All Forum Posts by: Adam Brammer

Mechanical Engineering here working out of California. Currently 11 units in and looking to expand to 55 by the end of the calendar year. All out of state. 

@Nick N. The loan actually went pretty well. There was a slight hiccup with the expected values for expenses, but that was cleared up rather quickly. CBRE has min limits on their loan amounts as well that I believe are $500k. They were very helpful in dealing with the bank and helping follow up on each of the documents that are needed and explaining items along the way as I was a first time buyer. Not sure how the pandemic may have changed their financing help, but overall my experience was pretty positive. 

Thanks for the advice. For the property liability that is typically required, would this be covered under a personal umbrella policy? Right now I'm getting quotes on the liabilities as well for the specific property, but it would be great if it was the same as the umbrellas. 

Sorry, they would be requiring actual cash value. 

@Eric Johnson The lender requirements are a Hazard insurance and a windstorm insurance. I am still waiting for some clarification on exact requirements. 

I am working through a Credit Union to cover all three properties. 

@Dominique Mitchell I don't think that any of the sites out there are 'bad' if they are presenting you a list of options that are out there. When I am looking for a new property, I use many sites in my search because a lot of them will have different listings than the others. Actually, I recently found an 11 unit complex on LoopNet and am in process of closing. If the numbers work and you do your due diligence I don't think there would be many issues with the way deals are presented. 

Hello all,

I am in the process of closing out on my first property which is an 11 unit property in FL, and am currently shopping around for insurance coverage on the properties. The mix consists on one 8 unit building, one duplex, and one SFH all next to each other. I am seeing ranges of coverages from $1900/year up to $7000/year. There are large fluctuations in what each plan has to offer which obviously makes up for the pricing differences.

My question to the community is how much insurance (property and liability) should I be looking for without over-insuring the property? It's a student rental area which I know will make the rates a little higher. Many of the larger companies (State Farm, Allstate, etc) have no quoted saying that they aren't in that market. 

Any help is appreciated!

@Scott Mac I narrowed it down to CBRE after getting feedback from many of the lenders that I was talking with that they were not able to meet my needs (11 unit financing with 30yr am period at 20-25% down). CBRE came up during my research for brokers and they have been pretty helpful so far in finding banks/CU's across the country that will meet my requirements. My offer has just been accepted on my 11unit so I will keep you guys updated on how my whole interaction with them was! (CBRE fee is ~1%).

@Claude Beauregard I am currently working with CBRE on the financing of my 11unit multifamily. I am still in the early phases of the process, but will let you know my experience once completed. Did you end up working with them at all?

Thanks for the input @Chris Mason & @Clifford Paul. This is one of my first properties so I won't have the experience to back up. Any recommendations on approaches or lenders?