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?

Comments(9)

  • finniganps19th October, 2007

    Call a mortgage broker or local bank that is referred to you by a friend/relative.

  • bgrossnickle11th October, 2007

    I usually pay about $1200 for a six month policy on a house worth anywhere from 50k to 150k.

  • srj197212th October, 2007

    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

  • norrist13th October, 2007

    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]

  • norrist14th October, 2007

    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...
    [addsig]

  • srj197215th October, 2007

    The type of coverage just mentioned ("moving properties in and out"wink 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

  • ryandick15th October, 2007

    I used a builders risk from Zurich on my last rehab. It cost $350 (annually) on a $75,000 policy. (Tonawanda, NY)

  • norrist20th October, 2007

    Property & casualty insurance is state-regulated/mandated, so that law change may be for Montana only, keep in mind...
    [addsig]

  • srj197225th October, 2007

    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

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