All Forum Posts by: Lance Lvovsky

I don't want to start a new thread so hoping this will get some more coverage. Anyhow, here is the information I got from the company that does the insurance for my HOA:

So it is my understanding the HOA will cover the roof and the exterior. (Note: this is a town home). I got a quote with the following coverages:

Dwelling: $15,00

Personal Property: $2,000

Loss of Use: $1,200

Liability Limits: $100,000

Medical Payments: $2,000

Personal Property Replacement Cost; Yes

Lost Assessment: $2,000

Condo Special Dwelling Coverage: Yes

Hurricane Deductible: $500

Estimated premium: $490

Any thoughts/recommendations on this? Do I really need personal property since I am renting out? Excluding the appliances, I didn't purchase the furniture, tv's, etc. so I am wondering if it is really needed? 

If anyone can explain anything else about these quotes, would be great. I am not all too familiar with insurance coverage.

Thanks everyone!

I have been wondering as well what is the best way to get owner financing. I am guessing finding an owner that is willing to do this. Negotiate to agreed upon terms and go from there. 

Thanks for the information, guys.

Any other recommendations on condo insurance? Has anyone had good experience with a particular insurance company?

I see there are many different types of property insurance available. I am in south florida and looking to insure one of my rental properties. It is a townhouse if that makes a difference. Does anyone know what is typically covered by the HOA's insurance policy?

Any good sources/articles I should read that can better inform me of the different types of insurance coverage available? 

Thanks in advance!

As you said, nothing beats real life experience. With that being said, I think an accounting or finance degree would be great. You get familiar with looking at financials and you develop technical skills that come in handy when it comes to evaluating financial performance of a property.

I miscommunicated my first post. The purpose of the email was to email them directly and setup an in-person appointment. Not to have an email relationship. I absolutely agree such relationships should be in-person and developed over time. Hope this clears everyone's confusion.

Good stuff guys. I went to a couple banks today and spoke with them. Unfortunately, none of the loan officers were there but I got all their contact info and will be in touch with them.

The 90 day unsecured probably will not work as I won't be able to pay back in 90 days (assuming it is mortgage for a good percentage of the purchase price). Putting up my current property as collateral could potentially work... that is if the bank would agree to it.

I will keep y'all updated.

thank you Martin. That is good advice and I am definitely going to do that. Email is a way to get my foot in the door. 

Anyhow, as per my original question, what questions should I be prepared to have when speaking to community banks?

So I am considering in emailing community banks and asking around about what kind of loans they may offer and what is the "typical" criteria for qualifying for these loans.

I am a recent college grad, currently have 1 property which was paid for all cash, but am looking for a second investment property. I have no experience in mortgages (as I never had one) and I know that most of the big banks will probably not give me any loans (I have very limited employment history). So I want to approach some community banks and see how stringent (or not) they are on loaning money to folks like me.

What do y'all think about some good starting questions? And tips on the best way to approach this?

Thanks in advance!

@Blake C. I have not looked into that specifically... but in general (in this area) it is hard to come by good duplexes which financially are a good fit.

Thanks for the suggestion though. Definitely will keep this in mind moving forward!