All Forum Posts by: Chris D.

Hi BP members - I am not knowledgable about insurance. I'm lending to a borrower who has multiple flips going on. I just want to make sure I am adequately insured so would appreciate any feedback from insurance professionals or other lenders. The property is in Maryland. The type of insurance I'm getting is Builders Risk. I notice there are 3 categories under type of insurance. There is Basic, Broad and Spec. None of the boxes are checked. The limit listed on the Binder is for my loan amount. There is commercial general liability listed of $1M per occurrence and General Aggregate of $2M and Personal and Adv. injury of $1M. I took a great class in private lending where we were advised NOT to accept binders because they can be cancelled. In Maryland this binder states, "the insurer has 45 business days, commencing from the effective date of coverage to confirm eligibility for coverage under the insurance policy."  This clause does not give me a warm fuzzy. Any advice would be greatly appreciated. 

@Ken Robinson Hi. The meetings at Rehabber Pro often feature a speaker or topic. Last month, they had a local stager come in to discuss the benefits of staging. Another month they held a meeting at Home Depot to discuss the discount programs available for rehabbers. One month they had a Baltimore City Code Enforcement Inspector to attend and explain how the City deals with Code Violations.  Often times, the meetings are held at a home that is being renovated....they discuss how they acquired the property, the scope of work on the project and the projected renovation costs. They get all kinds of people at the meetings from newbies, to very experienced wholesalers, to experienced rehabbers. They normally to not have "gurus" pitching products at their meetings but they do offer their own Mastermind group and coaching program. There are normally around 70 people at the meetings. Hope that helps.

@Ken Robinson Hi Ken. I attend Rehabber Pro regularly...they host a terrific meetup. Next meeting is Sat. Aug. 13th. Hope to see you there!

@Julie Hassett

Sounds good....hope to see you there!

@Carson Sweezy. I will let you know if I find out anything useful. 

@Carson Sweezy Hi Carson. Yes. From what I understand the Baltimore guy is crushing it with short term rentals  (Airbnb, VRBO)  but he may not be discussing that at the meeting. I will let you know if you are interested. 

@Julie Hassett

Hi Julie. I have never attended the Baltimore Caza meetup so I am not sure. For me the content might be pretty valuable. The meetup group founder apparently has quite a bit of experience in the rental market... both short term rentals and long term so I'm going to be at this months and next months meetup (next month is property management). Noticed you are into mobile home parks. You HAVE to check out Kevin Bupp's podcast....he's great and mobile home parks are his area of expertise! He has 2 podcasts so look for The Mobile Home Park Investing Podcast!

@Carson Sweezy

Hi Carson: I have been going to Rehabber Pro and I attend BWI meetup. Next week I am going to Caza meetup in Baltimore because the subject is buy and hold. There is a guy who is into short term rentals and from what I understand he is doing well with them. There seems to be so much opportunity in Baltimore but you have to know the lay of the land. I'll probably do a flip in the next months. Have a mentor walking me through the process.

Hi:

I need to review lending docs for private loans for flips in the Raleigh area. Can anyone refer me to either a commercial lending or real estate attorney who has experience in the commercial lending arena?

@Carson Sweezy:

I have been hanging out in Baltimore a lot but am trying to get a handle on the good REIA's here in Virginia. I have been to Jessica Swingle's Real Estate Investing Roundtable that happens Friday mornings and I go to Caza group meetup. Let me know if you are going and maybe I'll join you at Capital REIA.