All Forum Posts by: Emmanuel Sanchez

Hello,

I am in the midst of analyzing markets for my next investment property in Florida. I currently own a long term rental (SFH) in Cape Coral and reside in the suburbs of Miami. I have been reading quite a bit about the growth that Polk county has experienced, particularly in the aftermath of the pandemic. I am just getting started on analyzing the data, however I am keen on investing in this area... specifically in small multi-family (no more than 4 units). I was curious to know if there are any homebuilders that are building new construction small multi-family in the area? I see that there is a lot of new construction SFHs coming online or soon. I would also like to hear of any investor's experiences with multi-family in this region, along with any realtor recommendations that you may have. Many thanks for the insight!

Quote from @Kelly Olson:

You can try Kin insurance, they are a direct insurance provider. I have found them to be the most reasonable for my Cape Coral property.

 Hi Kelly,

Thanks for sharing. Interestingly enough, Kin insurance, was actually one of the first options that had popped up during my initial online search. I will check them out. 

Quote from @Stetson Miller:

Hi @Emmanuel Sanchez,

I would recommend reaching out to all contacts that end up being recommended on this list to see who may be able to provide the best company and pricing to match your needs. So, to add to that list, I would recommend State Insurance USA. Eric Williams has been my main contact and is always a huge help, but this will be area-dependent 

 Hi Stetson,

Always a great help! I submitted a request for a quote via their website. Thanks again.

Quote from @Adam Bartomeo:

I am a local RE Broker in Cape Coral and understand your concerns. I have about 40 policies in Cape Coral and Ft Myers with the majority of them being with Tyler Nagle with John Gault Insurance 239-221-0556, 239-992-9185. He has help many of the owners that we manage properties for.

I had a policy with Southern Oak and didn't have any issue with them through the storm. I dropped them due to the bill increase.

 Hi Adam,

Thank you for the recommendation. I have reached out to Tyler, and shared that I was referred by you. I appreciate the help.

Good afternoon,

Hoping someone can lend a hand here.

I am currently in the midst of getting a new homeowner's insurance policy for a LTR that I own in Cape Coral, FL... as my previous insurer is pulling their coverage in the state of Florida. 

The policy quotes I have received from two different brokers, are for insurers which do not have national name recognition (e.g., Cabrillo Coastal, Southern Oak, Cypress Property & Casualty Insurance). I did some research and their reviews are quite frankly not great (I get it, no one likes insurance companies). However, I read through plenty of clients complaining about horrendous claims process. 

I am Florida native and insurance decisions are critical, given we are prone to hurricanes.

Any investors or professionals in the SWFL area, that can recommend an insurer or broker that they have positive experiences working with. 

Many thanks,

Emmanuel

Quote from @Nathan M kiefer:

Is there a valley in the roof above that area- looks like no gutters and a valley in the roof causing water to erode? Or grading issue but I would bet more than you have some serious water coming off a valley in the roof without gutter.

have to fix the water erosion issue first or it will happen again 

Hi Nathan, thank you for your response. You up bring a solid point. Our roof definitely has a valley, and considering how much precipitation there is in South Florida during the rainy season...  could be the culprit. Oddly enough I was looking at pictures of the house, and noticed there are gutters in certain areas, but not all. There seems to be none on the side of the house where the AC and Water Tank systems sit. Will have our tenant double check and send images.

Quote from @Gabe Randall:

From what I can tell, the ground under the slab has just sifted a bit. If it were me, I'd get some dirt or gravel and shove it under the slab just to give it more support. Obviously, the slab is still holding everything it needs, so the dirt would just be to keep it that way. I would look around to see if something similar has happened around the rest of the house just in case, but otherwise, it doesn't seem like a huge issue. Check connections, make sure everything is still attached correctly, but it should be a very, very cheap fix.

~Gabe Randall

 Thank you for chiming in Gabe! I appreciate it.

Hello BiggerPockets fam,

Curious to gain some insight on an issue that was brought to my attention at my rental property. 

Tenant reached out, sharing that her landscaper pointed out that the concrete slab/foundation where the well water system and AC units sit are "deteriorating." Please see images below. My apologies if they are slightly blurry... they came directly from the tenant.

Any recommendations on how to fix this, or a specific vendor type that I should contact? The property has a 10-year structural warranty... perhaps that may be avenue I should pursue?

The property was built and completed in 2022. I assume that since it is new construction, over time the ground settles and could probably be the root cause of this. 

Any other investors in the Cape with new construction have experienced this?

Many thanks,

Emmanuel 

Quote from @Nathan Gesner:

Quote from @Emmanuel Sanchez:

I agree with Theresa: move the deposit and last month's rent forward to the new lease.

You don't even need a new lease. If you are only changing a few things, create a one-page addendum that lists those changes, get the signatures, and you're done.

 Hi Nathan, as always... you are a great help! Thanks for taking the time to answer my questions. 

Quote from @Richard F.:

Aloha,

Typically you would want the SD, and, where allowed by local LL/Tenant laws, the "last month" rent to both match the current (new) rent amount. Normally this would all be done via a simple, single page addendum.

 Hi Richard, thanks for replying to my post. I appreciate the insight.