All Forum Posts by: Kwok Wong

Looking for some input on a situation here.

A condo recently came back on the market. A few weeks ago, I had submitted an offer at $182K, but the seller went with another buyer. That deal just fell out of escrow and the property has been re-listed.

Now I’m debating whether to come back in with a new offer at $162K.

My thinking:

• If it fell out of escrow, there might have been appraisal/financing issues or something uncovered during due diligence.
• Seller might be more motivated now.
• But I don’t want to appear unserious or burn the relationship with the listing agent and my agent by coming in much lower than my original offer.

Has anyone here successfully re-offered at a lower price after losing out on the first round? How did you structure it so it didn’t come off as insulting?

Appreciate any thoughts on how to position this.

The insurance brokers know that it's closing in an LLC, and they've told me that they handled similar situations before (closing in LLC), General Liability would not be needed.

Please correct me if I am wrong, 

Scenario 1: Hiring a General Contractor:
If I hire a licensed GC, it is typically their responsibility to have insurance to cover accidents and liability during the project. In this case, I may not need an insurance of my own, as long as the GC's policy meets my HML's requirements. As an investor, I need to make sure the GC has valid BUSINESS insurance in place, and show proof of insurance to my HML.

Question on this, do I need to get a separate insurance to insure myself and the HML? Or the GC's policy should name the HML and I as additional insureds?

Scenario 2: Acting as my own General Contractor:
If I do not hire a GC and choose to manage the project the hire tradespeople myself, I am now responsible for the project's liability. In this situation, I need to secure my own BUSINESS insurance, which includes General Liability coverage. 

Question on this, does it matter if the condo unit is purchased under my personal name or through my LLC? The HML also told me that if the unit was purchased under my personal name, a General Liability would not be needed.

To sum things up, because I am acting as the GC for this project, my HML requires me to have a builder's risk policy that includes general liability. This provides protection for me as the owner and for the HML's investment. Even if the cost is doubled than a homeowners insurance. It is necessary and more secure way to protect myself from liability and to satisfy the lender's requirements. 

I have been talking three insurance brokers, they all insists that General Liability is not needed, and none of them seem willing or able to quote a General Liability policy, telling me it's "not needed" for a residential property.  

The agent initially provided an HO-6 condo policy, which is a personal policy. The most recent quote, however, is a commercial policy from Steadily, Inc.

Both quotes were worked up in the name of my LLC.

Yes, the most recent quote from Steadily, Inc. includes Builder's Risk coverage, but not the initial HO-6 condo policy. 

Hey everyone,

I'm working on a fix-and-flip condo project, and I've hit a confusing issue with the insurance requirements from my lender. I'm hoping someone with experience in this area can offer some guidance.

Here's the situation:

My Lender's Requirement: My lender explicitly states they need $500,000 in General Liability coverage for this project.

My New Insurance Quote: I've just received two new insurance quotes that provides either $300,000 or $500,000 in Personal Liability coverage.

My Broker's View: My insurance broker insists that because it's a residential condo unit (even though it's purchased under an LLC), $500,000 Personal Liability should be enough, and General Liability isn't really necessary for this type of residential property.

Lender's Previous Stance: However, my lender has already clarified to me that "general liability is different from personal liability" and that it "cannot be combined with the general liability on the Master condo policy". They seem to view the fix-and-flip under an LLC as a commercial activity requiring specific General Liability coverage.

I'm feeling caught between my broker's advice and my lender's very clear and consistent requirement. My lender seems pretty firm on needing General Liability for this project.

Has anyone encountered this specific issue with hard money lenders and condo flips? What's the typical best practice here? Should I push back on my broker to find a true General Liability policy, or is there a common way to satisfy the lender's requirement in this condo/LLC scenario that I'm missing?

Any insights or advice would be hugely appreciated! I'm trying to ensure I meet all closing requirements smoothly.

Thanks in advance!

Hey everyone, 

Considering new investor partnering on a JV agreement for a fix and flip, both parties splits profits and losses 50/50, where the title stays under the other partner's (experienced investor) name. Any risks it creates? What changes or protections would you add to keep things safe and fair for both sides?

Any advice is much appreciated. Thanks in advance!

Hey everyone,

I’m looking a better systems for fix and flips and wanted to get your input.

I know home inspectors are usually used by end buyers before closing, but I’m curious how other flippers here use inspectors strategically throughout the project.

Specifically:

Do you hire inspectors before acquisition to uncover hidden issues and negotiate price drops?

Do you use them during renovation planning to help prioritize your scope of work and avoid over-improving?

Has anyone here done a post-renovation inspection before listing to catch issues before buyer inspections and use the clean report for marketing?

I want to make sure I’m not leaving money on the table or exposing myself to surprise repairs later on. Any tips on:

Best timing to bring them in
Key questions you ask inspectors to get the most value
How they’ve helped you increase profit or avoid major losses

Would love to hear your experiences and strategies.

Thanks in advance!

Hey everyone,

Let's we're using a strategy where we typically work directly with listing agents to “double dip” on deals, aiming to give the agent extra incentive to push the deal through.

However, we've run into a few situations recently where listing agents (or their brokerages) refuse to do dual agency. In those cases, we need a buyer's agent who can submit offers on a few specific properties without requiring a long-term exclusive buyer’s agreement.

Has anyone navigated this successfully?

Is it common for agents to work on a property-specific basis?

Any suggestions for how to structure the agreement to keep things clean and aligned?

Are there agents or services (e.g., flat-fee, transaction-only) that are better suited for this type of work?

What’s worked well for you when trying to stay flexible but still get representation when needed?

Appreciate any input. We're actively making offers and want to make sure we're handling this the right way while keeping the process efficient.

Thanks in advance!

We submitted an all-cash offer on a fixer with ARV of $360,000

• Purchase Price: $200,000
• EMD: $10,000
• As-is, no repairs
• Basic inspection contingency (just to verify scope)
• Flexible closing (14 days or seller’s timeline)

The listing agent let us know the seller is motivated but thinks our price is too low to accept. They’re willing to negotiate, just not down to our number.

We’re looking for smart ways to make our offer more appealing without increasing the purchase price.

What creative strategies have you used successfully in this type of situation?

Any tips that reduce seller friction or increase their net without raising our number? 

Thanks in advance.