All Forum Posts by: Michael H.

The deed is being mailed but I confirmation of payment for the property

I got a pretty good deal at the auction today. The biggest drawback is the former owners still live there and haven't started to move yet. I went by and met them and they were on their way out and said they would be out in 30 days. Should I start an eviction now? Any other feedback?

The 15 unit was a response from an ad on Craigslist I posted. It basically said "I'm a local investor looking for a multi-family investment."

The Duplexes was off the MLS. I noted that the seller had it for sale for several months, removed it, and relisted it a couple months later. He wanted $375,000 and I offered $360,000 and rejected his counter for $367,000. Got it for $362,500. The duplexes are less than 7 years old and have long term tenants in them. I'm happy with the purchase.

Thanks for checking in @Jay Helms. He rejected my initial offer. Looking back he must have really thought it was a jerk low ball offer. I re-evaluated and came with a $675,000 offer. That was my high and his low and he said he was seriously considering it. Somebody offered him $725,000 for it though and he took that.

I recently got an offer accepted on package deal for 3 duplexes though. I'm in the waiting period for official approval for my commercial loan.

If there are only a few hits on the roof and not a certain amount per square the insurance company will not replace the roof and knows they shingles can be easily replaced and often matched. One just looks newer but will fade as well. They do not cover matching issues. It's similar to damage on a vehicle. They only paint what's damaged. I believe this to be reasonable. As a former adjuster I have plenty of stories regarding roofers not being forthright regarding damages. If they say they can be repaired trust them, it can. And pay them well to do it. That's a good company. The insurance companies are changing their policies to reflect everyone waiting for hail to hit to replace their roof. If you turn in a claim and there's minimal damage you still have a claim and your rates could go up even with under deductible claim. You may benefit not having your rates jacked way up. As far as I know insurance companies will pay for cosmetic damage to gutters and downspouts but some are even moving away from that.

I used Steven Keyser at UMB for a commercial loan. He's been great to work with. Pm me for his contact info if you like

Rental, flip, repeat

Also if you want to rebuild bigger or better you will be able to do so. If you have an extended limit policy endorsement that doesn't mean you get to use it for bigger and better. It means if it takes additional money to rebuild what you had then it's available. If that endorsement is on your policy and you want bigger verify the costs to replace what you had BEFORE you start building if you expect to get any more money. Have your GC prepare the estimate to rebuild and have it available. I'm sure they can do this if they use Xactimate estimate software.

Albert D. I highly recommend you do not get a PA. It's pointless at this time. The insurance company is not disputing anything and paying your limits. If there is discrepancies in the policy limit change then an attorney would be better if needed. When a place is totaled there is far far less the insurance company to dispute. The Department of Insurance is on your side and the law. The insurance companies aren't all bad as some would make you believe. Just because the policy says 12 months pay doesn't mean you get 12 months pay. It's the reasonable amount of time it take to rebuild. If me and the GC agree it would take 6 months to rebuild I always said 7 because it takes a month to get money from the lien holder, the plans to get going, city permits, etc. If it looks like it will take longer than the allotted amount of time just give them plenty of notice and a reason why and they'll be lenient. Don't wait until it's about to expire and then ask for more time adjusters hate that. Insurance companies will handle the debris differently. Most policies I worked had a max 10% of the policy limit for this. Again it doesn't mean you get all of it. It's UP TO. don't try to get too much extra because they're experienced to know inflated debris costs. We typically paid for it once demo was completed and passed and city ordinances. We paid it straight to the policy holder because the work was already done.

I forgot to add a couple things. If the property needs torn down there's an additional 5 or 10% for that once it's been incurred. Landlord policies can be tough too. Sometimes they're ACV only. I really hope that's not the case. There's possibly additional endorsements as well. Your adjuster will work well with you to inform.