All Forum Posts by: Amit S.

Wholesalers,

We are looking to acquire a duplex/triplex/4-plex in any of the following LA areas:

Burbank, Glendale, Echo Park, North Hollywood, Silver Lake, Toluca Lake, Van Nuys, Koreatown, Studio City, Hollywood,Thai Town, Mid-Wilshire, Culver City.

Looking for an investment property that might need some work and would have some equity after rehab.

Please e-mail [email protected] or call Amit 703-859-3631.

Thanks for your consideration!

Used a broker in the Leesburg office at the recommendation of my realtor for my primary home purchase in May 2013. No problems or concerns.

I'm definitely interested in joining. Pick a date and let's make this happen!

Our zip code outside of Houston tends to show up on the blacklists of insurers... presumably because of hurricane risk. I'm guessing this is the main problem regardless of whether this is a homeowners or dwelling policy.

Once again, Rick... this is incredibly helpful information for me.

I've never had any losses/claims since purchasing my first property in 2002.

I was advised when I first leased my first townhouse to get a dwelling/fire policy. More recently, as I've needed insurance for the second rental, I've been having a difficult time.

I didn't realize that the policy could be anything but a dwelling/fire policy. Let me try to reach out to some insurers again.

Any other thoughts would be greatly appreciated.

Thanks to BP, also!!!

-AS

Great information, Rick.

Two additional questions when you have a moment to reply...

1. In point number 2 above, (if I'm understanding correctly) you made a distinction between a homeowner's policy with a rental agreement versus a dwelling policy. I was under the impression that I pretty much have to get a dwelling policy since I'm not occupying the property any more and I have tenants. Is there such a thing as a homeowner's policy rather than dwelling/fire in this situation? I'm having a terrible time even getting a dwelling policy in our zip code. The premiums have been more than $4,000/yr.

2. I'm presuming you can't insure for the mortgage amount ($350K) and then tack on a GRC election when some underwriters have called the rebuilding cost $420K?

Again, I'm super grateful for your guidance.

-AS

Rick,

Thanks so much for your thoughts. Sorry for the delayed response.

This is super-helpful. A couple of questions...

1. When you say to insure to the lesser amount, how much say do I as the customer have in that? Can I request to insure it just for the note amount? Is that the proper amount to insure it for?

2. Do most companies offer a guaranteed replace cost rider?

3. How does the guaranteed replace cost election differ from insuring it for the full rebuilding cost? To me, the layperson, it seems that the insurance company is on the hook for the same amount.

I'm really grateful for your advice.

We recently moved from Sugar Land, Texas to northern Virginia.

I'm hanging on to our home and it has been leased.

It turns out that dwelling/fire insurance is hard to find and extremely expensive in our zip code... on the order of $4-$5000 per year.

Should I be thinking of insuring for the full rebuilding cost of the property or rather an amount closer to the amount I owe on the mortgage. In the event of a catastrophe, i could probably just pay off the note and sell the land rather than rebuild, correct?

Hi,

I've recently moved to Centreville and am interested in REI. I have a couple of properties in the Houston area which have been leased recently.

Thanks for the amazing podcasts.

-AS

(I may have posted the same question in the wrong place previously).

I've got a single family home in Sugar Land, Fort Bend County (77479). It's been difficult to find a dwelling/fire policy. The ones that have come through are insanely expensive ($4-$5K/yr).

Anyone have any insight?

-AS