All Forum Posts by: Account Closed

All...

After starting this thread some time ago, I've found some fairly good choices.

Many of the choices above I checked out before posting, like National Real Estate Insurance Group, and while they were competitive, by the time I compared pros and cons of the policies, the best option I've found thus far is...

Kristine Kaplani Saad
Office of Meleki Kaplani
Farmers Insurance
11402 Joseph Campau St
Hamtramck, MI 48212-3041
313-369-2800 (Office)

(tell her Matt from VA sent you. great customer service & works by email, text or phone.)

Also, I've been working w/ a local Allstate office, as they provided me one nicely priced single family home policy, but the rest of their quotes were fairly outrageous and their customer service stinks (i.e. been waiting 2 months on a refund and office won't return calls or emails). Therefore, I won't reward their negatives with future biz.

Appreciate all the replies & suggestions.

Tak,

I use a small shop property manager (fewer than 100) in greater Detroit area. From my experiences with PMs, fewer clients = better service.

If you want her info, just let me know. (don't want to give unsolicited advice)

@ Mark,

Thanks Mark. I own don't own five properties, yet, but working my way up to it. Maybe by the end of the 2012 calendar year.

My properties aren't "in the hood" properties, so that isn't really a concern, but if you wouldn't mind sharing your agent's info I'd appreciate it.

@ Joe,

Understood. Appreciate you giving the agent's POV.

I was hoping since the home isn't in a bad neighborhood or a gang-centric area, I wouldn't have some of the difficulty I'm having. However, I have managed to receive a few quotes but it took way more phone calls than I anticipated.

Hello,

I recently purchased a single family home in Detroit, Michigan, as an investment property. It would appear that nearly every agent that I've spoken with wants me to switch my auto insurance policy or home insurance policy before they will even quote me a landlord insurance policy.

I'm only interested in the landlord insurance policy, so can anyone recommend an insurance agent/agency that can do this in the Detroit, Michigan, area?

Thanks all.

Great advice all. I see my error. Much appreciated.

@ Phillip,

Excellent point. I think I see the issue. It's a cash transaction from me to the property owner, however, it's funded by a loan.

The funds are a lock and we're already agreed upon the promissory note, we simply haven't executed the promissory note at this time. I was hoping to do this at the closing table where I sign the note, and then those funds are transferred to the property owner via the title company.

(Note: this is my first time doing a private money deal, so there are almost certainly flaws in my thinking process.)

@ Jon,

Yes, this would be 100% cash purchase deal using a private money lender.

The deal is written up as me (the buyer) getting a loan via a private lender, so I do see where they might see that as a potential hang up. However, I submitted his bank statement in my proof of funds submission so they see he has 5x the amount necessary and our intention to sign a promissory note at the closing table.

Apparently their initial hang up is that it's his name on the proof of funds, and not mine, even though we said it was a private lending deal.

Therefore, I'm not sure if we should execute the promissory now and transfer money to my own account, or do it as I had originally intended at the closing table. I just think at the closing table seems more professional since I never have direct access to his capital.

@ Josh,

When I said "this is how a bank closes a deal" I meant that funds exchange hands through the title company at the closing table, not about a bank submitting a proof of funds.

But it's an all cash deal, where he has 5x more than the deal requires, but the listing agent (and bank) is supposedly hung up on the detail that it's his name on the bank statement rather than mine.

Greetings all,

I'm doing my first private money deal and need some advice.

I've located an investor who is willing to do a generic promissory note so I can purchase an investment property.

However, b/c the property I'm purchasing is a REO property, the bank requires proof of funds. I've submitted his bank account statement and a copy of our promissory note that we wish to sign at the closing table, but listing agent wasn't exactly enthused about the idea.

The reason I did it this is b/c I wanted my private money investor to know that I never have direct access to his capital and we're doing the transaction exactly like a bank closes a deal, where the borrower never has direct access to the money and the title company is the third party handling the transaction.

So... am I completely in the wrong here? Or is it customary in private money deals that the private money lender and I complete the promissory note prior to the closing table so the proof of funds is in my name?

Any advice is much appreciated.

- Matt