As promised we covered Insurance A-Z with Tom St Jean
* Replacement Cost vs Actual Cash Value – Make sure you understand how the Value is arrived at since Actual Cash Value has depreciation built into it.
* Avoid or have extra coverage if your policy states “CO-INSURED”
* Make sure your Insurance company will cover a problem before reporting it. Len Theran can help at 617-932-5192 Professional Loss Adjusters. No sense claiming some small nuisance MOLD to be mitigated, if you can clean it yourself. Reporting anything will put you Forever into the Insurance trade “CLUE” reports where all Insurance companies can decline coverage on a preexisting condition you should be able to correct yourself!
* Anytime my agents switch carriers they usually require a photo of all areas below kitchen and bath sinks. This is a good time for YOU to update the Plumbing and clean up those areas.
* We’ve listed 10 ways you can reduce your Premiums on our Blog at the home page.
* Builders risk/vacant property coverage is necessary and not that expensive if you’re rehabbing a property.
* See Tom for extended Liability and Umbrella increases if you’re in Business, in light of our litigious society.
Do you want to learn how to make money in Real Estate…blah blah blah
Well, we went through How to Flip, Wholesale or Buy-FixUp-Rent/Sell.
We also introduced the necessary Partners/Service providers you may need.
As I usually say: “No matter how much Money you have or how cheap a Property is, they will never come together on their own! They can’t. They’re inanimate objects. You make it happen! You are Real Estate Investor! You’re the Catalyst”
1. First we went through how to Find properties and used a Property I found close by, in Peabody, also why I chose it.
2. We introduced 5 Active Real Estate Brokers, in attendance at the meeting, to help you with a Comparable Market Analysis, the Current Value and more importantly the Ultimate Fixed-Up-In-Perfect-Condition value.
3. Next you were introduced to 4 Investors that are Buying Flips and Wholesale Deals, will analyze your Deals and maybe even Buy them from you.
4. and 3 Contractors offered to help with rehabbing estimates.
5. Of course those Brokers, at the meeting, that just offered to help you with Values will also help you Sell on the Retail (MLS) Market for the highest Price and quickest DOM (Days On the Market) Sale time.
I’m glad to keep this “Learn to Make Money in Real Estate” theme going! If you’ll send me any leads you get, preferably Under Agreement so there’s no disagreement as to who should be compensated. I can also help you with the agreement or just send a lead and I’m glad to advise you WHO to forward it to, who I know can move to the next level WITH YOU! [email protected]
We’ll have Heather from Tom St. Jeans office stop by for an introduction to Renters Insurance (which all our Tenants should have) next monthly meeting June 25 where our theme will be How to easily determine the Life Span & Value of an Asset (should I sell or keep it).
Heather’s apartment building was trashed, several years ago when the Roof was stripped, not covered and deluged in a rain storm. She had Renters Insurance no one else in the building did!was trashed but she was covered.
$150/year Landlord is named as Additional Insured is about the cost of your TV set and one outfit of clothes, so at the least you should be offering these worthwhile policies to your Tenants otherwise they have No Coverage in a loss.
Incidentally Heather covers the “Personal” lines of Insurance – Home Owners, Auto, Condo, Rental Boats, Motorcycles while Tom who spoke to us has the Commercial and Business Policies some of us need!
I look forward to see you soon, Mike Hurney, Director MassRealEstate.net & NewHampshireREIA.org
PO Box 307, Marblehead, MA 01945