Posted by Ken on November 05, 2009 at 19:17:27:
In Reply to: Re: Home insurance to flip the property? posted by Lubasha on November 04, 2009 at 12:02:56:
You borrowed the money butI assume no mortgage which means a friend who trusts you.If the house burned could you write a check to your friend who loaned you the money to replace what you borrowed.If not you need to get a policy and do the right thing by the person who loaned you the money in the first place.I buy houses in that price range and could get a policy with a $100 down payment,if it really is sold in a month you will have it gone before a payment is even due on the policy.If you cannot afford a policy with the deal you need to find a better deal