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Apple Valley : Real Estate Advice

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  • Local Info5
  • Home Buying14
  • Home Selling2
  • Market Conditions1

Activity 49
Tue Feb 8, 2011
Nate Gerard answered:
Hi Leah,

I'm a bit late but I thought I would answer. Firstly, try using the same insurance agent who you use for your current home and auto. There are discounts available and also you can use the overall value of what is covered to get a better deal. At the same time, I would shop around to confirm if your agent is giving a good deal. Get an inspection since there may be problems that would cause your insurance company not to cover the home.

My three properties are all in the $200K range and cost less than $100 per month to insure except the town home where the Association dues are $130 per month. This does cover exterior items (plus non insurance benefits like maintenance). On that property I also have an HO6 policy to cover the massive $5,000 deductible plus interior items that are a part of the building. My renters all have renter's insurance as well.

Remember though that insurance is also about protection so you also want to be sure you have a section in your lease that addresses liability. That will at least provide some protection if a tenant wants to sue you. Depending on your net worth, you may want to consider an umbrella policy. It's cheap insurance and can cover you if someone does successfully sue you.

Finally, many investors buy using an LLC, which is very easy to get set up and does provide some protection as well. Others put their properties in a land trust named after the county where it's located. Most ambulance chasers who work on contingency won't spend a lot of time trying to figure out if you're worth enough to sue. If they don't find anything right away, they may tell your tenant they need a retainer before they'll dig any further. This will eliminate most people since they won't have the cash to pay a lawyer for their time.

If you want to see my leases, I'm happy to share them with you. Email me at: nategerard@kw.com or call 612-849-9079.

Good Luck!
... more
0 votes 9 answers Share Flag
Mon Jan 3, 2011
Brenda Feria answered:
Greed and distrust are the reasons. Buyers think that they can save commissions by dealing directly with the listing agent, when in all realty, they will be paying the same, without representation and the listing agent is probably receiving both sides of the commission. Some also have a very low opinion of realtors. Perhaps they have been burned by a bad agent. It happens. It is our job, as professionals, to educate our buyers so that they know that it doesn't cost them money to have realtor representation; it costs them not to have realtor representation. Also, we have to demonstrate, with our knowledge and expertise, that we can be trusted. ... more
0 votes 20 answers Share Flag
Fri Oct 2, 2009
CCC answered:
Hi, so did you buy it?
A month? was it a short sale or an REO?
0 votes 6 answers Share Flag
Thu May 21, 2009
Michele Mato answered:
There is a small townhome complex in Apple Valley that I know of with no association dues. The association went bankrupt and there are no banks that will finance a townhome without an association. Without an association, its impossible to predict the integrity of the structure in the future. The listing agent told me that there are no insurance companies that will cover a townhome without an association and you can't get a bank loan with out insurance. This complex is in East Apple Valley just north of Co Rd 42. ... more
0 votes 7 answers Share Flag
Thu May 7, 2009
Aaron Dickinson answered:
Elizabeth - Jackie is talking about renting extra rooms, not buying a multifamily house. There is no credit for rental of extra bedrooms in a single family home.
0 votes 4 answers Share Flag
Sat Apr 18, 2009
James Gordon ABR SFR SRS answered:
My advice would be to find out how much you are qualified to buy and stay in that limitation.
If you qualify for the first time buyer federal tax credit buy a decent used car with SOME of it and save the rest. If you are living at 50% currently you need to evaluate where you can cut back. Long term you need to save for your future and 50% DTI does not allow you pay yourself first. ... more
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Mon Jan 12, 2009
Aaron Dickinson answered:
I think it is hard for anyone to give you a specific answer as to which is better... this is YOUR house not ours so you have to look at them and consider which is right for you. Both are great communities with schools with great reputations so it boils down to what's most important to you. All things being nearly equal, price may be more important to you versus location for someone else.

It's a tough decision to make, but I believe it is a decision best made yourself.
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Sun Dec 7, 2008
Teri Eckholm answered:
Hi Mary!

To reduce ambiguity, the responsibility of dewinterization should have been spelled out in the contract or purchase agreement. By adding a clause that the seller is responsible for having all utiliites turned on the the home prior to the inspection and/or closing, responsibility would be clearly spelled out for all parties. If the seller has an as-is clause and there is no other clause addressing dewinterization, the buyer could be expected to assume these costs. Review your purchase agreement with your agent/broker to resolve.

Hope this information is helpful!
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0 votes 5 answers Share Flag
Sat Jun 21, 2008
Sue Arko answered:
Are you still interested in a 2 bedroom 1.5 bath townhome in a fantastic location in Apple Valley? I have one for 125,000, which I need to sell now. thanks!

sarko@comcast.net
0 votes 4 answers Share Flag
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