All Forum Posts by: Edward Burke

 I have two properties in escrow in Saint Louis City. They are both four family properties in desirable locations (quality tenants).

The purchase prices are $349,000 and $290,000.  However, as these properties are all brick construction, the typical insurance quote provides astronomical replacement estimates (~$1M each).  I want sufficient insurance, but if something catastrophic were to happen I would construct under more modern building methods. Specifically, I would use wood construction with brick veneer. This is the method of choice for new construction in St. Louis. The goal would be to maintain the curb appeal / authentic look, but at a much lower replacement cost.

Thus, I'm looking to find an insurance agent / receive quotes that understand this dynamic. It makes no sense to me that I would insure a home from $1M, when the market value is $300K. Let me know if you think you can help, and I would love to discuss options available.

I'm planning to buy 3 more 4 family units this year, and will continue to buy multiple properties a year for many years to come. As such, it's important to me to find a solution to this problem, and the status quo of over insuring these properties just doesn't work for me.

Thanks in advance for your help!

@Douglas Skipworth - Thanks for sharing why you are thankful to be investing in Memphis.  Seems like a great place, and one of the markets that I am highly interested in investing in.  Would be great to connect as I have some properties in the area that seem interesting on paper, but would love insight/support from an investor and property manager such as yourself.  

Also, in regards to the local market, what are your thoughts on the Nike Distribution Center?  Do you expect that to drive growth in the area?

@David Ounanian and @Peter MacKercher - Thank you both for reaching out to me.  I will definitely give you both a call shortly.

@Erik Perks - I picked St. Louis based upon a combination of rent to home prices, job markets in the area, and places I could see myself spending considerable time.

Hello everyone,

I'm based in California, and have been looking extensively in the St. Louis area.  I plan to start buying properties in the area that could require extensive rebab.  As such, I'm interested in working with a contractor that has experience with all aspects of construction, is reliable and used to working with out of state investors (and can provide references), and delivers on the work that was promised.  Really appreciate recommendations, and look forward to working with you!