All Forum Posts by: Adam Orentlicher

Have some rentals in NC - all insured with Erie.  Insurance $ went up 24.5% on renewal, with 0 claims.  Agent informed me, from the underwriter:

Effective 4/1/23, we increased Rental rates across the board by an average of 11%. Also, as with homeowners, we are using higher roll-ons for the next year to make sure dwelling amounts are keeping up with increased changes in construction costs. The dwelling amount for this property was increased from [redacted] to [redacted] (13%). Those two items are really the cause of the premium increase.

We have high indicated rate changes on NC homeowners (including Rental), and unfortunately the combination of the rate change and higher roll-ons is going to produce rate changes in the 20% range at least until we start to see some moderation in construction cost increases (perhaps on the horizon).

So just a fair warning to those with Erie, sadly.  Got a competitive quote from State Farm (10% less than my existing premium) and Tower Insurance Group (12% less than my current premium).  

Also checking with Obie... recommendations welcome and appreciated!

Have a handful of rentals. All are on 30-yr fixed loans. One of them is @ 4.25%, another at 4.375% APR. Refinancing - appears to be INCREDIBLY tight right now on investment properties, and not surprisingly so given what's going on.

NC.

Question: any brokers/lenders out there interested in taking a look, for 15 or 20 year re-fis?  They are all rented and with no rent collection issues (thus far).  

Originally posted by @Steven Gesis:

Originally posted by @Brian Dickerson:

For those who don't have payroll costs for PPP, the "grant" portion of the EIDL could be an option?  

 Brian, per the legislation EIDL should be a solution and would be a grant - Likely if you do not have  payroll you would not qualify for PPP - Payroll can be rental income if that is sole income and not "e" income. 

FYI I explicitly got an EIDL grant.  $1k per employee.  I’m exclusively a schedule E filer.  On one of the FB groups for landlords, many reports of similar this past Monday.  I have gotten zero comms from the SBA - the grant $ was simply deposited this past Monday via ACH.

Unfortunately however the SBA stopped accepting EIDL requests except for agricultural firms  

Hey folks. Any good closing agent recommendations in Myrtle Beach, SC?  Doing a condo refi and want to find THE cost effective option; especially for a mail away closing. Thanks!!

hey there. Bumping this. Have a bunch of properties in Raleigh and would love to know lenders that folks have used for portfolio lending here!

any lenders that lend on properties 5-10 in NC?  Or even brokers that folks have used?

Hi Josh. Funny....EXACTLY the same boat...am 37, bought in Royale Palms last summer. Dm me for all the details.

I wish there was a better answer here .. a basic thermostat that lets a tenant adjust the temperature on their own (within landlord set limits) coupled with an occupancy sensor (built into the unit itself) that if not occupied (for a landlord set period) it'll reset to a middle ground temp.  Then automatically re-adjust when it senses occupancy.

Can't find anything like that!

Hi All, I have a vacation property that I'd prefer NOT to install a hard coded thermostat in - e.g., I want to give folks the ability to set the temperature on their own.  Otherwise I'm sure I'll get complaints.  I'd love the ability to stick a thermostat on the wall that is somewhat "standard" but at least has a motion sensor built in, so 1-2 hours after a guest leaves the room, the darn thing resets the temperature to something higher than they'd have it at (in the summer).  

Other than a Nest which obviously has it - anyone else have any other recommendations?

Hi All, am considering buying a condo on the coast. Specifically in Myrtle Beach, SC. One thing I've noticed very clearly appears to be that the major insurers don't write policies within 2500 ft or so of the Atlantic. Wanted to get some feedback from you guys on which insurers are best for condo policies close to the water! Thanks.