Chattanooga Flip Insurance

[Stephen Bernard]

Hey Team!

New to the game and have my first flip under contract. I'm in need of an insurance policy while holding the property- my team is using hard money. I expect the time between close and sale to be 3-4 months.

Any referrals or direction are appreciated!

[Curt Smith]

Hi Stephan,  I use nreig.com for builders risk insurance.  I use them also for my rentals.   They only do professional investor policies. 

Also due to contractor un--availability, rehab problems plan on a 6 mo close to close period.  

Your number one risk is finding and keeping a good contractor team.  They are so hard to find and keep.   The hot rehab market is allowing teams to do quick and partially finished job and jump to the next job.  Leaving you with a partially finished house not quite ready for a retail sale.

Chat had a local REIA. Search for Chattanooga REIA on facebook. Join, and try hooking up with local investors. REIAs have more experience then other orgs in my experience in several cities.

Expect to get quotes that are higher they you hoped and may mean no profit.  The other problem is low ball quotes but once you hire the team they up-sell with more expense that they didnt understand was needed.  In then end the cheapest bid may end up being the most expensive.   This is where having local experienced people to over see your rehabs a big value.

Best of luck.