Residential Multi-Family Insurance in Central NJ

[Alejandro Tirso]

I'm shopping my first property and have financing in a row, current owner gave me rental rates and fixed monthly expenses, I've found a property manager, but I'm a little confused about insurance.

It's a 3-family home with a studio, 1-bedroom, and 2-bedroom apartments.  I may live in one unit, but there's a higher probability I will not.  I am having trouble finding insurance quotes for a 3-fam that is not owner-occupied. Because I'm doing FHA, 5% down this deal is appealing from a COC-ROI standpoint, but cash-flow is weak (Not Brandon Turner's recommended >$100/unit metric) given lower rents in this neighborhood, so insurance costs could turn this deal sour quickly. Only clearing ~$250 cash-flow total for all units @ 7% vacancy, 10% R&M, 10% CapEx, & 8% Property Mgr. Thoughts on deal?

Anybody have any recommendations?  Any insurance partners in the area?

[Odie Ayaga]

Try reaching out to @Anthony Lee and see what he can do for you