fdrpilot

My earlier post of 27 Jan explains my search for an insurer of a boarding house of 16-20 tenants, rotating thru on a monthly basis. No company wants to commit to insure (at this time). Maybe I should change the description to "bed and breakfast" or "budget motel" or "short/long term rental" or something more generic. Ideas anyone?

Hi Frank
I noticed that you have been here for years and have taken the time to do your bio completely. This is were we look when you ask a question or need help. If you have a question post it in the forum not here on your page because we can't see it. Good luck..

Did you ever solve your insurance issue for the boarding house? Im looking at purchasing a boarding house now. trying to figure it out. Should I run or is there a happy solution?
Please advise.
thanks.
mike.

Never got that far. The city board would not allow the house I wanted to purchase be used as a boarding house because of the poor reputation of another boarding (flop) house in town. So there was no need to buy it. The failure of that deal was a blessing in disguise. It would have been labor intensive and I had no proven successful biz models to follow behind.

I am doing much better now with wholesaling, buying and selling tax DEEDS (not tax liens) and using a self-directed IRA to purchase real estate. Netted only $2K thus far this year, but have two closings next week which should bump my net for this year to $26K. This is shaping up to be a "double my income" year.

Hang in there. You gotta find your passion (niche) then things start to happen. You do it because you like it, it shows in your enthusiasm, which brings you deals, which makes you money, which causes you to like it more, which shows in your enthusiasm..... see where we're going here. It's a cycle.

I would be asking myself "Am I here to run a boarding house or am I hear to make alot of money? What's my ROI? Does doing one or both negate the other? How much time do I have to devote to this?"

Keep studying the RE strategies. Try each one and keep communicating, networking and attending RE functions. Things will come your way, it's inevitable.