First time investor in 3 family.suggestion for right insurance??

8 Replies

I will be closing on a 3 family in Haverhill, MA in Mid May. I was looking for advice on how to buy the right insurance. I've been told to shop around but other than that I have no knowledge of what to look for??

Guys!! I want to meet up too, I'm right in Bradford, (@Matthew Ortins and I spoke before, but never ended up getting together!)

I'm free weekdays after 5:30 or weekends whenever!

@Timothy Woodland - Welcome to the forum, which house did you purchase?  I'd love to know more details, we bought our first 3-fam in Dec 2015.  As far as insurance goes, I would recommend speaking with an insurance broker or two to figure out the best option.  I am currently insured through Arbella Insurance.  It's been good so far, but I also haven't had to use it, luckily.

Sounds good Tim, Dan I want to meet up as well I am sorry we never did last time. I have been so busy with my start up. I started a company called Overwatch Property Solutions and we utilize cutting edge drones to create aerial Videography for residential and commercial real estate. Check us out on Facebook! Let's all meet up soon and grab a coffee and talk about what's been working for each of us and how we can improve!

Your insurance policy will depend on whether you will live in the house or not. That's the first thing you need to figure out when choosing the right policy Tim. We will talk soon! Have a good weekend guys!

-Matt

Hi Guys,

Just wanted to throw my name in the mix here. Closing on a single family on Observatory in May and looking for a multi family purchase after that. I'm extremely positive about what is happening in Haverhill right now. Good to hear other's are investing. Almost closed on a rehab on Hamilton this year and I posted about it but I was beat out by a cash buyer so we took a break to buy the family home first.

-Dave

@Timothy Woodland I would suggest Liberty Mutual. They seem to have the best pricing and the best underwriting for small multi family. Others may beat them on pricing but then they come back to you after the initial inspection and request a bunch of work etc. 

I can refer you to our rep their if interested. 

goodluck on the new property!