All Forum Posts by: Jason Taken

Hello fellow landlords and investors. I have a 4 unit building in Long Beach CA and looking for alternative rental property insurance companies. I may be parting ways with my current provider. What insurance companies are you guys using in Long Beach and Los Angeles county properties that you have been pleased with.

Kris over at Anderson Agency is who we use on all of our deals.

0 Votes

Los Angeles County, California

Quote from @Jennifer Van de leur:

Good afternoon, I am hoping to put down as little as I can for a quadplex. I have like $130k in equity on one of my duplexes and I would love to tap in the equity as a down payment along with DSCR loan. Is it possible? I would hate to refinance my duplex and lose the 4 percent interest on conventional loan. Is there any other way to use its equity, without creating HELOC/LOC? My duplex is in Virginia and the 4plex is in Pennsylvania, if that matters..

TIA!

You only really have a couple of options.

HELOC/LOC with the property as security.

Refinance the first and walk away with a bigger first.

A great way to get into properties with little money down though is to buy distressed assets at a discount, force appreciate them, and refinance to pull the cash out. We're funding deals with as little as title costs/insurance to close for experienced borrowers.

0 Votes

Quote from @Hitanshu Shah:

Hi All

We are under contract on a 4-plex and I am shopping for Loan options. The purchase price is $415 K and we can put 20% to 25% down. Few brokers have recommended a 5 year Balloon loan but I want to explore the best option available in the market currently.

Thanks

Is this non-owner occupied or owner occupied?

0 Votes

Quote from @Marie Schain:

Investment Info:

Mobile home fix & flip investment.

Purchase price: $60,000
Cash invested: $30,000
Sale price: $164,500

Total Remodel.

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

Opportunity

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

Driving through complex.

How did you finance this deal?

Cash

How did you add value to the deal?

By remodeling

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a Realtor, but worked with other Realtors as well.

Does cash invested mean rehab dollars?

0 Votes

Quote from @Lucy Rodriguez:

I just bought a property to flip with a Hard money lender, and started working on it and supposed to sell in 6 months. Do I really need to wait the 6 months? The house will be ready to sell in 3 months. Can I refinance? Or how long after can I refinance? I have to pay $2000 a month on interest only.

Do I need to get permits for all the work needed in it? What about if I don’t get permits?
any advice will be welcome please!

You should be asking your hard money lender the first set of questions.

And you should be asking your municipality the second set of questions.

3 Votes

Houston, Texas

Quote from @Chengning Yang:

What kind of insurance do rehabbers get? Builders risk insurance with general liability? Which company would you recommend? I'm currently looking for one for a single family one story home without HOA.

kris over at anderson agency is solid. we use him for all of our policies.

0 Votes

Dallas, Texas

Quote from @Alyssa Henderson:

We've had a couple recommendations but aren't sure what to do regarding an LLC. A lot of people recommend a separate LLC for each property and some suggest a trust or s corp that owns the different LLCs. We only have one rental right now and are looking to get an LLC for it but aren't sure if we need a trust as well, if it's something we could decide on later, or not necessary at all?

NOT LEGAL ADVICE

You need to set out what your goals are to begin with in setting these vehicles up. Trusts do have benefits, but the costs for you at this juncture may outweigh those benefits.

Often times, what people truly want is to just be protected in the event the unforseen happens with the property, and thus, a solid, robust insurance policy is often the most cost effective route at this point. (I'm an estate planning lawyer - not an insurance agent).

That being said --- you really need to sit down and understand your goals before you get advice on what vehicles you want.

Insurance people will tell you insurance
lawyers will tell you to set up a ton of LLCs and trusts

None of these are correct if your goals don't align.

0 Votes

Quote from @Dustin Taylor:

Would love to get some contacts for 6 month fix and flip loans.

We offer 6, 9, 12, 18, and 24 month loans. Holla!

0 Votes

Athens, Georgia

Build relationships and don't treat every person as a transaction, and these types of things won't happen to you.

We lend to plenty of investors who use the same wholesalers time and time again and don't try to do any of these things because the numbers work for everyone.

Build a quality book of business and none of these things will be issues.

0 Votes

All Forum Posts by: Jason Taken

Jason Taken has started 51 posts and replied 304 times.

Post: The BRRRR Method

Post: Multi-family 2-4 unit insurance companies

Post: Tap in on a rental for its equity as down payment along with DSCR Loan

Post: Under Contract - Finance options on a 4-plex

Post: Mobile home fix & flip investment.

Post: Investing property with Hard money lender

Post: House Flipping Insurance

Post: LLC questions and trust

Post: Looking for a private money lender to attack a fee fix and flip deals.

Post: Wholesale Deals: Potential Unscrupulous Buyers