Commercial Company for Apartment Buildings

[Jeffreydhowerton]

Ladies and gentlemen,

I need help. I have several investors that are buying foreclosed or vacant apartments 16-40 unit buildings. These are older buildings built in the 1930-40's. These all will be gutted and updated.

My commercial markets want no part of this business and I have lots of opportunity in this market.

Jeff

 

[Bobby]

What state are you in bhhc.com Berkshire Hathaway

 

[Jeffreydhowerton]

What state are you in bhhc.com Berkshire Hathaway

i write in Missouri and Kansas.

 

[INSUREGEEK]

Are they just rehabbing the properties, or do they intend to keep them as rental units?

If they are rehab-only I know some Inland Marine programs used to write Builder's Risk on these all day long. Your CL underwriter might not know this though. You'll have to ask.


If they are being kept as rentals, you'll have to roll up your sleeves and start researching. Hopefully someone here has some advice.

Good Luck!

 

[Jeffreydhowerton]

I have the Builders Risk part taken care of that was EASY! Now since they are renting these out seems to be the tough part.

 

[INSUREGEEK]

Yeah - the reason is that the standard carriers can't underwrite a property to their specs when they really have no idea who is living there.

I will call a few of my CL agent friends and see what I can find out for you. These things are all over - somebody has to be writing them.

 

[insurance1822]

Well as you may know TOWER was writing these all day. Their commercial book has been acquired by AMTRUST. Obviously because of their current financial rating you need to be careful (and arguably not use them..) but with the Amtrust takeover who knows? Guard will also write this along w/ Harford.