All Forum Posts by: Dennis S.

@Ty Murphy  Welcome to BP!  Definetly chime into the community more often!  I am fairly new here myself both to the website, and investing in Kansas City, but have found this website to be incredibly valuable to me for both educational purposes and the number of great contacts I have been put in touch with and am working on closing my first deal.  :)

Don't be afraid to ask anything you come up with.  The community here is awesome and incredibly helpful.    I am working on closing on my first investment property and this site has saved me so much time and energy, and a ton of money both short term and long from the things I have learned and the awesome references.

We are under contract with a property in Independence. Our buyer's agent and some of the inspection people were not familiar with it, and when we have tried to contact the office with questions, and received no response. 

Is this being enforced?

I am under contract on a fully occupied triplex in Independence, MO that the general inspector found some electrical issues with and some concerns regarding Knob and Tube wiring.   I only have a couple days left in the inspection period unless we request an extension so am in a hurry to get someone in there.

Does anyone have any recommendations for a good electrician in the Kansas City area that will service Independence?    The other recommendations I have been able to find for the area don't service Independence, so I am out of luck on those and would much prefer to work off a BP referral then something like Angies List.

Thanks!

Dennis

Based on my research on REIGuard, I chose to go with Shelter. 

As stated before, their rates are very competitive with REIGuard (or NREIG, as REIGuard is simply a product they offer)

However, do some digging around here about the claims resolution process with REIGuard when issues do occur and you will likely understand my decision.

@Cameron Pendergraft  I appreciate the suggestion!  Thank you!

We got a quote from Foremost yesterday, and they were much closer to in line with what I was expecting then what I was finding previously, but still a little bit high.  I haven't reached out to American Modern yet.

@Larry Fried I spoke with Shelter Insurance shortly after posting this thread and found the same thing. Their price was slightly better then REIGuard, and I am far more comfortable with them as they have quite a few agents in the area. The person I spoke with seemed very knowledgeable about REI and what I was looking for. At this point, I am fairly certain that I am going to be going with them.

Thank you for all the suggestions everyone!

@Alex Deacon I agree wholeheartedly about being careful with choosing Insurance.  That's why I am here asking for advice.    The BiggerPockets community has served me very well in helping me find good contacts for CPA, Attorney, and RE Agent, so I am hoping for some leads on this topic as well.

I don't want to have to go through my attorney and file a lawsuit just to get my Insurance to pay on a valid claim.

I am a new investor and am under contract on my first property, which is a Triplex.    

I am shopping around for Insurance for the property and am running into some higher numbers then I expected for the most part.  I have seen recommendations on BP for REIGuard, which looks to be a product offered by NREIG. 

I reached out to them and received what is by far the lowest price back on the quote, but after reading a couple threads here about the claims process seeming to require lawsuits to get anywhere I am more worried about it.  The recommendations here seem to all come from those who haven't had to work through a claim with them, so based on monthly cost alone.  Although they seem to be highly recommended here, I have not been able to find any examples at all of anybody having a good experience with their claims process.

Does anyone have any recommendations for other Insurance companies, or a broker that I could speak with for insurance in the Kansas City area?  This is an investment property only, and I own my own home on a separate policy.

Thanks for any suggestions and insight!

Dennis

I am currently under contract for a property and working through the inspection phase.

Does anyone know of a good structural engineer in the Kansas City area that could take a look at the foundation?  The company I am going through for the General Inspection will not provide that aspect, and I know that there is an issue.   I just don't know how much of an issue it actually is as of yet.

I have thought about getting an estimate from a foundation repair company, but at the same time would much prefer to have an independent analysis of what exactly is needed instead of hearing it from someone who can easily inflate the situation to improve their own profit.

Thanks for any tips!

@Nick McKinnis Thanks!

@Rich Kniss I reached out to Julie Anderson to setup an appointment.  Thank you for the suggestion!

@Aaron Brown Hey, Dennis is my father's name too!  lol.   (I am a 2nd)  The Triplex was a little rough, but not too bad really.  It may have some potential for the right buyer.  Time will tell.

@Dave Visaya Thanks for the welcome! There really does seem to be an awesome community here. I am loving all the tips and suggestions.  A great boost to anyone's network!

@Jerryll Noorden Nope. I am going the buy and hold route, focusing on small multi-families, but I am not ruling out SFR by any stretch if the numbers are right. The 30K should be more then enough to get me solidly in the buy-and-hold market door at least in this area, it will just take time to build to the next one.

That "W" word I think is great for a lot of people, I just don't have the personality for that much hustle at all times.  I make a terrible salesman.   lol

My wife and I have been looking at Real Estate pretty heavily for awhile now between our full time employment and 2 teenagers in the house and all their school and scouting events which take up a ton of our time.  We have been doing a ton of research and listening to podcasts from this and a couple other websites for awhile now and think we am going to finally be getting our first investment property soon.  

We am going to take a look at a Triplex in Independence, MO tomorrow and are looking to work towards building our team if we decide to move on it. We have an LLC setup, business bank accounts, and so on, but still need to meet with a Real Estate attorney to make sure the business structure is sound, and well as a REI knowledgeable CPA to make sure we are doing the accounting right... So, I think we are on the right path, but still have a ways to go.

We have about 15K of our own personal money, and a 15K private lender loan to work with for a total of about 30K cash to cover the downpayment and some additional expenses.

I plan to start attending some local meetings to get to know people, but wanted to throw a quick message out here to introduce myself.

I look forward to seeing you guys out there!