All Forum Posts by: Charles Marchiondo

I didn't go with them.  Their prices were comparable to most other companies out there and only offered full comprehensive coverage.  I have much cheaper policies that are tailored to what I need.

@Sean McNamara

 @Travis Sperr

I have about 100 SFH in Denver and been managing them all for about 15 years myself with some help from my family doing the leasing and make-ready side of the house for the last few years. They are leaving in a month or so to expand their families leaving a gap in the biz. Ideally, I'm looking for a leasing agent that can also coordinate the make-ready/move-in process and possibly even transition into more management in the future if all goes well.

I'll take your contact at Renter's Warehouse if you don't mind.  I like to kindof do things a la a carte with a business of this size. 

Can anyone recommend a thread that covers good leasing companies, management companies or make ready companies in Denver?

We are looking for someone to integrate all of our rentals with immediately.

Had a nice chat with Tim today and he's going to get back to me with a better idea of what their company can provide.  He taught me a few things and let me in on a couple of the insider secrets regarding insurance.  I'm not convinced it's better or cheaper than what I have with AMIG but I am curious about the new and unconventional method they provide coverage.  Will update again if anything comes of it.

As to the first 2 bullet points, I don't know why it even matters if you insure a home for $45-$65/sq ft.  Where can you build a 1,000 sq ft house for $65,000?  First time I've heard that mentioned in 15 years and 5 insurance companies.  Can't really see where it would matter since I don't know any place in the US where construction cost is $45-$65/sq ft.  In Denver, I think we are around $80-$120/sq ft just to gut-n-go and even more if it's a total loss and rebuild.  I might like to hear more about that IF this other stuff makes sense.  Also, who has ever heard of a security deposit required on an insurance policy???  We pay in full for a year in advance so shouldn't matter but still a deposit is required?  First time I have EVER heard this.  Just gets fishier the deeper I go.  Hope I'm wrong.   Sounds like a nice juicy way to build your cash reserves.  Most companies will just bill you and if you don't pay, cancel the policy.  Deposit for insurance policies???

The rest of the bullet points are just fluff.

I do understand that your company is just a broker and not the actual insurance company or underwriter, but the bid still needs to make sense, which right now, doesn't at all.

I'm curious about who all the other investors on here are using?

Since 1031 is the hot topic...

We are talking about selling 3 of our homes that have gone from $50k to $200k in the last few years and rolling that money into a $500k house that we want to live in as our primary residence.  Apparently, the rule seems to be that if you rent the new property out for a year, you can then move in for 2 years and all the gain then becomes TAX FREE.

@Bill Exeter Except for the lost rental income, which is a serious consideration, almost seems too good to be true.  Did I miss something?

Tim,

I would welcome a new bid based on getting all of our business instead of just 5 homes.  Just take the 5 I sent over and multiply by 20 and let's see where it comes in.  That was just a tester to see where you would come in, ballpark.  As it stands, I had just sent a dec page over today for an "apples to apples" comparison and your rep said they could not compete for the same cost or coverage.  You would be roughly double the price and recommended we keep our current company and policy.

Bottom line was that you were twice the cost for the same coverages.  APPLES TO APPLES

Just as I do with everything, I'm happy to brag about your service and prices, if they make sense, to all of my investor family and friends.  Help me do that!

Also, there seems to be some unfavorable reviews about the service some of your clients are getting.  I know every company has some of that.  Where are the ones like me, that brag about the good service?  By the way, if AMIG starts any funny business in the future, I'll be the first to let everyone know where I go to replace them.

We have about a hundred homes or so insured with AMIG and have had a few claims over the last few years that were settled fast and fair.  I did a quick search here for discussions on co-insurance but not sure how that plays into this, but I'm open to discussion.  I've had no issues on how they handle vacancies.  Our turnover time is usually only a couple weeks so that might be a factor for other people.  We add and remove properties all the time.  Sometimes, a couple a week, and haven't had any issues.  As for pricing, you are already twice the cost of AMIG.  How is having no increases for 10 years a positive?  That doesn't make sense.

I don't see even 1 benefit of switching to NREI at all unless I'm missing something.  Nothing against you personally.  This is more for the other investors out there.

I'm with American Modern for the last few years.  We have a few "Master Policies" with them and their prices are much lower than National Real Estate Insurance Group.  I just got a sample bid on 5 of our homes from them and they are easily twice the cost. $100/month for a $200k home with a $5k deductible seems out of line.  We are currently paying about $600/month.

@Bill Coleman  I am definitely interested in your Rehab Team list if you are comfortable sharing it with another Denver investor!  I've been in the biz here for almost 15 years and still have some trouble keeping a good team together!