All Forum Posts by: Anthony Pantuso

Apologies ahead of time if this has been posted. This year Florida has six new insurance companies in the market. Tailrow Insurance Company, Mainsail Insurance Company, Orion 180 Insurance Company, Orion 180 Select Insurance Company, Orange Insurance Exchange and Condo Owners Reciprocal Insurance.

Does anyone know of an insurance agent working with any of these companies yet? I'm looking to shop insurance options for 3 properties.

-Tony

 Thanks Erik. I will start looking for hard money lenders in my area. Thank you!

Hello BiggerPockets friends!

I'm looking into finance my first BRRRR. I have 1 traditional BRRRR and 2 unintentional BRRRRs under my belt that I financed with my own funds. I'm exploring an opportunity to purchase a property in close proximity to two duplexes that I own. I have a team together, and we just completed the rehab of 3/4 units in those two duplexes.

Property is a SFH located in an opportunity zone

Purchase price ~$50,000 (to be negotiated)

Rehab $40,000 - $60,000 (have not walked through yet, will have a better estimate after walk through)

ARV $160,000 (I have some good comps in the area)

Rent comps are at $1500/month

I can put 20-25% down. I would prefer interest only payments during the rehab period, if possible. Would love to connect with a lender to better understand my options!

Hello Bigger Pockets Friends!

I purchased my first 3 rentals last year and this year part of my goals are to get them stabilized. A step in that direction is to transfer the titles to an LLC in which I am the sole member. I do have mortgages on all 3 of these properties. I know this is a standard practice and thousands of titles are quit claimed a year, but do you typically give your mortgage company notice?

Thank you!

Tony

 Thanks for the reply Tracy. The previous owner was not a professional landlord. The lease explicitly says no pets. There is a section on pet fee, but the amount was left blank because the lease assumes no pets. 

As for the $500 under market, up until the latest cool down, it was very difficult to find good cash flowing properties in my area. This property still cash flows, and after the year is up, the cash flow will be even better. Unfortunately, the previous owner locked this tenant in right before my offer, but I wasn't going to pass the property up. Long term, it is a great property.

Hello All!

I'm closing on a duplex in a couple of weeks. Both sides are occupied with leases that expire in June of next year. I've reviewed the leases. I believe that one tenant may have a dog, which is a violation of the lease. This tenant also is renting for about $500 under market. I know I can send them a notice to correct this issue and start the eviction process if they don't. My question is, can I instead use this as an opportunity to change the terms of the lease like increase the security deposit and charge them a pet fee per month?

 Thanks Cameron. I've reached out to a few brokers and unfortunately they didn't have options for me.

 Thanks Caleb. That is my going in position with the seller on this. I'm working a contingency on if I have to replace the roof because I believe the seller won't have the cash to replace the roof.

Hello all,

I'm working on closing on a duplex on the Space Coast. I am financing the deal through a traditional loan. The roof has little to no usable life left in it, which makes traditional insurance options impossible. Both sides have tenants on a 1 year lease that expires June of 23. 

Are there insurance options for a property like this which would allow my underwriting to clear and cover me while I get the roof replaced?

Thank you in advance!

Tony

Thanks for the info Drew!