All Forum Posts by: Tom O.

What insurance company did you get? How many units is this for? I'm having trouble with the larger over five unit buildings

Same story as many are telling: no claims but being non-renewed anyway by a company that apparently only wants new construction. Broker found a new insurance company at twice the price. 

I'm willing to consider replacement cost or actual value. 

Who can provide me an insurance quote? 

The building is in Kouts, Indiana, which is just south of Valparaiso. Nice, rural area. No crime. 

Thankis.

 can you send it to me as well? thanks

Try my guy Joseph Soldner: 

https://www.rockwoodco.com/profile/joseph_soldner

Well, it turns out my insurance broker who can write nationally found me a new insurer who is half the price of the old one. Only $1500 a year for a four-unit building. BUT, I had to put on a new roof which I didn't think I needed. Turns out, I was wrong there also. It totally needed a new roof due to the flashing being installed poorly. And, hell, the old aluminum siding looked like crap so I replaced it and the gutters. All for $20k.

This would be my suggestion as well. Does it even break even as a long term rental? 

It's furnished though so maybe you should look at travel nurses or corporate mid term rental. 

 Thanks. It's been fun/interesting/profitable. 

 OK, i officially "applied." 

The pictures are as original and as it is now. I didn't paint it. It was done before me. 

Large multi-family (5+ units) buy & hold investment.

Purchase price: $525,000
Cash invested: $125,000

Multi-Unit in Small towns is amazing. Picture below is what it looked like when built in 1896.

How did you find this deal and how did you negotiate it?

On the MLS!!

I paid the asking price.

How did you finance this deal?

Partly used a HELOC on my house.

How did you add value to the deal?

Rehabbing units, removing problematic tenants, new infrastructure.