All Forum Posts by: Eugene Gutierrez

I own just over 100 units. Most of the buildings were purchased for under $1,000,000. I am looking to move up to another tier of building - i.e. $2M-$4M, 20-units or more. I am interested in meeting prospective loan guarantors interested in investigating how we might work together. I have extensive owner/operator experience. The majority of our buildings are in Maine and we have about 20-units in the Charlotte, NC area.

@Steve K.

Very good article. I think there is a balance. At age 66, I use a property management company to handle tenant placement and day-to-day tenant relations. My blood pressure cannot handle tenant interaction anymore. However, I enjoy overseeing the maintenance and construction crew. Go figure. Everyone is different, so many solutions work. My son is working, has three kids and a full plate. He uses a property management company for all his properties. You bring up many good points to consider.

@Jonathan Taylor

Okay, I am always open to learning. I own over a hundred units. We typically work with a local commercial bank and use 15-year loans with a 25-year amortization. The rat is generally fixed for the first seven years and then floats with prime. I generally put down 25% or have the seller subordinate a second mortgage to help reduce my cash down payment. So, what should I be doing? Are there special programs I am missing. I see some people use FHA loans. Help me improve my financing mechanism.

Thanks John, I am new to bigger pockets so I am not sure how this thank you will get to you. I will talk to my agent. U rock.

What is the action that triggers changing from insuring each property one-by-one to creating an umbrella policy to cover the portfolio?

I own a number of buildings in Maine and currently each building is individually insured. I am assuming that at some point it might be more cost effective to get an umbrella insurance policy on all my buildings. Currently, I have about ten buildings. 

My insurance agent has not really jumped out with an answer for me. Is Maine a tough place to get commercial real estate insurance? What has been other people's experience?