Jon Grauman
speaker
142 appearances
1 recordings
1 series
first heard Nov 2024
last heard Nov 2024
Jon Grauman’s voice in public audio — every appearance, attributed to the second.
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Appearances
Correct. So I don't know that I have any specific advice on how to budget for it, depending on whether it's in a high fire zone, flood zone, wind zone, et cetera. I would just say, don't judge the book by its cover in terms of, oh, I like this house and this is what it's going to cost me based on this mortgage calculator.
dive deeper, get in touch with an insurance broker immediately upon identifying that property and start to really kind of flush that out and understand what those options are, what those premiums are, what the coverage is.
There have been many instances, horror stories, I'm sure you've heard about, with people that have existing coverage getting a call from State Farm saying, we've tripled your coverage. Or we've denied it, we've canceled it. So it's gonna be a major factor that I would just say, try to get in front of as quickly as possible.
We constantly ask about it, but it's not as simple as you would think. Oftentimes the thought process is, oh, you're with State Farm. Sorry to keep picking on State Farm, but like you're with them. Great. We would love to have that coverage. Just because they're insuring the current owner doesn't mean they're going to insure you and doesn't mean they're going to insure you at the same price.
So we've tried that approach. And a lot of times it's like, yeah, no, they don't want to renew it or it's going to be double the price. So again, what the existing homeowner has doesn't really play a factor in what you can get.
You just need to get with a qualified insurance broker, which if you're working with a good agent, they should have a great referral for you and start having those conversations with them.
That's it. You just need to understand what your options are.
Fugazi?
Is that Yiddish or is that like, is it Italian?
Is it Fugazi?
Okay.
BRRRR. So many new terms and expressions you're using on me. As opposed to?
Give me the burr again.
Buy, renovate, rent.
Like buy a property where there's value add opportunities, renovate to add that value, which thus should increase your equity, and then refinance based on that equity because you'll have a lower LTV and hopefully a lower mortgage payment, or a lower interest rate and a lower mortgage payment, and then use that leverage to go buy more.
Yeah, I mean, that's the sort of basics of real estate investment.
I'm gonna say neither, but worth looking at.
No, totally different. So, okay, so mortgages, this is just this might be a snooze fest for some people, but, and I only know all this by the way, because I was a mortgage broker for eight years. That's why I can speak this language fairly fluently, is that mortgages are amortized over a certain period of time. It's generally 30 years. That's why people know of a 30 year fixed.
If it's amortized over 40 years, it just means that the amortization period gets spread out further and thus the payments along the way are smaller.
But you're absolutely paying more interest in the long run, but you have a shorter payment, a lower payment in the short term, which is what matters to most people. Conversely, if you have a 15 year, you're paying it back in half the time. So if you're flush with cash and you can afford the significantly higher payment, great.
Showing 101–120 of 142 · page 6 of 8
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