OfflineAfter talking with somebody, I have found out a few things I did not know...I have a possible foreclosure on my radar that I am interested in, and want to lock it up, and use hard money...So from talking with this person, I am not sure: but
Do I need insurance while in the process of fixing up the home? - What for exactly?
Are there loans / grants that I can apply for?
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you always want to have insurance coverage on any property you're rehabbing, no matter what anyone else has told you, in worse case scenario that a fire erupts on your property overnight. Don't laugh it has happen. You can to have coverage for your investments. You can use HML to rehab. 203k loan if you're going to occupy the property to purchase and rehab.
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thanks alot...i appreciate you responding to the question..I def believe that fires ca happen...even in the short time of rehabbing... so thanks again
~TAKE ACTION AND THINGS WILL HAPPEN~
***Something to Believe In***
"If you want something, GO GET IT...PERIOD" Will Smith
***"I CAN'T IS NOT A EXCUSE...IT JUST MEANS YOU WON'T"***
"Obstacles are those frightful things you see when you take your eyes off your goal" Henry Ford
~"Success doesn't come to you...You go to it" Marva Collins~
That is correct. Even if you think you don't need it, you do! I believe it is the law to have insurance no matter what the case is. And anything can happen over night, break -in, flood, fire, tree coming down on the roof, Billy Joel crashing into the side of your home! j/k with that one, but it has happened! LOL So the point is insurance is a must always.
Jeremy
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Good luck with this potential foreclosure deal. Also try to budget for all other carrying costs such as utilities, property taxes, etc. Sometimes repairs and carrying costs can be more than you originally budget for. Good luck with all your deals. Believe and Achieve!
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I agree with Joe 100%. Def need insurance for those reasons and to cyoa. If someone fall or gets hurt you will need to be covered. You never know.
That was funny Jeremy, Billy Joel does have a habit of NOT following the road lol.
But mark is safe since he doesn't live on the Island.
Hi Marc,
It is wise to protect one of the biggest investments in your life. Not only to have it in case the home is damaged but if you are or anyone else is injured in the process. Having personal liability is important. Most mortgages will require you to have insurance. Keep in mind, it is always better to go into a battle Armored! Much success......Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
Great question, with some really valuable advice from the responses.
Angela
You guys are too funny!
If this RE thing does not pan out for you maybe you can sell Insurance HA!
Angela
If you are going to use a hard money lender or any other lender, they will insist upon insurance on their collateral in order to protect their investment. I you are going to use your own cash, you will want to protect that investment also!
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
thank you everyone for jumping in for me...I appreciate all the feedback
~TAKE ACTION AND THINGS WILL HAPPEN~
***Something to Believe In***
"If you want something, GO GET IT...PERIOD" Will Smith
***"I CAN'T IS NOT A EXCUSE...IT JUST MEANS YOU WON'T"***
"Obstacles are those frightful things you see when you take your eyes off your goal" Henry Ford
~"Success doesn't come to you...You go to it" Marva Collins~