All Forum Posts by: Sarah Downey

Have you all looked into OBIE or Steadily? They focus on policies for investors, and their pricing/customer service/coverage all seem to be great from my experience with them. 

I would check out OBIE or Steadily. They focus on writing policies for RE investors. Their pricing and customer service have been really good in my experience with them. 

Amazing work on this one, Pete! Your long-game strategies (sending out letters and working with the sellers on closing delays) really paid off.

Welcome to Bigger Pockets, Nicole! 

 It is so great that you are looking to diversify your investments. This is a great community to support you on your journey. 

My husband and I purchased our first home from a turnkey provider in Memphis back in 2017. It was a great stepping stone for us. We now not only hold more real estate but also help RE investors navigate the process of selecting private lenders to work with. 

I know a lot of investors who love the Ohio market, and it seems like there are a lot of great connections via BP to those cities.I would recommend searching the forum posts if you haven't already to try and connect with investors/agents/turn-key companies there since you are investing out of state. 

One last recommendation: I just joined a group for female investors called InvestHers. You should check them out. You can find them through BP or Facebook. They are a super cool group of ladies. 

Best of luck on your journey in the fun and exciting world of real estate investing. 

@Greg Downey , I'm adding you to this chain for your thoughts. 

Quote from @Shawn Krieger:

Quote from @Sarah Downey:

Oh geez, yeah you are paying 5% in origination/broker fees not including processing/uw/legal.

That’s a lot! 

any direct lenders you recomend

Hi Shawn,

Yes, we can definitely help. I will PM you and try to connect you with @Nate Herndon from our office. 

I would recommend getting involved with a local REIA group and learn from others that have been doing this for a while in your local market.

I think it is important to have wisdom from other before diving in. 

Also, I would avoid using credit cards as much as possible. As you are beginning this could put you in a tight spot and if you damage your credit it will make financing hard in the future.

I have just seen a lot of people over leverage themselves and get into trouble. 

Quote from @Baird King:

Insurance difficulties are everywhere these days, but it seems there is at least one (expensive) option in most instances.  We are having a heck of a time finding ANY option for our situation.  We live in one unit on our duplex consisting of two stand-alone houses in Ventura, California.  The other house is a short term rental.  We have found policies that would cover the entire property if it was not owner occupied, and we have found policies that would cover the property if the units were connected.  We have been working with multiple brokers who have tried with all the big name providers, as well as loads of smaller providers. We have also tried Proper, which seemed so promising, but they don't cover our zip code.  The insurance world is changing rapidly so I am hoping someone out there in a similar situation has had recent success.  I would hugely appreciate any suggestions, tips or tricks!

Have you tried OBIE or STEADILY? They might be able to help work through this. They focus on policies for real estate investors. You should be able to get connected with them online quickly. I know both were at BPCon23 and we have gotten lots of policies with them for our investors.

Quote from @Genele Ekinde:

Is the Fico score 2 (mortgage score) or score 8 used to get pre-approved for an investment mortgage loan?

Hi Genele,

It can fluctuate depending on the credit bureau and credit company the report is being pulled from. 

We use CIC and it pulls the below models which are common with mortgage lending.

Here’s a good article too:https://www.myfico.com/credit-education/credit-scores/fico-s...

Oh geez, yeah you are paying 5% in origination/broker fees not including processing/uw/legal.

That’s a lot!