All Forum Posts by: Bill Bodziak

price range?

Also, don't forget about the costs and headache of evicting undesirable tenants....

If it already went through the sheriff sale then it should be handled like a regular purchase transaction, but it must be completed before the end of the redemption period. (at least that's how we do it in MI).

Thanks Kelly. I am glad to see some good progress happening there. Good Luck!

Very helpful info @Derek Lacy Functional Replacement Value or a higher ACV value seems like it may be the right way to go. Time to go insurance shopping......again :(

 Thank You! 

Do the occupants or property owner own the homes?

Age, height, weight, marital status are included in Michigan. Checking with an attorney practicing in the state where the property is located is a must... @Travis Lloyd is right consistent thorough tenant screening and gut feelings is the way to go!

@Derek Lacy I guess a legitimate scenario would be the 100 year walnut tree on the property line falls over and destroys the slate roof on the house. Today that roof may cost ~20k. Would a cash value policy cover that replacement of that slate roof or would they give me a 5k, or less, check and tell me to get lost?   

@Derek Lacy I don't have a complete understanding of the insurance industry. I just know that since I started asking to insure based on market value, rather than replacement costs on 100 year old houses, I was getting figures and coverage that suited my needs and for a reasonable cost. My particular example is a 1100 sf colonial in a an area of town where people might ask "you really bought a house there?"

I am still trying to understand the depreciation aspect you described. New builds in the area sell for ~70k-120k. So, if I have a total loss, my policy will only pay out 25% of the market or 'cash' value of the property?

Great advice @Dev Horn