All Forum Posts by: Brian Karlow

I'd love to hear your feedback for a 10 unit in northern Illinois.

Thanks for all the great feedback!

Thanks John!  Yes, these deals are very scarce at realistic price points these days.

Would you mind sharing the insured building value and your deductable amount?

Hello BP

I am under contract on a 10 unit apartment building in Illinois and would like some feedback from other operators of similar sized buildings as to their insurance coverage criteria and annual costs for such coverage.

The building is a two story structure built in 1963.  Non-sprinkled (smoke detectors only), electric installed in conduit as well as circuit breakers, central gas boiler and contains no common hallways ( exterior entrances to each apartment). Roof is pitched with asphalt shingles.

Thanks for sharing your opinions and experience!

BK

Absolutely not! Major red flags here.... Past history with previous landlord balance and upfront payments all equal one.... Problem tenant all the way!

Keep marketing the property and taking applications.

Good luck!

what is included in your expense figures?

Thanks @Eric La Pratt! 

Andrea

Could you post your clarification on this thread, as I am also a user and would like to understand the differences, thanks!

I agree with Sarah.... You're on the right track with your criteria but you need to pace these information requests as you build a rapor with the prospective tenant. Remember, they are potentially as nervous as you about scams.... Be honest, be direct and be open and things will come together. 

Best of luck! 

Sarnen 

I am in a very similar situation as Matt. I sent you a pm. 

Thanks