All Forum Posts by: Andy S.

@Scott Scoville @Jake Andronico

Hi guys, can you send me some contacts too please. I’m looking for someone who can help with apartment insurance in California. 

Thank you!

@Sam Yin Thanks for the reply! Such a big increase, hopefully things will get better soon. 

@Alison Brenner Thanks for the contact! 

My insurance for a 15 unit apartment that I own in California went up from $3500/year to 10k to 12k/year.

Are you guys seeing a big increase in California?

Would love to connect with any insurance broker who deals with Multi-family in California? Any recommendations from other investors would be greatly appreciated too.

Thank you!

@Timothy Hero with no balloon on a 15 unit? I never came across one. The best I heard is 10/30. My loan is not more than 1 million. Thanks for the comment, I would like some contacts for future reference.

@Jonathan R McLaughlin thank you! We ran different interest rates and appraisal value in 5 years and it helped us with the decision process.

@Bryan Mitchell thank you! We are still pursuing more deals. The next 5 years is unpredictable and we did talk about worse case scenario. Great advice!

@Jody Sperling thank you! Great advice, we’re kinda conservative too and I don’t want to be under funded when a good opportunity presents itself. We’ll probably take the extra money.

Hi everyone, 

I was recently approved for a cash-out refinance on my 15 unit apartment complex. The appraisal for the property turned out surprisingly well and the property was valued much higher than what we anticipated. The terms are 5/30 balloon at a good interest rate. The bank approved us for an extra 100k more than what we originally asked for (at 65% LTV). The cash-out will be used to payoff hard-money loan and rehab cost on a 2nd property that we recently acquired and nothing left. The 2nd property will be held cash for now and we can always refinance later.

The dilemma that my wife and I have right now is should we take the extra 100K?

     Pros: extra cash in hand for a 3rd deal; low interest 

     cons: balloon in 5 years, higher mortgage

If this refinance was 10/30 then I would like it better. Any advice would be appreciated. 

Thanks,

Hi @Mitch Pomeroy, thanks for sharing your story. 500 units in 2 years is amazing, especially in California. I have an apartment complex in your area too and most of my tenants are section 8. So far section 8 has been great, especially during this crisis. I would like to connect and learn more from you. 

Andy

Hi @Kevin Moules try Delta Property Management. Harley is the owner. They do a good job with management and communication. I used them for a few years and they were good for SFH. I think the fees will be slightly lower than your current quote, but who knows.