OfflineHello there, the name's Jose Munoz but you can call me Manny. I am a 21yrs old, Soldier in the US Army, and on the road to a stress-free future with Real Estate Investing. Have a loving mother who's currently living in Massachusetts while I'm stationed in Hawaii. Unfortunately, I am in Iraq right now, so I pretty much been killing time readng all of Dean's books and Software and am ready to start a different route in life, for the better of my mother's future and mines. Hawaii is a pretty expensive place to start investing since even with the economy being down, prices are still pretty high when you compare them to those in the States. But I'm still going to give it a shot and see what system I can perfect to ake things go more smoother and faster than I ecpect them too...My goal is to have 5 properties within a year. My Credit is in a Good Status after getting it fixed, it took 2months to get it skyrocket but unfortunately I still can't qualify for a credit card because of Equifax. By the end of this deployment, I should have a decent amount to work with from what I've saved up during the year...So ready or not, here I go!
NEED AN ANSWER
Ok, I read the books and been looking for deals, but I just thought about one thing. Other than getting a loan, should I be getting Home Insurance too or not? It might sound like a dumb question but I never done anything at all with Real Estate so I was wondering when would I need to actually get Home Insurane, because let's say I get a property on contract and it happens to be one which I am going to rent out for monthly cash flow, is it suppose to be me that gets the Insurance on the property or should it be up to the Tenant? Or if I happen to buy the property and am seeking to sell it within a month or so, should I be getting home insurance for myself? I ask this because it being such a short time that I'm going to hold onto the property, I just wondered if I needed it or not...With back to back transactions and contracts to be done, I didn't know if it was right for so many Home Insurance activations and cancellations to be done or is it one Home Insurance for all property and the sum just gets added into the equation when I get another property under my name? Hope I didn't confuse anyone, I just didn't know how to word this since I'm clueless about the topic...