All Forum Posts by: Rachelle C.

The best thing to do is to contact a insurance agent of coarse, best if you work with an agent that understands the needs of landlords.

Quotes are free all day, everyday. Once you get the quote you like, most likely that will be the premium amount for the year. The premium amount can range between, (but could be more) $500 - $1,000 per year. It also depends on where the property is located (state/county). 

I'm not endorsing any one company, but check GEICO Landlord Insurance and see what kind of estimate quote you get and shop around for the best premium. Get like 2-3 more quotes to compare (apples to apples) that fits your pockets and your needs.

Typically, HO6-Condo Insurance is what you as the owner would need to carry if you live there and not renting it out. 
This type of policy is designed specifically for condo owners and financially protects belongings and personal liability. This policy typically extends to the walls, floors, and ceiling of the unit too.

HO4 - Tenet's Form commonly known as Renter's Insurance. 
This policy type is specifically for renters, since it covers only belongings and personal liability — not the building structure, which the landlord buys insurance for. 

I hope this was helpful.

@Lakila Austin

First, Congratulations!!!

Post or look for cash buyers on Craigslist in your area. Post your property here on BiggerPockets for sure and post your property on Cash Buyer Facebook pages.

@Charlie Cameron

Networth Realty, yes I know of them.

I can see how my question can be a bit confusing, but I'm speaking from the side of a realtor working with investors.

I'm taking a page from Brandon Turner of Bigger Pockets...

What YOU Need to Know About Real Estate Investing.

As an agent, you don't need to be a pro investor. You don't need to know everything – but if you want to become an "investor friendly agent," it's wise to learn some of the fundamentals. In a way, we're back at the 80/20 Rule again. You don't need to know 100% of what there is to know about investing to help your clients. Knowing just 20% can help you tackle 80% or more of the issues that will ever come up. So let's look at that important 20%:

At it’s core, a real estate investor generally focuses on two things:

A niche

A strategy

A “niche” is a type of investment property, like single family homes, small multifamily, apartments, etc. A strategy is the way the investor makes money, such as fix and flipping, buy and hold, or wholesaling.

@John Thedford

When it comes to closing or not to close. It would work like any real estate transaction. There are no guarantees even when you get to the closing table. That's why due diligence is a responsibility of all that's involved in each transaction.

I've already spoken with my broker about me working with investors and the broker is fine with it. I've cleared that with my broker several times.

My commission I collect when closing is completed. My broker only receives $79 per transaction, including bonuses is mine per transaction.

I don't have a traditional split commission broker.

@John Thedford

Yes, I know. The investor is a fellow realtor from California.

@Charlie Cameron I probably already know the company. I've researched many of them in the area, but they didn't fit exactly all the things that I planned to do with my real license. What's the name of the company?

@Will Barnard

Thanks Will. I will.

@John Thedford

Thanks John. What's the best way to explain to my broker that I will be working with investors that will be wholesaling?

@John Thedford My broker only wants me to pay $79 per transaction. I keep 100% off what I make. Does that make a difference?

I need suggestions, form templates, tools...I'm a realtor here in the Tampa Bay Florida area and I need to know what are the procedures, process or laws that I must be aware of to do wholesale and working with buyers/ homeowners when wholesaling.

Any suggestions, thoughts or ideas are welcome.