9.What Insurance Coverage Does the Lease Require?

9.What Insurance Coverage Does the Lease Require?

For lower leverage deals, say sub 60%, some banks and life insurance companies allow you to forward rate lock up to 12 months prior to close.

The slightly higher interest rate and PMI (private mortgage insurance) are probably the only drawbacks, other than having to live in the house for at least a year before you can move.

They also have their own insurance so if a person punches a hole in the wall then they have to fix it, etc.

Also, be organized and ready to provide budgets, draw schedule, LLC documents, and Builder's risk and Liability Insurance.

i am looking at pair of quad plex units on the same property.they are asking $330,000 for the pairthe first chart is off the sellers numbers                                       MonthlyAnnualIncome:$4,500.00$54,000.00Vacancy (10%):$450.00$5,400.00Management Fee (9%):$405.00$4,860.00Property Tax:$483.33$5,800.00Total Insurance:$208.33$2,500.00Maintenance Cost:$1,666.67$20,000.00Other Cost:$375.00$4,500.00Cash Flow:$911.67$10,940.00Net Operating Income (NOI):$952.17$11,426.00 i adjusted the number and added mortgage payment                                     MonthlyAnnualIncome:$4,500.00$54,000.00Mortgage Pay:$1,409.16$16,909.88Vacancy (10%):$450.00$5,400.00Management Fee (10%):$450.00$5,400.00Property Tax:$483.33$5,800.00Total Insurance:$208.33$2,500.00Maintenance Cost:$1,250.00$15,000.00Other Cost:$416.67$5,000.00Cash Flow:$-167.49$-2,009.88Net Operating Income (NOI):$1,286.67$15,440.00 i over figured vacancy to cover one unit empty per month.other cash flow covers trash and waterthere are a total of 9 units. i know i am problem not giving you enough infothis would be my first investment property and i am a little gun shy of the deal

The HOA requires them to buy renters insurance.

Looking for recommendations for a great insurance agent in Kansas City area.

They also have a process where your tenant can input their renters insurance before move in or purchase renters insurance through cozy.