Hi, I am new to RE investing. Just wondering what the best way to start in commerical? What is the best way to get financing? I have an LLC for residential props, can I use that for commerical? Thanks, Mike
I usually insure for the mortgage amount or my replacement cost (your insurance broker will give you this number) if I feel the property my be at risk.
$95 sounds cheap. Keep in mind there is alot of value in land nothing should ever happen to the land.(I am assuming you are not in a area of sinkholes) If the structure ever got destroyed you would have to pay about 10K to remove it.
After calling 3-4 other insurance brokers who did not return my call, I went with $95/sf. This has been an interesting pursuit. One would think brokers would want more customers with 4-5 properties and growing.
I finally got some responses but that would explain the apathy/reticence. These are local brokers so I cannot imagine that they would not want to pick up half a dozen properties in one swell foop.
One broker actually had the audacity to tell me that he did not want to work with me if all I was going to do was shop for insurance. [ Edited by Cornell81 on Date 06/26/2005 ]
I usually insure for the mortgage amount or my replacement cost (your insurance broker will give you this number) if I feel the property my be at risk.
talk to local contractors too.
$95 sounds cheap. Keep in mind there is alot of value in land nothing should ever happen to the land.(I am assuming you are not in a area of sinkholes) If the structure ever got destroyed you would have to pay about 10K to remove it.
After calling 3-4 other insurance brokers who did not return my call, I went with $95/sf. This has been an interesting pursuit. One would think brokers would want more customers with 4-5 properties and growing.
Thanks for your help.
With many carriers not writing new business in FL, it will probably be tougher to find an Agent interested...
I finally got some responses but that would explain the apathy/reticence. These are local brokers so I cannot imagine that they would not want to pick up half a dozen properties in one swell foop.
One broker actually had the audacity to tell me that he did not want to work with me if all I was going to do was shop for insurance. [ Edited by Cornell81 on Date 06/26/2005 ]
Auto and financial services!!!