Have Anyone Heard Of Rapid Advance
I was wondering through the web, and found a website called Rapid Advance. The website states that you can loan up to 600k for real estate, but how true is that? I need some help?
I was wondering through the web, and found a website called Rapid Advance. The website states that you can loan up to 600k for real estate, but how true is that? I need some help?
Call a mortgage broker or local bank that is referred to you by a friend/relative.
I usually pay about $1200 for a six month policy on a house worth anywhere from 50k to 150k.
Thanks guys,
Do you find that going to your regular insurance agent is where you end up getting coverage or someone who "specializes"? Anyone aware if a person is able to select a policy of this type through an online or national source that prices many different companies?
Thanks,
Scott
Find an agency that reps AMIG, Diamond States, and/or Foremost. There are a few other cariers out there for this market, but tend to be more regional. May want to look for a referral from a local REIA group...
[addsig]
Unfortunately for you and your peers in Florida, insurance can be a killer to REI...The "non-refundability" may not be an issue if you consistently move properties "on and off" the policy...
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The type of coverage just mentioned ("moving properties in and out" is what I was hoping to learn more about.
Does it only make sense if there are multiple properties?
I imagine then that the premium of X per thousand is prorated and expands and contracts per billing period depending on the assets currently "in" coverage?
Scott
I used a builders risk from Zurich on my last rehab. It cost $350 (annually) on a $75,000 policy. (Tonawanda, NY)
Property & casualty insurance is state-regulated/mandated, so that law change may be for Montana only, keep in mind...
[addsig]
thanks for the replies.
Investors_Rehab, you mentioned you get this type of coverage for all your rehabers, are you a hard money lender, an insurance broker or wholesaler?
What company do you use in these circumstances?
Thanks,
Scott