All Forum Posts by: Mark I.

foreclose

@Jay Hinrichs you don't think an additional $3 per month per property to cut your deductible from 5000 to 2500 would be worth it?

I have been issuing NREIG for all my properties in Michigan for builder's, vacant, and rented coverages. Yesterday I was informed that one of my properties was now going to increase to $5000 deductible effective immediately, but that this change would lower my premium by a whopping $3/mo.

When I inquired about this I was told that their company has decided that all policies in Michigan will now have a mandatory $5k deductible and this would be the case for any new properties enrolled in Michigan. I asked if my other covered properties had been given this treatment and was told it does not appear they have audited them yet but that it would likely happen soon.

Strange blanket policy to say the least but enough to get me to search for a new underwriter. My properties are not easy to underwrite conventionally as they have boarded windows such as no longer utilized bathroom windows or basement windows (common for the area), siding and roofs not in best condition, and higher crime areas. 

 I wanted to give this heads up for anyone who has insurance through this company and also see if anyone has recommendations for an alternative

Michigan. Yup, live in Chicagoland and travel to Michigan to do all my investing. There's your sign.

Seeking a rental and leasing agent to show rentals and accept rental applicants in Berrien County, with focus around Benton Harbor. 

Had a property management company and they let me down big time, found the property manager went on vacation and hadn't even shown the latest property yet. Need someone more reliable than that.

Any suggestions or contacts?

Seeking a rental and leasing agent to show rentals and accept rental applicants in Berrien County, with focus around Benton Harbor. 

Had a property management company and they let me down big time, found the property manager went on vacation and hadn't even shown the latest property yet. Need someone more reliable than that.

Any suggestions or contacts?

I'm assuming there was no lien for back taxes on it when it was quit claimed to you since that would prevent the county from recording it. as such, I don't think you're going to be able to quit claim it to anybody else at this point because there probably is a lien for the back taxes and possibly even for the city of Chicago fines by now as well.

another one interested in that bank. Illinois llc, Michigan properties. thanks!

wow. Without actually reading all the numbers you've clearly analyzed and evaluated the deal more than I ever did for my first. I say take the plunge and do it. Obviously nothing popped out at you that was a deal breaker. Best of luck! I'm sure some others will chime in with specific analysis or criticisms but I say give it a shot.

I hate Illinois so much for real estate that everything we invest in is intentionally not in Illinois. And I live there!