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Updated almost 8 years ago on . Most recent reply

User Stats

42
Posts
10
Votes
David Thompson
  • Investor
  • Harrison, AR
10
Votes |
42
Posts

Great deal has changed NEED HELP

David Thompson
  • Investor
  • Harrison, AR
Posted

Ok..... So I am supposed to close on a SFR with a large 2 store attached garage march 1st.

Everything going great ROI was 17%; cash flow was going to around 200 per month. The kink in the plan came yesterday when my insurance company called and wanted finish the binder and asked if I was going to rent the warehouse (garage) after telling them yes the new policy went from 700 to 1900 per year eating up all lost of cash flow and turning my 17% ROI to 5%. Ive spent all day on the phone trying to find someone who would insure the the space for the amount of the loan ($84000). Does anyone have any advice? Or know of an Insurer that would help me out? I don't want to walk away from this deal because of insurance, but I feel I might have too :(

Thanks!

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