However, in reality, Lindsay Lohan doesn't have a twin. She has three siblings, but all are younger than her..***:DListen to Acermill; being a distant landlord is difficult. Been there done that. If you don't have a management company you'll need someone local to check on the property occasionally. You'll also need the phone numbers to people such as 24 hour plumbers.
The cost of the insurance will depend upon the cost to rebuild the property, your credit score, and the risk involved. Location will be the greatest factor with the risk. Often, a "cheap" property will cost much more to rebuild than it cost to purchase, especially if it is located in a depressed area..***:D
Cheap might not always be better. Being a distant landlord could be disastrous and you would lose all your investment. There are many dangers of being an absentee landlord.
What section of the city are these cheap properties located? If you are purchasing a $7,000 property and it has been on the market for more than a year. You would have to wonder why a local real estate investor has not grabbed this bargain.
I reside in a state where you are able to pick up cheap properties for this amount of investment. I have seen some of these properties and the area in which they are located. Boy!!!
Insurance you would purchase is based on the value of your house, how close it it to a local fire department, flood zone and other city services that would be instrumental in being able to get to the property to minimize potential damage to the property..
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
Help yourself - you can check your quotes in internet for example here -?DEALSQUOTES.INFO
RE What is the cost for home insurance based on?
I am thinking of buying properties in other states to use as rental income. The properties are cheap so i can afford to pay cash the issue how ever is that the rent is also cheap in ...show more
location also matters. Some areas are at more risk than others.
Insurance companies may give a discount if you fit security features such as a burglar alarm. Some give discounts to seniors on the premise that seniors are at home more and thus are a smaller risk.
It's based on the value of the home. You don't want only $50,000.00 insurance coverage on a $200,000.00 home
location also matters
I am thinking of buying properties in other states to use as rental income. The properties are cheap so i can afford to pay cash the issue how ever is that the rent is also cheap in
Update : Yes i know being a distant landlord is difficult so if it makes economic
