Homeowners Insurance (Older home)

[Patti Rosepiler]

  In a 1950's home (Florida), I am hearing that the insurance will be MUCH higher due to old electrical, plumbing, etc.  I have tried to speak (and email) several companies, but no responses. Any of you have experience on this? Did you have to update all these right away to bring down your costs?    The owner no longer has a mortgage on it, so she doesn't know.  I am just trying to get educated on it before I give her my offer.  

[Patti Rosepiler]

Thank you guys!  I cannot pay cash.  I have a house on the water in NC and if that sells then maybe, but this is a time is of the essence thing. It isn't on the market. I know the owner personally and it is in a GREAT neighborhood!  My gut is screaming at me to do this.  LOL!  I have read, studied, watched and listened, but I need to jump and just when I was praying about it, this came up outta nowhere!   I may have to do hard money lending, but I will have to educate myself on that QUICK.  I would immediately have 2 Air Force renters (who pay their bills) if I could get my hands on this.  One being my daughter, so I know I could renovate it while she is there paying the bills.   She wants about $170,000 and there are flippers buying them and leveling who have put up $600,000 homes or doing basic reno and getting $260,000.   I really feel I need to jump before she markets it.