspector for final inspection. Everything is good to go with mortgage company. had to send them a few updated documents this morning. Hopefully we close within a couple weeks now.
Posted on 1/31/17 at 8:33 am to Fat Bastard
Haven't kept up. You purchasing another rental? Hope all is well man!
Posted on 1/31/17 at 8:36 am to stevengtiger
yes, one of my best deals yet! Next go around will be two properties purchased so I hit a milestone.
Posted on 1/31/17 at 9:17 am to Fat Bastard
Good deal man!
We just closed on one last Friday and closing on another on this Friday. Will bring us to 6 rentals total and have a flip on the market now. Turning everything over to our realtor to manage. Getting to be too much to keep up. Real job has got me more busy than I can handle.
We just closed on one last Friday and closing on another on this Friday. Will bring us to 6 rentals total and have a flip on the market now. Turning everything over to our realtor to manage. Getting to be too much to keep up. Real job has got me more busy than I can handle.
Posted on 1/31/17 at 12:34 pm to stevengtiger
quote:
3 bedroom/1 1/2bath right at 1,000 sqft Needs some light repairs, approx. $2,500 but nothing urgent. Offer price $65K and got it with no counter Rent is currently $1,000 per month.
Wow, those are some good numbers. Was this a trailer or a house? What kind of area was it in? I would kill to find a deal like that in my area.
Also, why did the owner want to sell if he had a tenant in place paying that much rent?
Posted on 1/31/17 at 12:49 pm to RabidTiger
quote:
Was this a trailer or a house? What kind of area was it in?
House in a decent area. Ends up needing closer to $7-8,000 worth of work after inspection but numbers still work really well.
quote:
Also, why did the owner want to sell if he had a tenant in place paying that much rent?
Older guy that was living out of state. Just looking to cash out.
Posted on 2/7/17 at 10:02 am to stevengtiger
BUMP- Update
Just had an offer that I signed this morning on the mobile home we rehabbed and put on the market.
Total Cost after rehab: $72,500
Asking price: $109,500
Offer price: $109,000 with some additional items asked for.
- Pay for flood elevation cert. Not in flood zone but most FHA loans require on mobile homes.
- Pay to make sure the home was retro fitted. My inspector told me the home was already retro fitted to comply with FHA loans when we inspected, so a non issue but could have cost around $3-4,000.
- Pay for appraisal and inspection for the buyer.
We countered with everything the same besides paying for the appraisal and inspection. We don't want to be out any cash if they back out.
All in, we will be looking at around $96,500 after closing, inspections, etc. conservatively. $24,000 profit since purchasing in Oct. Probably closer to $23,000 once you figure in interest on the LOC and utilities.
Just had an offer that I signed this morning on the mobile home we rehabbed and put on the market.
Total Cost after rehab: $72,500
Asking price: $109,500
Offer price: $109,000 with some additional items asked for.
- Pay for flood elevation cert. Not in flood zone but most FHA loans require on mobile homes.
- Pay to make sure the home was retro fitted. My inspector told me the home was already retro fitted to comply with FHA loans when we inspected, so a non issue but could have cost around $3-4,000.
- Pay for appraisal and inspection for the buyer.
We countered with everything the same besides paying for the appraisal and inspection. We don't want to be out any cash if they back out.
All in, we will be looking at around $96,500 after closing, inspections, etc. conservatively. $24,000 profit since purchasing in Oct. Probably closer to $23,000 once you figure in interest on the LOC and utilities.
This post was edited on 2/7/17 at 10:03 am
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