All Forum Posts by: Erick Caffarello

@Mike S 

@Mike S. it’s fully occupied. Just closed and it needs foundation and electrical repairs that prior owner neglected. Small banks are the way to go. Thanks!

I have a business account at US Bank. Will give them a try. There’s at least $50k in equity on this property. Didn’t think it’d be such an uphill climb. 

Guys, I'm trying to obtain a line of credit, like a HELOC on a rental property I own for renovations. The banks I've talked to so far only do a line of credit on a primary residence, or a cash out refi. The property is just about paid off and I'd rather not have a larger mortgage on it if I can avoid it. Any options?

Thanks!

Hello,

I’m looking for a homeowners insurance quote that will be my primary residence in LaPorte County, IN. I don’t yet have a closing date.

It is a Modular home with detached garage on 2 acres.

I also had a frozen/burst pipe in January 2019 during the “polar vortex” at my current residence. I’ve never had a claim before and utterly stunned by the surcharge I’m getting hit with by the 2 quotes I’ve received thus far. The amount of the payout was around $7,000. Good thing I was home when it happened! Damage could have been disastrous very quickly....

Thanks folks!

I’ve heard recently that sure deposit sometimes doesn’t pay the bond. That’s the challenging part when you have a trashed place and the company doesn’t come through. Some on here have said wby rent to people who can’t afford the deposit? To one end, that’s true. But the attraction to sure deposit is you (hopefully) get the money from the bond and can quickly restore the unit to pre-damages condition and get it rented and not have to worry about pursing collection, going to court, but if what I’ve read and have been told about sure deposit is true, if Assurant (I believe) can’t pay the bond, what good is having it?

Thank you!

Are you/will you still do loans as little as $10,000?

Hi folks,

I heard MB Financial did investment property loans as little as $10,000. But wondering since they were bought out if this is still the case?

Thanks.

Erick 

Thanks for your insight; I appreciate it.

Erick 

Hi folks!

The complex I used to work at had previously used Sure Deposit before moving away from it (for an undisclosed reason).

Has anyone here had experience with Sure Deposit?  It sounds like a great program.  Instead of a tenant paying a $1200 security deposit at move in, they pay a smaller "bond" which covers me in the event they default or are evicted and covers up to a certain threshold for damages.

I've done some research on google, and some people love it, some people hate it.  What could someone hate about it?  If a tenant defaults, rather than chase them down, you file a claim and supposedly the insurance company (Assurant) sends you a check for the damages and then pursues the former tenant for collection.

I only own four properties, so from what I read, some people have said you have to own several units in order for it to work for you, while others say it works for them.

Of course, when you talk to Assurant, they sing the praises of the program...why would they say any different?

Recently, I was lucky, very lucky!  The tenant skipped, but has a good job and her wages have been garnished ever since.  It usually never happens this way.  I want to make sure I do everything in my power to reduce property damage/delinquency.  

Your feedback would be greatly appreciated.  Thanks much.

Erick