Is the HOA sufficiently insured?

Did your borrowers mention securing your investment with a recorded mortgage or deed of trust, personal guarantees, lender’s title insurance, or anything else?

Hi Benjamin,Start by reaching out to relocation companies, insurance housing providers, and major employers in the area who may need temporary housing for executives or displaced employees.

We've never even had a tenant try to sue us over a security deposit dispute.For the last 10+ years, I have occasionally asked for just one example of an investor that was sued, lost, and the judgment exceeded their insurance coverage.

So my insurance was paying $6200 a month for "barely" furnished 2-2 apartment new the Arboretum. 

There are still some docs required (ID, bank statements, copies of leases, copy of insurance, etc.), but it's WAY less document intensive than a conventional loan. 

I think we are competitively priced, so most of out tenants have been renewing, but we plan to test higher rents in 2025  for our larger apartment buildings to account for the steep increase in insurance prices.There have been A LOT of new apartment buildings put up recently in the Cedar Rapids metro area, so depending on the class of tenant you have, maybe that could account for some of softening you are seeing? 

When it was all said and done I still ended up being able to pull about 5 to 10k more out of it than I put into it.Current mortgage including taxes and insurance is $1,519 and it's currently rented for $2,546/month.Yes, you can buy a house at auction that you then flip and sell for market value.And yes, I have participated in online auctions.This reply is over a year old, but did you have the hard money lender you were using already in place before you bid?

Second, there is sewer line insurance that the buyer can purchase (literally only a few dollars per month) which they can sign up for if/when the line fails, and if/when it needs replaced.  

The home will need some work, but I am excited about it.I would appreciate any recommendations for a reasonably priced insurance company for the unit while I am rehabbing it.