Rental Property Insurance Pitfalls with Attorney Galen Hair

 

Rental Property Insurance Pitfalls with Attorney Galen Hair

 

Guest (Attorney Galen Hair): New Orleans Attorney Galen Hair is an expert in avoiding rental property insurance pitfalls.  At any given time Galen and his team are involved in helping several hundred people obtain full payment from insurance companies for catastrophic loss.

 

Big Idea: Rental property insurance policies are designed NOT to pay out.  Galen Hair & I discuss the process for purchasing a property insurance policy.  I personally own dozens of properties and have flipped well over 1,000, and I’ve NEVER bought insurance with the level of due diligence coached by Galen.  You may not have the insurance protection you believe you bought….

 

 

    

 

Dan Breslin: Today we are joined by New Orleans Attorney Galen Hair who is an expert in avoiding rental property insurance pitfalls. At any given time, Galen and his team are involved in helping several 100 people obtain full payment from insurance companies for catastrophic losses. A catastrophic loss would be considered a very large claim usually a fire in the context of us real estate investors. The thing is, many rental property insurance policies are actually designed not to pay out completely in those catastrophic events.

During this episode, Galen and I discussed the right process for purchasing a property insurance policy. I personally own dozens of properties and have flipped well over 1000 and I have never bought insurance with the level of due diligence coached by Galen on today’s episode, you may not have the insurance protection that you believe you bought. Let’s begin.

Alright, welcome to the REI diamond show. Galen, how are you doing?

Galen Hair: I’m great. How are you doing?

Dan: Nice. I am also great. We had like 60-degree weather here. It’s December in Chicago, which is unique for us this time of year. So no one’s complaining about the weather right now. Whereabouts are you recording in from and live and invest in that kind of thing?

Galen: Yeah, so our office is based in New Orleans. Essentially, that’s where I live. Spend most of my time here. Unfortunately though, given my line of work, I kind of have to follow disasters where they are. So I will move around, probably head to the Midwest next week because of some tornadoes that just kind of blew through everything during hurricane season, I kind of moved from Hurricane to hurricane but most of my life and work are in New Orleans. And the weather is crazy in New Orleans if anyone follows that. So I think today, it’s pretty good. It’s like 65. But a couple of days ago we were in like the 30s. So it’s just all over the place.

Dan: So just to kind of give people a little bit of background, if you would touch on maybe some of your real estate experience, and then kind of encapsulate what it is that you do in your business model now and how that fits in for real estate investors listening.

Galen: Yeah, so real estate-wise, I’m definitely an amateur. I do identify properties that make sense for us to pick up kind of in and around the New Orleans area. And what I’ll do is buy those, fix them up and actively rent them out. I find that that’s an easier model for me than flipping, although the markets are pretty good here. It produces revenue. So for me, as long as it’s cash positive, it’s an investment that I’m kind of interested in. But I don’t do more than maybe two a year.

 

This Episode of The REI Diamonds Show is Sponsored by the Deal Machine. This Software Enables Real Estate Investors to Develop a Reliable & Low Cost Source of Off Market Deals. For a Limited Time, You Get Free Access at http://REIDealMachine.com/

 

This Episode is Also Sponsored by the Lending Home. Lending Home Offers Reliable & Low Cost Fix & Flip Loans with Interest Rates as Low as 6.99%.  Buy & Hold Loans Offered Even Lower.  Get a FREE IPad when you Close Your First Deal by Registering Now at  http://REILineOfCredit.com

 

Resources mentioned in this episode:

www.InsuranceClaimHQ.com

 

For Access to Real Estate Deals You Can Buy & Sell for Profit:

https://AccessRealEstateDeals.com/

 

Galen Hair & I Discuss Rental Property Insurance:

  • Rental Property Insurance Policy Pitfalls-written to avoid paying claims

  • How to Make a Claim in the Event of Catastrophic loss

  • Choosing Enough Coverage When Buying a Policy

  • The Sneaky Practice of “Co-Insurance”


    

Relevant Episodes: (There are 205 Content Packed Interviews in Total)

 

The transcript of this episode can be found here.
Transcripts of all episodes can be found here.

Life Lessons on Prosperity with The Wealthy Gardener author John Soforic

 

Life Lessons on Prosperity with The Wealthy Gardener author John Soforic

 

Guest: Dr. John Soforic was a once chiropractor with 200k in student debt. He retired at 49 with a retirement income of $240,000. He then wrote a book for his son in college: The Wealthy Gardener: Lessons on Prosperity between Father and Son. The book became an Amazon bestseller, hit #46 worldwide on audible, and has been translated into 6 languages.

 

Big Idea: Generational Wealth is not just money, equity, or numbers on the balance sheet.   One very critical component of wealth his the knowledge on how to steward that wealth, a critical piece missing from so many estate plans.  John viewed this challenge in his own life as he sought to inspire his 19 year old son to absorb and learn the wisdom he’d discovered over the decade of building his own wealth.  And so The Wealthy Gardener was born.

I listened on audible myself and then found myself immediately recommending the book to a few friends of mine who are early in their real estate investing career.  I’d describe this book as the “Rich Dad, Poor Dad” for the new generation, but with a greater focus on real estate and the mindsets needed to create a wealthy life.  John and I discuss real estate, my juvenile delinquent past, our shared experience of having a child attend Temple University, and of course his book, The Wealthy Gardener.  Please enjoy this conversation with John Soforic.

 

    

Dan Breslin: Welcome to the R.E.I Diamond Show. I’m your host, Dan Breslin. And this is Episode 200 with Life Lessons on Prosperity with The Wealthy Gardener author John Soforic.

If you are into building wealth through real estate investing, you are in the right place. My goal is to identify high-caliber real estate investors and other industry service providers. I’d invite them on the show and then draw out the jewels of wisdom, those tactics and mindsets, and methods used to create millions of dollars or more in the business of real estate.

Dr. John Soforic was once a chiropractor with more than $200,000 in student debt. He retired at age 49, with a retirement income of $240,000 per year. He then wrote a book for his son in college, The Wealthy Gardener: Lessons on Prosperity Between Father and Son. The book went on to become an Amazon bestseller. Hit number 46 worldwide on Audible and has been translated into six languages.

Generational wealth is not just money. It’s not just equity or numbers on a balance sheet. One very critical component of wealth is the knowledge on how to steward that wealth, a critical piece missing from so many estate plans. John viewed this challenge in his own life as he sought to inspire his 19-year-old son to absorb and learn the wisdom he discovered over the decade or more building his own wealth. And so, The Wealthy Gardener was born.

I listened on Audible myself and then found myself immediately recommending the book to a few friends of mine who are early in their real estate investing career. I describe this book as the Rich Dad Poor Dad for the new generation, but with a greater focus on real estate and the mindsets needed to actually create that wealthy life.

John and I discussed real estate, my juvenile delinquent past, our shared experience of having a child attend Temple University and, of course, his book, The Wealthy Gardener. Please enjoy this conversation with John Soforic.

 

Episode Sponsored by the Deal Machine:

Driving for Dollars Software to Build a Team of Drivers, Manage Routes, & Even Automate Marketing.  Free Access at  http://REIDealMachine.com/

 

Resources mentioned in this episode:

https://WealthyGardener.com/

 

John & I Discuss Life Lessons on Prosperity:

  • How to Pass on Generational Wealth

  • Overcoming Challenges in Life

  • Building a $20K Per Month Portfolio

  • The Wealthy Gardener


    

Relevant Episodes: (There are 200 Content Packed Interviews in Total)

 

The transcript of this episode can be found here.
Transcripts of all episodes can be found here.

Get Max Cashflow from Buying Vacation Rental Property with Avery Carl

Episode: Buying Vacation Rental Property with Avery Carl

Guest: Avery Carl is the founder of The Short Term Shop.  Their focus is managing & buying vacation rental property in stable, long term vacation rental markets.

Big Idea: “What can we buy to make the most amount of money possible so that we can buy more properties quickly?”  asked Avery as she was building her rental portfolio early on, she found herself with enough capital for just one more down payment.  The answer to the question led her to buying vacation rental property throughout Florida, Tennessee and Alabama.

Avery now runs The Short Term Shop and has closed more than 350 vacation rentals for her clients.  Her done-with-you approach allows investors to maximize their income while managing from afar.  She created the STS University to help new vacation rental owners learn the ropes.  It it possible to effectively run your investment from 500 miles away?   Listen to find out.

  

Dan Breslin: Welcome to the REI Diamond Show. I am your host Dan Breslin and this is episode 184 on buying vacation rental property with Avery Carl. If you’re in the building wealth through real estate investing, congratulations, you are in the right place. My goal is to identify high caliber real estate investors and other industry service providers invite them on the show and then draw out the jewels of wisdom those tactics mindsets and methods used to create millions of dollars and more in the business of real estate.

Today we are joined by Avery Carl. Avery runs the Short Term Shop, a high-volume boutique real-estate firm focused on short-term vacation rentals. We cover exactly what’s needed to get into and profitably operate a vacation rental. We also talked about a few of the hottest vacation rental markets in the US and why those markets tend to be a more stable investment over the long term and finally, we discussed a few reasons why adding a vacation rental or two or three is a perfect start or addition to any real estate investors portfolio. No matter where you’re currently located. Let’s begin. All right Avery Carl, welcome to the REI Diamond Show. How you doing today?

Avery Carl: Pretty good. How are you?

Dan: I am doing well. So we’re just the beginning of February here for a timestamp. I am curious where you are recording from in the country and what the weather is like there currently?

Avery: I am recording in 30A, Florida so Panhandle of Florida and it is about 65 degrees.

Dan: Is that cold for you guys there?

Avery: Yeah.

Dan: Yeah. We’re getting the polar vortex here in Chicago and we have the ice shelf forming out the window here and it’s cold. It’s making me want to jump in the car and drive to Florida and spend some time in a vacation rental, which the’re all pretty much booked up in Florida right now. We checked but we all get to all that in a moment. So Avery, do you want to start out by telling us how you got started in real estate? And what does your primary business model look like today?

Avery: Absolutely. So I kind of ended up in real estate and real estate investing by mistake or not by mistake. I just kind of fell into it, my husband and I moved to Nashville, Tennessee in 2013 from New York City. And, obviously, we who can’t afford to buy something in New York City when you’re just starting out so we moved to Nashville so that we could buy a house and have some space. And, when we got there I didn’t have my real estate license yet. I was working as a marketing manager in the music business and our real estate agent was trying to get us to buy in this really hip superfast depreciating area of Nashville, and we didn’t really want to do that because we were just coming from Brooklyn really tired of neighbors.

 

Episode Sponsored by the Deal Machine:

Driving for Dollars Software to Build a Team of Drivers, Manage Routes, & Even Automate Marketing.  Free Access at  http://REIDealMachine.com/

 

Resources mentioned in this episode:

www.TheShortTermShop.com

 

Avery & I Discuss Managing & Buying Vacation Rental Homes

  • Selecting the Right Property for Max Income

  • The Bigger the Loan, the Better the Deal

  • Secrets of Self Managing Vacation Rentals

  • How to Get Favorable, Very Low Rate Financing


  

Relevant Episodes: (There are 184 Content Packed Interviews in Total)

 

The transcript of this episode can be found here.
Transcripts of all episodes can be found here.

Avail the Free Property Management Platform with Laurence Jankelow

Laurence & I Discuss:

  • Cycle of a Landlord-Move in to Move Out

  • Automate every step of the process

  • Auto-pay tenants ACH

  • Credit Report, Background, & Lease Signing Online


Listen Now:

Google Play

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Relevant Episodes: (There are 161 Content Packed Interviews in Total)

Resources Mentioned in this Episode:

www.Avail.co

 

Do You Know Anyone Else Who’s a Real Estate Investor? 

Do You Think they’d Also Enjoy this Episode?

Please Forward this Link & Tell Them to:

 

Sign Up for the REI Diamonds Weekly Podcast Your Copy of “Become a Wholesale Real Estate Master”

Just Go to www.REIDiamonds.com to Download a Copy & Check out Recent Popular Episodes.

 

Scaling Your Business through A Players with Mike Matalone

Mike & I Discuss:

  • Definition of an “A” Player

  • System for Attracting & Onboarding Talent to Stay

  • How to Make Better Hires

  • Training for the job hired is a Mistake…


Listen Now:

Google Play

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Relevant Episodes: (There are 160 Content Packed Interviews in Total)

Resources Mentioned in this Episode:

www.XP3Talent.com

 

Do You Know Anyone Else Who’s a Real Estate Investor? 

Do You Think they’d Also Enjoy this Episode?

Please Forward this Link & Tell Them to:

 

Sign Up for the REI Diamonds Weekly Podcast Your Copy of “Become a Wholesale Real Estate Master”

Just Go to www.REIDiamonds.com to Download a Copy & Check out Recent Popular Episodes.

Turn Key & BRRR-Key Rentals with Ali Boone

Ali & I Discuss:

  • Birth & Death of Turn Key Rentals in Many Markets

  • Best Markets in U.S. for Expected Appreciation

  • Importance of Buying Right

  • How to Mitigate Risk of Buying from the Wrong Provider


Listen Now:

Google Play

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Relevant Episodes: (There are 149 Content Packed Interviews in Total)

Resources Mentioned in this Episode:

www.HipsterInvestments.com/diamonds

 

Do You Know Anyone Else Who’s a Real Estate Investor? 

Do You Think they’d Also Enjoy this Episode?

Please Forward this Link & Tell Them to:

 

Sign Up for the REI Diamonds Weekly Podcast Your Copy of “Become a Wholesale Real Estate Master”

Just Go to www.REIDiamonds.com to Download a Copy & Check out Recent Popular Episodes.

Why Single Family is Better than Multi-Family for Building Wealth with Greg Rand

Greg & I Discuss:

  • Reasons Why Single Family is Better than Multi Family

  • Considering Liquidity when Investing in Real Estate

  • Data Points for Selecting a Market

  • Greg’s Favorite Single Family Real Estate Markets


Listen Now:

Google Play

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Relevant Episodes: (There are 144 Content Packed Interviews in Total)

Resources Mentioned in this Episode:

www.RentersWarehouse.com

 

Do You Know Anyone Else Who’s a Real Estate Investor? 

Do You Think they’d Also Enjoy this Episode?

Please Forward this Link & Tell Them to:

 

Sign Up for the REI Diamonds Weekly Podcast Your Copy of “Become a Wholesale Real Estate Master”

Just Go to www.REIDiamonds.com to Download a Copy & Check out Recent Popular Episodes.

Jim Huntzicker on Buying REAL DEALS through the MLS

Buying Real Deals on the MLS

Jim & Dan Discuss:

  • Selecting the Right Markets for Fix & Flips Deals

  • Price Point to Search & Win Deals on the MLS

  • Script & Process for Presenting Profitable Offers to Agents

  • Solid Productivity Strategy for Busy Real Estate Pro’s


Listen Now:

Google Play

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 Mentioned Episodes: (There are 78 Content Packed Interviews in Total)

Do You Know Anyone Else Who’s a Real Estate Investor? 

Do You Think they’d Also Enjoy this Episode?

Please Forward this Link & Tell Them to:

Sign Up for the REI Diamonds Weekly Podcast Your Copy of “7 Sources of Off Market Deals”

Just Go to www.REIDiamonds.com to Download a Copy & Check out Recent Popular Episodes.

Matty A on Flipping 30 Houses Per Year

Flipping Houses

Matt & Dan Discuss:

  • Source of Deals for both Agents & Fix/Flip Investors

  • Market Data to Watch to Know When Market is Going Down

  • How to Shift Your Model to Prepare for a Coming Real Estate Market Change


Listen Now:

Google Play

stitcher

 Mentioned Episodes: (There are 77 Content Packed Interviews in Total)

Do You Know Anyone Else Who’s a Real Estate Investor? 

Do You Think they’d Also Enjoy this Episode?

Please Forward this Link & Tell Them to:

Sign Up for the REI Diamonds Weekly Podcast Your Copy of “7 Sources of Off Market Deals”

Just Go to www.REIDiamonds.com to Download a Copy & Check out Recent Popular Episodes.

Robert Gilstrap on Subject-to Investor Deals & Property Management

Property Management

Robert & Dan Discuss:

  • Buying Property Using Existing Financing

  • 3 Keys to Selecting the RIGHT Property Manager

  • Why Equity is Fiction

  • The RED HOT Atlanta Market


Listen Now:

Google Play

stitcher

Mentioned Episodes: (There are 74 Content Packed Interviews in Total)

Do You Know Anyone Else Who’s a Real Estate Investor? 

Do You Think they’d Also Enjoy this Episode?

Please Forward this Link & Tell Them to:

Sign Up for the REI Diamonds Weekly Podcast Your Copy of “7 Sources of Off Market Deals”

Just Go to www.REIDiamonds.com to Download a Copy & Check out Recent Popular Episodes.