All Forum Posts by: Erick Caffarello

I was not impressed with Erin / Shelter Insurance. For the most part, I'm happy with the Masterson Agency in Valparaiso, Indiana. (Apparently putting their phone number here is against the rules...) They have the best rates around for the most part. For my rentals, on average, I pay about $50-60/month for replacement cost coverage. I believe they're only licensed in Indiana. They work with AAA, Grange, Foremost, etc. The only area they aren't too competitive on auto, though, but it's like a $30 monthly difference or so. Just easier to have everything under one roof. The rates would have to be significantly lower to get me to switch. 

I only own 4 at the moment, but thanks for the reply!

Erick

Greetings,

I'm looking for an investor friendly insurance agent licensed in Indiana who specializes in residential investment properties, and who is familiar with the area.  Thanks fellas.

Erick

I was looking at a duplex here in Indiana that was in a registered flood plain.  Sump pit was bone dry, land was bone dry, and it had flooded badly about 8 years ago and had to be torn down and rebuilt...it was a duplex for $34,000...hard to pass up, right?  I'm glad I went back after a fresh storm...the yard around the house was completely slushy, but up towards the house the land was dry, and the sump pit was bone dry.  Too much of a risk.

Flood insurance for that property was over $3,000/year.  It was a brand new duplex, it was so hard to pass up.  But cleaning up after a flood and dealing with a frustrated tenant was not worth the price.  But I loved the duplex.  Absolutely loved it.  Floor plan was awesome, and the master bedroom was AMAZING! 

After I sat back and thought about it over the weekend, I opted to pass.  Just not worth it.  Hope this helps.  I know its not what you wanted to hear....

Thank you Mr. Kreitzer.  Much appreciated.

Good advice, thank you.  Actually, it makes sense.

Thank you for your feedback.  Like I said, somewhat new to the arena.  I do think the agent should be knowledgeable about the area.  I don't know much about Gary, but I'm learning quickly.  Also looking into LaPorte and Michigan City.  Have little information about that area especially.  Is there Rental Registration, do all contractors have to be licensed in the city/village, etc? 

Thanks.

Good Morning BP:

Sometimes real estate transactions happen quickly and easily, sometimes they drag on for months.  I'm looking for agents in the Northwest Indiana area, knowledgeable specifically in Gary, Lake Station areas as well as LaPorte and Michigan City.  These agents need to have a solid grasp on the market, Section 8, lender, contractor connections, and have confident knowledge as to what I can rent the properties for, what improvements to make, etc.  As I am just getting started, someone with patience as well will go a long way.  I'm in this for the long haul. 

I contacted the listing agent for a freshly remodeled, 1700 square foot house in Miller Beach, about 4 blocks away from Lake Michigan, and the listing agent told me I could only get $650/month.  That amount resonates with other areas in Gary.  That is what I'm talking about.  No knowledge about the market.  According to Rentometer, average rent for the area is about $1000-1300/month.  However, since it is a Quit Claim, I'm no longer pursuing it.

Would definitely appreciate any referrals.

Thank you so much!

Erick

Good Morning BP!!!

I'm about to buy my first duplex (have one other rental), and when I walked in, I noticed a sewage smell coming from the laundry room, behind the bathroom.  What complicates the issue, is that the property is on a concrete slab.  At first, the seller was not going to make any repairs, selling the duplex "as is".  In Gary, IN, a duplex for $45k is pretty much top dollar.  He finally agreed to make repairs to the roof, sewer, and furnace.  These issues will all have to be noted in the sales contract.

A question: if the sewer issue surfaces again, do I have any legal recourse after I close on the property?

Thanks,

Erick

Greetings,

Looking for investor friendly realtors in Houston area.  Please contact me.  Thanks!

Erick