All Forum Posts by: Mark DelRosario

Thanks Meghan McCallum! I will snoop around and look for this subject. If I don't find any answers I will ask them again here and give Linda a tag!

Hey fellow BPer's

Investor from LA here looking to get into some out of state deals in KC and in need of some professional legal/accounting advice before I take the dive. Does anyone have a good real estate attorney/CPA's they can recommend? I'm shopping around and looking for referrals! Some of the bigger names seem to be really impacted and hard to get a hold of.

Thanks in advance!

Hey BP!

Newbie (out of state) investor here seeking some advice in the Independence Market. Can anyone recommend a reputable realtor that has some good knowledge of the area and can provide some insight on which types of houses renters are moving into, and which homes people are buying in the area and why? Seems like 3-4 bed /2 bathroom homes / 1000 sq ft homes are the desirable norm in Independence?

I've learned enough from others in these forums to know that markets can vary even neighborhood to neighborhood! Just trying to gather data to make some informed decisions since I currently live in Los Angeles where real estate is pretty expensive.

Would appreciate any locals who want to chime in as well. I was looking at the following area codes in Independence - 64056 and 64052 areas.

Thanks in advance!

Thanks for the advice everyone!

@Neil Goradia - so if you go for actual cash value of the property. In this instance let's use that 50k property you mentioned and your property burns down. If you are insured up to 50k in cash value and the homes in the neighborhood are costing 100k to rebuild what are your options? Would you take the 50k, pay off your remaining mortgage to the bank that holds your note and walk away with the remaining equity as cash (would you get taxed for it?)? Would you still have to pay for the lot that the house rested on in hopes to sell it so someone down the line?

Sounds like in less volatile markets in the midwest the replacement value still makes sense in most cases in my price range however. 

@everyone else thanks for the heads up, I am adding all this to my due diligence to-do list.

On a side note, I know this question is about insurance, but has anyone here had experience working with Ben Walsh's turnkey operation in Kansas City? 

Just wanted to close the loop on this post since its been a few days. I appreciate everyone's help - I'm going to add all the advice/references to my due diligence list when shopping around. Checking out REI guard or going with the in house insurance seems like the way to go!

@Niel Goradia Thanks for the heads up! I'm going to add them to the list of insurance companies I'll shop around for. replacement value = current value of home? That is different than ACV right?

@Curt Davis - thank you for the heads up, I have adjusted my criteria to $60k-$70k.

@Kyle M and @Elizabeth Wilson - I will definitely look up REIguard as soon as I have a property I am digging into with due diligence. 

@Jordan White - I didn't know that bundling them together could save on the rates, I think it would certainly make things more streamlined too perhaps?

@Mark S - wow, is that a nationwide product or specific to your turnkey insurance provider? I see that REIguard seems to be national

Thanks for the help everyone, I am adding all your comments into my due diligence worksheet!

@Mike Bernardo - Thanks for the advice, I will ask the property managers and turn key providers about insurance deals! 

@Terrell Garren - Thanks for the heads up on the max deductibles and ACV. Do you feel like you don't need a lower deductible because of the umbrella? What's the thought behind that strategy? I'll I also use USAA, their rates seemed a bit high for me. I also carry an umbrella policy so that seems to give me added protection on any investment property I will purchase. I will let you know what I find, I do not currently have an LLC yet however.

Appreciate the feedback!

Hello fellow BPer's

I am a new investor from CA looking to invest in Indianapolis (also KC/Memphis) and have been shopping around my local banks for property insurance for investors. I am pretty new so I am looking for recommendations on where to find good policies for single family houses in the range of 70k-95k?

Any advice on whom to ask? I feel like just asking the banks I have a relationship with is limiting my options, and I have nothing to weigh their rates against so I am not sure if I am getting a good deal or not.

Also, when dealing with homes in those price ranges and in these mid west markets which don't appreciate like homes on the coasts... which policy is best? Seems like actual cash value (purchase price) would be my best bet?

Thanks in advance everyone!

Hello fellow BPer's

I am a new investor from CA looking to invest in Memphis (also KC/Indianapolis) and have been shopping around my local banks for property insurance for investors. I am pretty new so I am looking for recommendations on where to find good policies for single family houses in the range of 40k-70k? 

Any advice on whom to ask? I feel like just asking the banks I have a relationship with is limiting my options, and I have nothing to weigh their rates against so I am not sure if I am getting a good deal or not. 

Also, when dealing with homes in those price ranges and in these mid west markets which don't appreciate like homes on the coasts... which policy is best? Seems like actual cash value (purchase price) would be my best bet?

Thanks in advance everyone!