All Forum Posts by: Alex Banyasz

If liability is your concern, likely the policy is coming with $300k or $500k. You can ask this to be increased to $1M or $2M. I personally leave it at the minimum and have a $2M Personal Umbrella. I will send you a DM with my insurance contact. Best of luck!

I think that's the move

0 Votes

Tampa, Florida

Quote from @Sarah Kensinger:

Quote from @Alex Banyasz:

Quote from @Sarah Kensinger:

Most city/county regulations want no less than 1 million in liability, so we require that for any clients. Personal property should be what the furnishings are worth, and I would do around 6-9 months for loss of income. In many ways I think the last two items are more personal preference.

No hard and fast requirements, but I'd love to have a milly. May have to go with one of the quotes I received for 500K and bridge the gap elsewhere.

Wouldn't be hard to hit a million with Proper insurance at all! At this time, I believe they are accepting new properties in FL, but the rate may be high. You shouldn't need any umbrella insurance with Proper since they offer everything in one, but you have the option to up the liability as well.

Thank you! I've reached out to them for a quote. I have a quote right now that's sitting at about 3K that I'm pretty happy with, but liability is only 500K. They did say they have umbrella policies that can bridge the gap

2 Votes

Tampa, Florida

Quote from @Michael Baum:

Hey @Alex Banyasz, we have 50k in lost revenue as part of our insurance.

We recently upped our replacement value to $400/sqft.

Liability is 1m with a 5m umbrella on top of all that.

150k in property loss.

We use Proper. Plus you will need wind if I am not mistaken

@Andrew Steffens is in that neck of the woods and might have some insurance notes.

Exactly what I was looking for. Thank you!

0 Votes

Tampa, Florida

Quote from @Sarah Kensinger:

No hard and fast requirements, but I'd love to have a milly. May have to go with one of the quotes I received for 500K and bridge the gap elsewhere.

1 Vote

Tampa, Florida

We are buying this completely furnished, so I'm trying to get a ballpark $ amount from the sellers. My guess would be 50K including furniture, appliances, etc...

Rental income was ~85K last year. Most of the quotes I've been getting here are 30-35K for loss of income.

Honestly my biggest concern is liability. Best quote I've gotten is up to 500K, but I've heard $1M should be the minimum.

Smaller concern of mine - bedbugs.

You seem to be the resident expert on the subject matter - drop some knowledge on me!

0 Votes

Tampa, Florida

@Theresa Holl sure can't hurt

0 Votes

Tampa, Florida

I am working on getting quotes right now and hoping to get some feedback and what is a must. How much for personal property and loss of income? How much for liability?

Basically, I don't want to just get the bare minimum I need for lender, but.I actually want to get something worthwhile if things go wrong

0 Votes

Tampa, Florida

Hey all,

Been lurking here for a while, but ready to make a move.

Some context: I am in a high cost of living suburb of New York City (Nassau County), where I am currently renting for well below market rate. Fortunately, that has afforded me the opportunity to save up for an investment.

Not sure if anyone can relate to this feeling when starting out, but I feel like I've talked to a million people who've pointed be in a million different directions to the point where it makes you just not want to do anything.

I've toyed with the idea of investing out of state (random places like Cincy, Houston, etc...), but I just don't really have a level of comfort to do that for my first property. Maybe that's dumb and I'm leaving great deals on the table, but so be it.

With all of that said, I plan on moving to Florida (Boca/Delray/Lake Worth/Boynton) in the next couple of years, so I would really like to focus there. Or something within a few hours of there like the Tampa/St. Pete area.

Any tips on what I can do to educate myself so that I can actually make a move by Spring/Summer? I know cash flow is hard to come by, and while that's important to me, I am willing to bypass that now if the asset appreciates and will likely cash flow in the near future.

Thanks and all advice is welcome!

-Alex

1 Vote

Quote from @Jason Taliaferro:

Quote from @Alex Banyasz:

Quote from @Scott E.:

I'm not a rookie but I'll comment what I think is holding most rookies back based on convos I have at meetups and what I see around the forums:

1. They don't have the money for a down payment. And "creative finance" deals are much easier said than done.

2. They can't make the numbers work with high interest rates (unless they put a ton of money down, which brings us back to issue #1)

This! I want my own house, and taking from my savings to put a down payment on an investment property is only going to delay that. The places I can afford to invest in at the moment are places I have no interest in living in. So I definitely would be open to the "creative financing" piece

This may not be a popular opinion but my first "mentor" taught ne that your first home is a good candidate for your first investment property. That is what I did and through many properties I still have that one. If you can make a duplex or four plex work even better.

I don't disagree. But that may mean I'm better suited saving and learning than trying to buy something for the sake of buying it.

1 Vote

All Forum Posts by: Alex Banyasz

Alex Banyasz has started 3 posts and replied 13 times.

Post: Short Term Rental Insurance

Post: STR Insurance Policy Limits

Post: STR Insurance Policy Limits

Post: STR Insurance Policy Limits

Post: STR Insurance Policy Limits

Post: STR Insurance Policy Limits

Post: STR Insurance Policy Limits

Post: STR Insurance Policy Limits

Post: Starting Out in South Florida

Post: LIVE: Biggest obstacle to buying your first investment property?