All Forum Posts by: Kunal Lakhwani

I received 2 quotes for a 1929 built SFR in Indianapolis IN. It is a 1100 sq ft 3 bed 1.5 bath with detached garage, backyard, and an unfinished basement.
The difference in the premium for both options is significant, so I am seeking opinion on if it is work going with the higher cost option.

Travelers: $820/year

• 100% Dwelling Replacement: $144k
• Detached structures (Garage): $14k
• Deductible: $1,000
• Property (appliances): $2,000
• Liability: $500k
• Loss of Rents: $15,000
• $5,000 water back-up (sump pump failure for basement)

Auto-Owners: $1400/year

• 100% Dwelling Replacement: $163k
• Detached structures (Garage): $16k
• Deductible: $1,000
• Property (appliances): $3k
• Liability: $500k
• Loss of Rents: $16,350
• $5k water back-up (sump pump failure for basement)
• $10k service line coverage (buried lines in yard)

I am looking for recommendations for a good insurance agent/company for my first rental property in Indianapolis IN.

Thank you, and happy holidays!

I am under contract for a single family in Indianapolis with a turnkey provider. The property just finished rehab after which the lender ordered an appraisal which came back about 9% lower than the seller is asking. I also ordered an independent inspection which found multiple issues like electrical wiring, water damage in basement, broken dual pane window (fogging), cracks in garage floor any much more. The seller agrees to fix most of the concerns in the inspection report, and agrees to meet in the middle of the asking price and appraised value.

I am concerned as some of the issues reported in the inspection like ones I listed above are not what I would expect to be in a brand new rehab. Also, the 9% difference in the appraised value seems significant. Should I pull the plug? Or agreeing to meet in the middle if the issues are addressed is justified?

I am in the process of buying my first rental property. I scheduled an appointment for inspection next week, and it is not with the inspection company that the seller agent recommended. They seem to not like this fact and are strongly asking me to consider booking with someone they “recommended” because he knows their business.

Is this normal? Or they could be hiding things that their recommended inspector will let it pass but others may not? Should I be concerned?

Done

Done

Hello,

I am getting ready to close my first ever property, a SFH. As it is out of state, I am buying it site unseen, and looking for recommendations for good inspectors in Indianapolis who provide a thorough report.

Thank you.

 Thank you for the reassurance @Zach Lemaster

Looking forward to closing the property with you in Indy in the upcoming weeks! Great experience with R2R thus far.

@Carly Christiansen Would you mind sharing the market, and/or old and new property management company? I am under contract for a property in Indiana with R2R and just want to make sure if I need to be aware about this.

Thank you!

@Ric Ernst

It is a 3bed 1.5 bath 1030sq ft single family in Zipcode 46225.

this is what I have calculated: