All Forum Posts by: Trace J.

Wondering what most flippers out there do for insurance on their properties (SFH and otherwise) they are flipping. Specifically this would be on flips I am doing in Florida. Insurance quotes I have received from the big companies are outrageous and they require a roof that is not more than 10 years old or they don't want to insure (although inspection and certification is required). I'm sure it is higher due to the hurricane potential but it is much higher than I paid in MN on my homes. Thoughts? TIA

Hello 

@Harvey Cardwell, I contacted many insurance companies several months ago for a SFH rental that I had in Florida. I actually found online InsuranceHub (.com) and gave them a call. They did not seem as stringent as some of the big name companies who required your roof to be 10 years old or less. They were great to deal with and also the cheapest by far. Excellent customer service and monthly billing which was perfect for me. I did not have any flood insurance as a side note as my property was not in a flood plain but make sure to check your FEMA flood maps. Everything was online and done within a couple hours or less. Check them out and see if they may work for you. Good luck and wish you the best!

~Trace

@James Hamling  you know I didn't even think about that part.  So what happens if you break that $5K threshold then with let's say a $20-$25K check from a sale?  Some how you must be able to make those deposits without incurring the wrath of the government isn't there?  

I am looking for investor experiences on best banks to place my small business checking and accounts in Florida, particularly SWFL.  I have a great credit union in MN, but transferring my business to Florida and looking for a good bank to build relationships with that either don't have limits on deposit amounts ($5000 is what I see alot) or that don't charge you 30 cents per $100 over that.  Thanks for any insight!

@William Allen  Thanks for the heads up on the podcasts.  I would love to listen to those and learn more insight.  I appreciate the info and post.  Best wishes.  

@Joe Gonzalez  Hi Joe, I can see why wholesalers would use that clause.  I just wondered if there was a way legally to market for a buyer for my interests so I can get in and out quicker without all those holding costs  as obviously that affects my bottom line.  Thanks for the info. 

@Ned Carey the non-assignment clause is between the wholesaler and myself.  I was just wondering if there was a way to market my interest without being illegal.  I want to be above board and not be linked to any type of sleazy deal.  Thanks for the info.

I am an investor purchasing a home I believe to be a good deal from a wholesaler after due diligence.  I signed the assignment agreement and paid earnest money, but it has a non-assignment clause so I cannot reassign my rights to another end buyer for a fee.  Due to low inventory, I believe I can turn around and sell this for a decent profit to another investor yet they can still make money too.  However I am told I cannot market that property for buyers.  According to sources and Property Onion, "If you are the assignee of the contract, then you only have the exact same rights as the assignor, which means you cannot market the property for sale."

My question is am I able to market for investor buyers for my equity rights or do I just need to wait until after close and then market the property?  I thought of a double close but am hearing of legal issues to market my end of it.  Suggestions?

Thank you @Ashley Simonelli and @Matt Mulvihill for the great advice as well!  

Thanks everyone!  I will be in contact with some of you in the next month when I come back down.