All Forum Posts by: Kevin Hart

@John Chapman Hey John, im not sure how State Farm rates are in WA, but we are very competitive in KY with rental properties. Find an active local agent (not all SF agents are created equal) that can help you out. Search local agents and see who is active with their business Facebook pages. That's a good way to tell who still has their head in the game, responsive, and probably has an active team as well. 

Also, with any company, ask for the agent's cell. thats another good sign the agent will be responsive. I typically give my cell to my REI clients since you never know when a property will pop up and they need a quote asap.

@Zachary Schimenz I agree with what others have said. $3500 is insane. When I write a landlord policy for a customer its usually in the $600-900 range depending on part of town and value of property. it should always be less premium than an owner occupied homeowners policy since you are not insuring any personal property typically with a rental property. 

if you are talking about renters insurance carried by the individual tenant, most big time apartment complexes require 300k liability. its very inexpensive for the tenants to purchase. 

@Jarrod Deshields reach out to a local State Farm agent, or any agent you'd prefer, to go over your insurance needs. any good local agent can help you understand what type of protections you need. from my experience with State Farm, we don't care who you are renting to, just needs to be rented and not vacant long term. 

@Kelly DeWinter it would be a buy and hold. i will not be living there

hey BP'ers, 

i have an off-market deal that i am trying to buy. I'm trying to avoid spending all my cash on a down payment. the seller would be interested in seller financing but he still has a mortgage on the property. the sellers owes about 130k, selling property for 265k. any creative ideas on how to structure seller financing when there is a mortgage present? 

im not sure whats possible without having the "due on sale" clause impacted. thoughts?

i tell my customers if everything is in your personal name, get a big enough umbrella policy to cover everything, like 5 million or 10 million. if you have your properties in LLC's, make sure those individual policies have 1M each of liability, then you can get a commercial umbrella on top of that if need be. sit down with your agent and they can help you through it.

@Gino Barbaro right in my neck of the woods. thanks for the inspiration post. just started yalls book this week. 

Hey Matt, i would be happy to help. I work with alot of real estate investors. State Farm is very competitive on price and offers fantastic coverage! 

welcome @Jacob Huelsman!