I am looking for an umbrella policy to supplement my individual property policies.

I work full time as an Ironworker and the retirement benefits and such are great but I’d still like to supplement my income and somewhat be able to make my own schedule and I believe REI could do that for me.

Lots of original charm that I want to supplement with modern amenities while making it appealing in a swarm of vinyl floor new construction.I'll be starting to get contractors in, but trying to refine an approach here to also get feedback on when folks come through. 

The terms were interesting on this one, because the seller is counting on these payments to supplement his retirement income, so he insisted that the prepayment penalty be equal to that of ALL future interest for the life of the entire loan.

For example, I have seen many people with $3 million in assets and no supplemental umbrella coverage.

If that $1.7m property had a recent taxable value of say $1.2m the new taxable value on the following year* (no supplemental bill like CA back to date of purchase) would be $1,275,000. 

BUT you will have to have some experience in this field these days. usually they will want to see some ground-up construction on your portfolio from the last 3 years, supplemented with maybe some rehabs or long term holds.

Although this wouldn't necessarily cash flow since I would still have a payment, so I would supplement this with something else.

Since this is a rehabbing thread, then costs associated with a flip are:Purchase amount, closing costs (which include but are not limited to escrow fees, title fees, recording costs, appraisal fees, loan fees, notary fees, insurance, inspection fees, etc), rehab/construction costs, holding costs (which include but are not limited to property taxes, insurance, utilities, maintenance, loan interest and principle, etc), and finally resale costs which include, but not limited to agent fees, escrow fees, title fees, notary fees, supplemental taxes, recording fees, transfer taxes, seller credits to buyer, repairs agreed to by both parties, etc.

Clearly I am using the HELOC to supplement my income, clearly I'll be using those funds to pay the interest on whatever I do use - which will never be $100K...HELP PLEASE...Do I keep trying?