All Forum Posts by: Federico L.

Originally posted by @Jash Sayani:

Hi,

I am looking for rental dwelling insurance for a townhouse in Florida. I spoke to State Farm and All State, and they don't write policies if unit is not occupied by owner.

Any recommendations for rental dwelling insurance?

Thanks.

I used SFI - Southern Fidelity Insurance. Was the best quote by far.

Hi @Chase Thompson, I am also relatively new, I live in Orlando and would love to sit down with someone experienced in he trade and in the area. I take up your offer to get in touch or connected.  Went through the podcasts (loved them!) but I don't think you can replace a straight talk. My email is below. I will plan to attend the upcoming club meeting as well. Thanks!

Dear Chris Lucas I read your post with interest. I wanted to post this in case somebody walks this walk, as it does not apply strictly to your case. I bought my first rental house last year. While in the process, I was advised to title it under an LLC (asset protection). So I opened my LLC. The lender said that an LLC loan would not work (rates, eligibility, etc) but that I could buy it and then within 30 days do a quitclaim deed for $10 and transfer it to LLC. My advisor said be careful, and that the LLC should have the same identity as the title (name in deed = name in LLC I.e. Only me and nobody else in the structure). Then, welcome to Florida. To transfer property, you have to pay 70 cents/100 dollars of the encumbrance (mortgaged portion). In my case that was up to $1500 bucks, so given that the liability on that house wasn't much it didn't make sense. The FL Revenue agent told me however that because the property was under my name and the LLC included my wife, she would be gaining 50% 'interest' on the property, so it would be more like $750. Went to see an attorney (not real estate but he's done some other stuff for me) and suggested I leave it alone or that I kicked her out of the LLC. I did the later (felt good hahaha). Now i had same 'identities'... Just to be sure, I called the Revenue office again. They said the identity didn't matter, since the LLC was a different identity itself. At this point I escalated it. I ended up talking to 1 of he 5 specialists the state has doing this. He confirmed that if I transferred I would have to pony those $1500. He said he is bored of sending letters to people doing this quitclaim deeds to alert of due payments in doc stamps. Bottom line (at least for me): -Know what you do! -Deal with specialists, in this case real estate attorneys. Lender, realtor, advisor and non-RE attorney were wrong. -Study ramifications. What happens with the title insurance the moment I transfer the deed? -make sure the lender is OK to transfer the deed. More than one had the loan called due on sale. I plan to transfer it in few years when I owe less or when my portfolio grows to the point that risk is non trivial.

excellent @Brandon Reed hope to see you guys there! Bringing my realtor in lieu of the wife. 

BTW anybody coming to next week's CFRI meeting? I'm a newbie and was planning to 'check it out' with the pass they offer. Hopefully GOREIA will offer something similar. My main goal is to learn, get contacts to build my team (e.g. Attorney, contractors for small jobs, financing, brokers?) and hopefully somebody(es) willing to offer informal mentorship or a shoulder

Hope to see you all there!!

Hi @Jeremy Kuchenbecker, I'm new to the BP community. I'm in planning stages of portfolio building with SFHs /small multiunits, For what I saw during the last month online and onsite, and similar posts to yours I agree with you that there's a lot of squeezing to do to get a drop. The few things I find in MLS that may fit the numbers are way overpriced or half-done cover-up flips.

What seems to be the best way to find deals here? Direct Mailing? Driving? Wholesalers?