All Forum Posts by: Stan C.

Yeah, this is strange. Actually another lawyer told be that it Ok for the "first" lawyer to represent both parties. But I assume that it's even "more OK" to have my own lawyer... Thanks!

Can seller's attorney draft a contract for me (the buyer), do title search etc..., for a normal attorney fees from my side? Or must I have my own attorney?  The seller's attorney says he can represent both parties. Is that normal? No conflict of interests? The property and attorney are in NC, I'm in NY. 

Thanks. 

Do people usually consider if an insurance carrier "reputable" as far as chances of claim approval, or do they just buy cheapest offers? Does it make sense to chase down more reputable ones versus lower priced? 

Does it make sense to seek a non-recourse loan for 25% down or proceed with a regular loan of 20%, lender of which says it will be a non-recourse but they can't put this in writing and they will sell the loan to another loan company and thus can't guarantee that the new loan owner won't change it to a non-recourse.  

Are most conventional loans on investment properties recourse?  How important is it to have a guaranteed non-recourse loan?  

Does that mean that lenders of a traditional loan on investment property in a Non Recourse state can not go after personal assets except for the collateral property in case of default? 

In particular I'm asking about North Carolina. 

@John Mocker, Thank you! But what I meant is not much info about them online from customers, such as reviews. I'm aware of their website though.   Looking for real life experience with them. 

An agent is offering me this Currier which has very good rated. But it's not AM Best rated and there's very little info about Lighthouse online.  Anyone had any experience with them? 

Thanks. 

@Chris Moxley, @Kevin Hoag, @Jason Bott

Thank you for the great posts. In insurance brokerage company gave a quote from Lighthouse insurance carrier. They modified it to fit my needs basing on great recommendation on this thread (THANK YOU AGAIN). It's decently priced but it's only 500k liability so I may have to try to get an umbrella policy from a local NY insurer as well... 

But I'm not so sure about the credibility of Lighthouse and likelihood of them approving a claim in case of one. Had anyone had experience with Lighthouse?  The property is in Jacksonville, NC. I'm in NY. 

Thank you @Yonah Weiss, 

But I'd like to hear from actual investors based on real life experience. 

Anyone please?

I'm shopping around for insurance for my first duplex. I won't have a LLC for now, no umbrella coverage either. What are recommended values of:

 - Liability protection? 

 - Medical Payments? 

 - Loss of Rent (what period should be covered)? 

 - My appraisal value roughly equals asking price. How much over the sale's price should I have the Dwelling be covered for? 

 - Damage by a Dog (many residents have dogs in the area)? 

Do I need PERSONAL PROPERTY to be covered? Am I liable for tenants' personal property damage? 

Do I need FIRE damage coverage? 

Do I need coverage for damage by a dog (many residents have dogs in the area, but current tenants of this duplex don't have pets)?

Do I need "Other Structures Coverage"? (There's only a low wooden fence and a lawn besides the main structure). 

Thanks.