All Forum Posts by: Parker Cox

@Nader Tashakor  for buy and hold, you will be able to find stuff in Riverside co if you're looking close to home.  Also, Fresno is a fantastic opportunity but it's much farther from your backyard.

@Kathleen Ennis first welcome to Bigger Pockets.  It is an awesome place to learn and get questions exactly like this answered.

Regarding insurance (the only one of your questions I can speak to) getting a single policy for this project should be no trouble at all and quite affordable.  But as you mentioned you have other properties in CA, there are a couple other questions you should think over that will give some insight into insurance--

How large will you grow your portfolio?

Where will the majority of the properties be?

Are they or will they be owned under your personal name, an LLC or both?

Do you plan on using an umbrella?

Do you plan on purchasing anything other than SFRs?

These questions are important because depending on your long term plans, you will want to have your asset protection plan--insurance, entity type, taxes, state of LLC...other things well beyond my scope--to align whether your targeting growth, multiple asset classes, simplicity, super cheap or super protected...etc

If you plan on growing beyond your current level I would highly suggest a commercial insurance policy--

It will offer the ability to put these properties into a trust or LLC, will have more expansive coverage, (relatively unlimited) growth under a single policy or two and offer the easiest policy management in the long run.

Ultimately, too much to post here, think about your long term plans, speak to an experienced agent who is familiar with buy and hold investors and have them help you strategize.

If you would like to reach out to me over it whether to quote or simply advice, feel free my contact info is on my page or you can PM.  

Best of luck and congratulations on the new property.

Looking forward to it guys

I suggest looking into Imperial Beach as well.  Development is on the horizon, it's the only place in San Diego where you can get a house for less than 500k within 5 blocks of the beach.

Not necessarily right for all situations, but it is worth checking into.

best of luck

Hey folks...

@Mauricio Salom, @Julia Shevchenko, @Ryan Woods@Mark Nissen, @Weiwei Gao

I know you all mentioned the goal of networking and touching base in the world of REI in SD.

This event will give you access to a current project, tons of other active investors and a bunch of knowledge from purchasing to getting started and rennovating.  

and all of that for the incredible value of FREE...

@Tim G.  myself and a couple others host these events monthly and It would be awesome if you all could make it and invite your friends--it's totally casual and an awesome time.

Check out the link below for details.

https://www.biggerpockets.com/forums/521/topics/330362-san-diego-free-investor-meetup---south-park-flip-duplex

@Minh Nguyen Best of Luck on getting going.  If I can ever be of service, never hesitate to reach out.

@Bill Larsen Not sure if you require a broker, or if an agent will suffice.  But I have personally worked with @Account Closed on many occasions.  I know he invests himself, has helped multiple independent owners grow their portfolios and is highly familiar with the San Diego market as a whole.

I definitely recommend him highly.

@Trudy Pachon if you want to work with a group in San Diego, check out Clear Sky Law Group--Eric Morton.  Great team, super innovative and will walk you through your options.  

@Michael Conway I know a few agents who could be of help to you.  One is Brent Boltz--just look him up on Google--he has done a lot of work with investors for rentals in the East County area.

The others would be a husband and wife team--Billy Colestock and Yessenia Nogales.  They focus closer to the ocean.  

Best

@Jameson Wildwood 

There are a couple of important pieces that make up a proper insurance answer:

First, do you own your rentals--or are they owned under an LLC?

Is your plan to eventually move them to an LLC?

Do you plan on continue growing your portfolio (indefinitely)?

The reason for this line of questions is...if you are planning on growing a portfolio of rentals beyond 4 (roughly) you will should (in my humble opinion) use some sort of commercial entity.  

But, even if you keep them under your own name, insurance carriers will require you to transfer these properties from a personal lines policy to a commercial policy--kind of like what you are already seeing with the Progressive umbrella issue you are currently tackling.  

The short answer is, you have a ton of options.  The umbrella pricing is going to run about what people have said here--$300-$500/year depending on how much coverage and your underlying limits of liability.  

But, I suggest you reach out to an independent agent who has experience with real estate investing and can align your coverage to be able to scale with your investment goals.  

I am happy to delve into it further with you if you choose, but if you talk to someone else, just make sure they walk you through the variables with staying with a personal policy vs transferring to a commercial policy...etc

@Sydney Hall to answer a few of your questions...

1st you can have an umbrella even if you don't own a home--most of your personal liability comes from auto exposure--you are much more likely to have a hefty liability claim from a car accident than someone getting injured at your home.

2nd based on the limited info provided, you should have a Business Owner's Policy as a business owner--property and liability coverage (especially if you have a physical office location).  That policy would be able to cover your paintings on location at a home from theft or vandalism.  I would need more information to give you more specific answers, but feel free to reach out if you would like and I can help you determine what you would need and the best way to set it up.  

Best of luck