All Forum Posts by: Keith T Williams

@Keith T Williams try Steve Wrought. He does a great job, has amazing attention to detail. You can reach him at (773) 426-0458

@Keith T Williams have you already closed on the property? It sounds like you are preparing for a closing, in which case you need to ask your attorney to check with the sellers for a title company. The seller's attorney chooses the title company here since they are an agent of the title company. 

@Keith T Williams For Title Company, my clients in Chicago usually uses Fidelity. The service you get would depend on the escrow officer assigned as they're not all the same. I can connect you with the officer we work with. 

Keith,

A Builders Risk policy (or in your case, a Renovation Builders Risk Policy) is used for home under construction.  The Renovation Builders Risk policy has a limit for the existing structure and a limit for the renovations being put in.  Some areas that will limit the companies that will write it are:

1. Structural work (taking out load bearing walls, etc.)

2. If it will be occupied during renovation

The Age of the building and its systems (roof, electric, Plumbing, heating), the fire protection for the location, and other factors can change which company may be best for you.  I would suggest seeking out an independent agent who represents many companies.  Having experience with insuring flips, contractors, builders, etc. may be beneficial.  

Be aware that the lowest priced option may not be the best for you.  Examine the coverage (Special form is better than Named Perils), Fully earned policies mean that there is no refund if you finish early, and if there is Coinsurance have that explained to you by the agent.  

Good luck with the investment and feel free to PM me if you have questions on any of the above.

 We've had good luck w/ Amerispec

I'd suggest having a partner that is local to the area. If this absolutely isn't possible, then I'd plan on taking both scheduled and nonscheduled trips out there to inspect work on a couple of projects. 

Once you start to get comfortable with the team then you can back off a little but you have to have some type of presence in my opinion for things to go as smoothly as possible.

 YES, make sure you have a team in place . I have done about 500 flips in the Cleveland markets for out of state and country investors , 1ks of rehabs and repairs all while I too also live out of state. 

Good Luck 

Build your team (core 4) including an agent, lender, property manager, and contractor. Ideally, each of these people should either invest in real estate themselves OR they frequently work with investors as their main customers. For the rehab process you're going to be heavily relying on frequent and transparent communication with your contractor. Make sure you set expectations up front so your contractor can do exactly what you want them to do.

build that relationship with someone on the ground.....who is not connected to the GC......ive done a couple flips with out of state investors.........on top of every deal ive done was with someone who didnt live in my state or even the US actually.....