All Forum Posts by: Nich J.

Hello,

Does anyone have any recommendations for an accountant in MPLS/ST Paul? Looking for someone familiar with rental properties and short-term vacation rentals.

Any help would be appreciated,

Thanks

Single family home - FSBO

I've bought a few properties but its my first time selling one.  What kind of closing costs can I expect as a seller?

Hi Heath - I've spent a lot of time analyzing properties in Minneapolis and St Paul and i'd be happy to help you out and share what I've learned over the last couple years.  I bought a Triplex in south Minneapolis earlier this year and my wife and I recently closed on a Duplex in St Paul we are moving into to house hack and remodel.  PM me if interested.

I have a Triplex in Minneapolis that I recently purchased, and I'm questioning if i'm working with the right people and have the correct insurance policy on it.  I told my agent all I wanted was a policy that allows me to pay off the loan in the case of a catastrophic event.  The policy I agreed to had a dwelling coverage equal to the amount i paid for the property.  Four months into the policy I receive an endorsement letter and invoice from my Insurance agent that says after the carrier did an external inspection of the property they needed to increase the dwelling coverage by $90k to reflect the replacement cost of the property in today's market.  When I asked what this was all about I get a response saying that they convinced the carrier to use their reconstruction calculator and agreed to bring the increase down to around 59k.

My question to other landlords and insurance people out there: 

1.) Is this a weird situation or is this business as usual?  

2.) Do I need to have dwelling coverage to cover replacement cost or can I insure based on what i have into it?

Appreciate any feedback.  

Charlie - sent you a PM

Can anyone recommend an attorney that could help me draft up an operating agreement, bylaws etc for an LLC I have established. I also need a quit claim deed to transfer another property into it.

Thanks,

Nich

Does anyone have a recommendation for a insurance company that covers 2 - 4 unit multi-families? I had my current insurance company give me an estimate on a property and it was about 2.5x more than what i was expecting.  When I called and talked to them they said it was because they have to classify it as a commercial apartment building.   

How do other investors organize banking transactions with multiple properties (single family, duplexes, 3/4 units)?  Do you set up separate business checking accounts for each property or property class or do you run everything through a single bank account?  Same with credit cards - does anyone have a dedicated card for making purchases for each property?