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Rentals2Wealth Community

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6 contributions to Rentals2Wealth Community
Insurance
How much coverage should I look to get on a policy? Broker gave me initial quote for 100k for personal liability and the amount for dwelling is equal to the purchase price. Deductible is 2500, which I'm ok with. Liability feels low to me and replacement cost would probably be higher than my purchase price. Any thoughts or advice would be appreciated. Thanks
Inspections
Trying to close on a turn key property in Memphis and got a quote for an inspection: $425 for crawl space or $325 for slab(pretty sure this one is slab), termite inspection is $100, and sewer inspection is $330. They also offer Radon testing at $195 and mold at $175 These numbers seem fair and are they all necessary/recommended to get before a purchase?
Earnest money deposit (EMD)
How much is too much for an earnest money deposit? My first three doors (All turnkey) only required $1,000 each, less than 1% of purchase price. However, now that I am looking at off market deals for BRRRR candidates some are asking anywhere from 5-10k in EMD, or 5-15% of purchase price.
Memphis, TN
Anyone else active in Memphis, TN? I currently have 3 doors there. Looking for possible accountability partner or just some one to bounce info/ideas off of
Loan Guys?
Hi All, Anyone ever use the loan guys before for a buy and rehab loan? Was considering using them. https://www.loanguys.com/ (not a recommendation, just checking them out)
1-6 of 6
Richard Zerbo
2
7 points to level up
@richard-zerbo-6898
GOOD!

Active 285d ago
Joined Dec 21, 2024
Westchester, New York
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