Best advice I never received..

[Scott R.]

Well guys, haven't been around much, been going through the ultimate nightmare for any new investor.. Although I've been around awhile, i was still a small time low income investor. One thing I never heard about too much, especially when your new is asset protection and getting the correct insurance. I had my units insured, and always thought I was fine.. But boy was I wrong. Comes to find out I did have "rental property" insurance, and the property itself is insured. Thats where my coverage ended. Anything that happened on the property I was liable for. Had a devastating accident at one of my properties, HUD occupied, and now have 3 lawsuits pending, all related to this accident which I had no control over. Although my attorney doesn't think ill be found guilty in any of these cases, let me tell you how much sleep I have lost and stress this has caused. Went from living almost completely off my rentals and building a nest egg, back to paycheck to paycheck, 40 hour a week job, and still having to sell some rental property to pay for cost arising due to having properties in my name and not insured correctly.
Take my advice now.. Recheck how your properties are insured and reconsider how you hold your properties, especially when your just starting out, takes awhile to build up your rentals, but you can lose it all in just a few minutes..