BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated almost 5 years ago,
Insurance issue for BRRRR
Fantastic BP folks! I just acquired a BRRRR property, and utilized my development company ("Company A") as the purchaser, since I was able to go in as 'all cash'. We're obviously going to do a little bit of rehab, then get it rented. After the 6-months-to-a-year seasoning period (depending on the lender), we will refinance the property into my wife & I's names (or LLC, whatever) - making "Company A" whole again.
My question / issue, is that I'm trying to get the home insured, but MY insurance carrier won't do it, because Title is currently in "Company A's" name. Do I simply continue using my "Company A's" Inland Marine policy (to cover the home until we're able to take it over), or what?
Thanks, and I look forward to hearing from you.