SFH buy and hold strategy in Indy

6 Replies

For those of you who are out of state SFH buy-and-hold investors in Indianapolis that have greater than 10 properties, I have a couple questions:

1. How are you financing your properties? Are you buying 10 and then rolling them up into a blanket non-recourse loan with a company like Corevest?

2. How do you limit your legal risk/exposure? Are you putting these properties in LLCs? If so, any local attorneys you would recommend?

3. Do you have an umbrella insurance policy? Any recommendations for who you work with?

Thanks!

Hi Prab - 
I own a handful of properties in Indy along with a partner. So far we have kept the properties in our names but are starting to strategize about getting things under the LLC.

We do have an umbrella policy as an extra layer of protection, though. We've done all our insurance through Carl Savich of General Insurance Services. Can't recommend working with him and that agency enough! They've been fantastic and we have gotten other quotes along the way and always found Carl to be right there competitive on price but find it's so much easier to have a great agent to be more responsive and provide expertise rather than go through Geico online or something.

As for a lender, my most recent purchase (just last month) was financed through Busey Bank and the LO is Casey Wilson. And she is awesome!! Seriously, I got rejected by almost 10 other lenders but she knows her stuff and was able to get it done. That was able to be conventional but they have a ton of products that they finance and hold so no need to meet fannie/freddie guidelines. I ended up closing at a crazy low rate and low closing costs. Honestly you have to call her.

The posting won't let me share contact info but I have PM'd you.  For others reading, I'm sure you can google search or visit the companies websites, or PM me.

Good luck to you!

Originally posted by @Prab C. :

For those of you who are out of state SFH buy-and-hold investors in Indianapolis that have greater than 10 properties, I have a couple questions:

1. How are you financing your properties? Are you buying 10 and then rolling them up into a blanket non-recourse loan with a company like Corevest?

2. How do you limit your legal risk/exposure? Are you putting these properties in LLCs? If so, any local attorneys you would recommend?

3. Do you have an umbrella insurance policy? Any recommendations for who you work with?

Thanks!

 1) Yes

2) LLC structure. Highly recommend Janelle Berkshire.

3) No but I should.

Hit me up if you ever want to chat.

@Nick Giulioni

#3 is super cheap. I think I pay like $200 a year for 2MM. That’s the easiest one on the list. I typically do 500k liability per property (or 1MM if a bigger place) as part of the standard rental policy, then the umbrella policy on top of that.

Worth your time to look into.

Originally posted by @Josh C. :

@Nick Giulioni

#3 is super cheap. I think I pay like $200 a year for 2MM. That’s the easiest one on the list. I typically do 500k liability per property (or 1MM if a bigger place) as part of the standard rental policy, then the umbrella policy on top of that.

Worth your time to look into.

Thanks! Mind recommending a provider?

 

@Prab C. Another thing you can do is if you have a spouse that can qualify in their own is to do 10 in your name and 10 in there's. That will get you up to 20 properties before you hit the Fannie Mae limit.