All Forum Posts by: Kate Purse

Thank you Lynn!  

The hubs and I are looking for someone to help us with legal aspects of our current real estate investments and help with closing documentation on future investments. :) We buy SFH fixer uppers--buy and hold and flips. Any recommendations would be much appreciated!

Thank you David and Aaron!

This is a commercial property.  

This is the message from my insurance company:  "The reason for nonrenewal is...your operation includes a building that is a converted dwelling. This is not an acceptable exposure under the ****** Small Commercial business segment's underwriting guidelines."  

This is my brokers response when I asked about it: "I’m not sure why now converted dwellings (buildings that original use was for residential and then converted to commercial use) are an issue with some of the carriers."

My hope is to find a recommendation for an insurance company that will insure a commercial property that is considered a converted dwelling.  Hope this clears it up!

No one is living in it.  I don't live in the town I am investing in and the businesses around me that I am in contact with are experiencing the same thing.  So, I'm reaching out to see if I can get some recommendations.  Thanks!

Hey friends!  My insurance company is dropping me because my commercial property is a home converted (and officially zoned) to commercial space.  I now need to find insurance but struggling with my current broker.  Recommendations for commercial property insurance in Texas?  Thanks!

Kate P.

Same scenario here! We closed in March, rehabbed, rented and we're ready to refinance, but conventional loans need a 6-12 month seasoning period and a DSCR loan will only give us 63% LTV, astronomical closing costs, and STILL won't come even near to reimbursing us for HML loan or our out of pocket costs.

Our solution: We found a local bank that will give us a conventional loan (non-owner occupied), 20 year term, 7.9% with a three year arm and we are going to JUMP on it. The bank will work with us on a refi to a 30 year loan after their 12 month seasoning period requirement. We pay a bit more out of pocket now, but we'll get debts paid, rehab costs ALMOST covered and by next spring we will hopefully start making some cash flow. BRRRR is hard right now. Good luck!

@Chris Carson, I have the exact same questions!  How long is the delay in getting the payment?  I heard that Zillow is great for listing and getting applications...thinking of TurboTenant for property management, like the others have mentioned.  Following!

I really appreciate the feedback!  I did learn a lot, but I'm not going to let it get me down.  Looking forward to the next one (with NO DOUBLE CLOSE)!

So this is a question and a rant at the same time.  My husband and I just bought a property for $162,500 from a wholesale broker.  This was our first so we did not understand all the fees.  I attempted to talk to ALL parties to get the low down, including broker/agent, lender and title.  The broker/agent said closing was 2-3% but never could tell me which one or how they determine.  I also asked if there were any additional fees, such as title or lawyers, etc. and the answer was no.  I get my settlement statement and I owe 4% to broker 😒, closing fee to the seller (fine print in contract that was my mistake), $3,000k to title (some of which sounds ridiculous!) and of course lenders fees.  So, by the time I refi, I have to get a loan for at least $210K to pay my lender, and myself back for out of pocket costs (rehab costs too).  This deal will work out because I am able to charge a decent rent and rehab is light, etc.

My question is this -- is this due to a double close?  Was it the broker/agents responsibility to explain the A->B, B->C process and potential additional title fees, or do they assume the title company will explain it?  Can I negotiate with title in the future?  Feels like I was depending on people to walk me through and now I feel a little stupid.  (Please, no need to confirm!) #rookie