Flipping America 515, Insurance Claims HQ
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If you own a property, you ought to insure it. Your property is at risk.\\xa0 If you own investment property, you REALLY need to insure it. Your entire livelihood is at risk. Today we are going to tell you why the insurance you have might be worthless and tell you what you need.
If you have the wrong insurance, your company will not cover you in a claim. They are never going to act out of the goodness of their heart. They are a company and companies don\\u2019t have a heart. They are going to act in the best interest of their stakeholders or shareholders.\\xa0
In some cases you might have the RIGHT insurance but they refuse to pay your claim anyway. You would think this would be a rare occurrence, but it happens often enough that entire law firms are built to combat this. Today we are going to speak with one such firm - Insurance Claims Headquarters. And our guest is Attorney Galen Hair.\\xa0
That\\u2019s coming up in just a few minutes.\\xa0
How to contact us
www.RogerBlankenship.com. Leave a voicemail right from the home page!
Facebook.com/flippingamericamedia
Twitter and Instagram @FlippingAmerica
Call our National Comment Line: 877-55-ROGER (877-557-6437) \\xa0 ext 1. Leave your message or your question.\\xa0
Sponsors
Flipping America Funding : Get the money you need for your business, for your training, for infrastructure, and for your projects. Flipping America Funding is your one-stop shop for all of your business funding needs. FlippingAmericaFunding.com.\\xa0
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Announcements:
- FlipStarter November 2021 is sold out. But we\\u2019ve already scheduled it again for January.\\xa0
- REI QuickStart - 15 lessons to have you making offers in 2 weeks.
- REI By the Numbers - All of the formulas I use for deal analysis, project tracking, and ROI calculations.\\xa0
- Find Your Fit in REI
- Create the Life of Your Dreams
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- Learn how to Find, Fund, Fix and Flip houses
- Four weeks of video instruction (2 hour sessions)
- Four weeks of group coaching
- You\\u2019ll get my book, \\u201cFantastic Deals and Where to Find Them\\u201d, the exact procedure I used to get 10,000 deals per week in my inbox.
- You\\u2019ll get my book, \\u201cHow to Put Skin in the Game When You Are Running Out of Skin\\u201d, my little book on how to do deals - even big rehabs - with none of your own money.
- You\\u2019ll get my book, \\u201cStop Being Poor\\u201d which describes the poverty mindset and suggests a way out.\\xa0
- Includes online courses, ($800 value)
- Purchase and Sale Agreements for your offers
- Contractor Docs, my package of eleven documents that describe policy and procedures for working with contractors, including the actual Construction Agreement I use. I paid a lawyer thousands to create this bullet-proof agreement and I\\u2019ll include it.
- How to manage the rehab process
- How to make $5000 in the next 30 days
- \\u201cDouble Your Investment\\u201d guarantee. Although it\\u2019s a 30 day program, you stay on the coaching calls until you have at least doubled your investment in this training.
- Money back guarantee. If at any time you believe this isn\\u2019t the thing for you, notify us and you can drop out and get a refund for remaining sessions
- Your investment: $997.67. Or pay three installments of $350.\\xa0
- Early Bird Discount: Register before December 1st and save $200.
- 100,000 people want this - we only have 100 seats.\\xa0
News and Resources:\\xa0
- What Does Builder\'s Risk Insurance Cover? https://usassure.com/blog/construction/what-does-builders-risk-insurance-cover\\xa0
- How home fire insurance works? https://www.ahainsurance.ca/home-insurance/home-fire-insurance/\\xa0
Mindset Moment:\\xa0
Questions from Listeners:\\xa0
- Michelle, Las Vegas. I have an opportunity to buy a house that needs serious updating. I plan to move in and make repairs as I go. Can you recommend a hard money lender out here in Vegas? The house is selling for $265,000, but it would be worth nearly $600,000 when I get all the work done. It will take about $120k to do everything I want to do, but I also plan to live here several years. I make good money and could qualify for a loan up to about 400,000, but the lender I spoke with won\\u2019t loan money to make the repairs.\\xa0
My answer: Dodd-Frank prohibits HM lenders. Conforming lenders are limited when repairs are needed. FHA requires finished floors, for example.\\xa0\\xa0
FHA 203k Loan
Go conventional, make repairs as you can with cash.\\xa0
OR get a HELOC and make repairs.\\xa0
- Andy, LaSalle Pennsylvania, \\u201cI have two great deals in front of me, but I don\\u2019t have enough cash to do them both. What would you do?\\u201d
- Jeff, Louisville, KY,I like your show and appreciate what you have to say. I want to get some training, but I\\u2019m cheap. I am finding a lot of information on the internet for free. Why should I pay for training and oh by the way, do you have an opinion about which free resources are best?\\xa0
- Helen, Ocala, FL, My husband Bob and I want to buy 3 or 4 rental houses, but we don\\u2019t want to manage them. Therefore we don\\u2019t care where they are really. Can you help us?
- Patricia, Greensboro, NC, I have two rentals I want to sell. They are rented so I guess I\\u2019ll need to sell them to an investor. Would an agent even list these properties? If not, how would I go about selling them?
- Tim, Las Vegas, I think I heard you say something about using a realtor. I\\u2019m a professional investor. I can take calls and sell the property myself. Why would I want to give up 6 or 7 percent of the sales price to an order taker?
- Nick from Aurora, CO, How do you go about hiring a realtor in a new area? What are some of the things you look for? What do you ask them for and what do you promise them?