All Forum Posts by: Jonah Hartsburg

@Tim Bergstrom

Hey Tim, we manage about 25 units near IWU. Covid threw off the school schedule a bit, but we’re seeing a surge in student confidence for leases next school year. There was a policy change a few years back and students are supposed to get school approval to live off campus. Between international students, grad students, and recent alumni, there’s still a strong tenant base even with the undergrad students being more limited to off campus housing.

@Kevin Koone Yes! That’ll be a nice perk for sure. And I likely won’t need to mess with that Cap Ex expense for a while. :)

Thanks for everyone’s input! At this point, it seems they won’t be satisfied without a roof replacement and it may not be worth the hassle and premium to find a policy with a roof exclusion. I’ve got contractors bidding for a new roof now. In the long run, it likely matters little that I put on a roof now versus next year.

@Patrick Hancock

They informed me after I closed on the property. I closed on the property, at some point they sent an inspector out to look at the exterior, and then I got a random letter in the mail stating the repairs they needed completed to continue coverage.

@Forrest Faulconer

I recently acquired this property, so there isn’t any damage other than natural wear on the roof. I may end up just replacing the roof and continuing coverage, but if I can get a few more years out of the current roof, I’d prefer not to replace it now.

BP nation,

I received a letter from my insurer on one of my rentals saying they will discontinue coverage unless I replace the roof on this home. I just had the roof inspected and confirmed there are no signs of active leaks, but the age shows from the exterior, and the company sent out their inspector who commented on its appearance. I can replace the roof; however, I’d rather wait on it unless I have to. I read in another forum that some insurance carriers offer policies with roof exclusions. I’m yet to find a company that offers a product like that. Does anyone know of another insurer I could contact? I’m located in Indiana. If I find a policy that isn’t significantly higher than what I am currently paying, I’d like to switch policies heading into colder weather.

Thanks!

@Maurice Blackledge Could you send me your contractors info? We’re always refining our contractor list for our clients and our own investments.

@Shirea Carroll Yes! Feel free to send me a message. I’d be happy to chat about the area.

I’m not sure how popular it is, but I know the seller and he’s been chatting with me about the deal. It’s very unique! I do like it for buy and holds. This county is definitely more of a cash flow area. I’d love to connect sometime to chat about it. 

Hey Jeremey, I have a guess at which deal you’re referring to. I’m a realtor in this county, where we work with investors in addition to residential sales. We also manage about 25 units in the area. Gas City is a small town that sits about midway between Indianapolis and Fort Wayne, the two largest MSA’s in Indiana. Because of its location, there’s a large Walmart distribution center there. It’s also about midway between two private colleges, Indiana Wesleyan University and Taylor University, which are each about 10-15 minutes away from Gas City. The area has appeared to hold a stable demand for renters. Since the 80s, its seen a slights fluctuations up and down in population.