All Forum Posts by: Mark Spidell

I have rental properties located in Colorado, Texas, Oklahoma, and Kansas City, MO.  Most of my policies are with State Farm.  Allstate has good offerings for Texas rentals but has a hard cap on the number of rental policies a person can have.  I also have a 5 plex in KCMO that seems to always be difficult to insure.  Perhaps I need a carrier that specializes in portfolio policies across multiple states?  Does anyone have any ideas?  Thanks in advance!

I am vetting property management companies in KCMO and am hoping to get some feedback from other investors.  I am considering the following:

Douglas J Hannah Properties

Voepel Property Management

Key Realty 

M&M Property Pros

I have three duplexes and a five unit.  These are not low-income housing / section 8 units.  I am curious about service levels and experience on make ready costs or light rehab costs.  I am also interested in hearing about preventative maintenance experience.

Thanks,

Mark

I like Independent Bank. Good service and competitive rates. They will look at your situations from both LTC and LTV, so you might not like the loan amount they will offer if your goal is to have little cash into the property.

You might consider doing a joint venture with another investor.  You might end up with a similar result.

If you are an accredited investor, there are several real estate lending funds that offer decent returns.  I am not talking about crowdfunding sites, but actual funds that are professionally managed that obtain first lien notes on high-quality real estate.   They often offer monthly interest distributions.  Not for everyone, but a good passive alternative for higher income / higher net worth investors.     

@Michelle Lutz would you be willing to share the contact info of your insurance agent?  Thanks for the help!

@Bob Woelfel Thanks for the tip.  Do you actually have a Westgaurd agent or is that from an insurance broker.  I am getting super high quotes back.  Could you please share your insurance agent's contact info?

Thanks!

Thanks for the tip!

Does anyone have a recommendation on a insurance provider for a 5 plex in KCMO?  What premium ranges are you seeing?  

Excellent rehab potential.Demo and rough plumbing already complete. Good layout to allow for open concept front the front living area all the way back to the kitchen with vaulted ceiling. Space to rebuild addition would allow for the house to be well over 2,200 SF. The existing garage can be improved or made into a functional carport. In a very nice neighborhood with many well-manicured lawns and high curb appeal. This house does need a good bit of work, but it is ready for those experienced with working with older homes. This can easily become a jewel that fits in with the higher end homes in the neighborhood. Several nearby comps with $SF well over $250 per SF.

Comps:

1133 N Canterbury Ct - Pending. List price is $695,000 

810 W Greenbrair Ln. - Sold around $650,000 

906 Salmon Dr. - Sold around $590,000 

930 N Clinton Ave - Sold for $539,900