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  • Ross Yeager

Roofstock Property Purchase Day 6: Insurance, PM, and Expenses

6 days into the contract period, I signed an agreement with my PM and provided that info to Roofstock.  Insurance was next.  Roofstock provides a list for all things needed, so they make the process easy in that sense.  Alexis (from Roofstock) recommended several insurance providers.  My loan bank also provided me with some options.  After comparing everything, the bank provided the best option.  I was able to get the following coverage for about $900/month on my duplex:


At this point I was able to fill in my own spreadsheet to lock in actual numbers.  I started a spreadsheet that had the following items:


Expenses

  • Property Management

  • Taxes

  • Insurance

  • Repair and Maintenance (CapEx) - estimated at 2% of total cost of property

  • Principle + Interest

Income

  • Rent with a 5% vacancy

Closing

  • Down payment

  • Appraisal cost

  • Escrow

  • Closing costs


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