All Forum Posts by: Cass Lowrie

I'm buying a rental property in the Myrtle Beach, SC area and I'm looking for a good rental property insurance policy.  

The house is currently a 4 bedroom, 2 bath SFR. During renovation, I am going to convert it into a 3 bedroom, 1 bath unit and another 1 bedroom, 1 bath unit. (Duplex when finished.)

Any recommendations on a good insurance provider?

Thanks again BP Community!  

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $98,000
Cash invested: $22,000
Sale price: $200,000

This is my first BRRRR and I'm very excited to test this strategy. I purchased the home for $98K. It needs $22K of updating/renovations. The ARV appraisal came back at $200K and this purchase comes with 2 additional adjoining lots that are buildable.

This 2200 sq. ft. brick ranch will rent for $1300 month and cash flow nicely. We'll use the equity in this house and the equity in the additional lots as collateral to obtain construction financing for the duplexes on the adjoining lots.

When this project is complete, we'll have 5-6 doors that cash flow with nearly $125K equity!

What made you interested in investing in this type of deal?

Purchased at 50% ARV and came with 2 additional buildable lots.

How did you find this deal and how did you negotiate it?

My daily searching of MLS, Zillow, Marketplace and CL.

How did you finance this deal?

Hard money lending partner. 90% purchase, 100% rehab to to 65% ARV,

How did you add value to the deal?

Renovations. Mostly lipstick and a new roof.

What was the outcome?

We are just about to close and get started. Out come in 2 years will be 5-6 doors that cashflow with $125%-$150K equity in a fast growing area.

Seeking a lender for a lot loan in Myrtle Beach, SC.  I have a 680 middle score with good reserves.  Want to purchase the lot now and build within 6 months.  

Any suggestions???

I am a licensed commercial and residential Contractor located in Myrtle Beach, SC.  Seeking Hard Money or Private Money to finance more fix & flip projects in our market.  I have completed 3 flips in the last year and negotiating more now.

Looking for a lender who will go to 75% ARV with a 10% rate. 2%-3% points or a small equity position for private money.

Our real estate market is one of the strongest in the nation right now and I'm seeking a strategic partner to help us grow and profit during these great times.  

Please reply if this is in your wheelhouse.  Thank you and God bless.

I just ran across a very sweet deal in my market (Myrtle Beach, SC). The property being sold is actually 3 buildings. 2 are SFR and one is a duplex. The seller is willing to carry some of the financing to lower my down payment.

Can anyone suggest a lender (or two) who allows seller carry-back for this type of purchase? 

Thank you for any advice. I sincerely appreciate it!

Ben, John & Casey...thank you for the advice.  I sincerely appreciate it!  :)

Who do you use for "Vacant Home" insurance policies?

I recently completed a full renovation and just listed the home.  My builder's risk agent contacted me and said because construction is complete, I need to change to a new insurance policy for a vacant home until it sells.  (Makes sense to me!)

Any suggestions from the BP Community on a good, affordable insurance provider?  The property is located in NC.

Thanks again BP Community!

Just completed a full renovation. Insurance company is requiring me to switch to an “unoccupied rental” policy since construction is complete.

Any recommendations on a good insurance provider? Home is located in NC.

Thanks in advance for your suggestions!!!

@David Krulac - Thank you David!  :)

@George Blower, Thanks for the detailed description George.  I sincerely appreciate it!

Sounds like a Solo 401K is the way to go.  If nothing else, we can at least contribute the maximum $56K each per year and shelter $112K right off the bat.

Thanks once again!