All Forum Posts by: Brian M.

I am looking for potential financing of a condo-tel type property.  Does anyone have any experience with a good lender that provides these types of loans?

@Terrell Garren So, Allstate doesn't offer an Umbrella or Commercial insurance for me either. He directed me to a 3rd party broker that could cover me personally with an umbrella policy that also covered the rentals I have in my name as well as a couple I have in an LLC.

@Terrell Garren Thanks, Terrell. I put a request in for USLI.

@Lynnette E. @Andrew Wicklow Thanks, Lynette and Andrew.  I put in a request with my Allstate agent re: commercial policies.  It's weird that he wouldn't have suggested that already, but we will see.

I recently wanted to add an Umbrella policy. My insurance provider for my home and autos is Allstate and I have the coverages needed for an Umbrella. However, Allstate doesn't provide an Umbrella for customers who own more than 4 rentals.  I am finding that most of the major carriers are the same.

My question is, what have others done in this situation?  Would it make sense to forego the Umbrella and just increase the liability on the insurance I carry on each of my rentals from $300k to $500k or $1m?  Or get the Umbrella for my primary/autos and also increase the liability on my rentals?  Are there other options?

@James Wise  Unlike in any of the civil suits against Morris, the state will now be able to grab the emails between Morris and Whalen.  Then Morris will really be hosed as it will show intent to defraud. They probably already have a lot of evidence from the Whalen indictment in this regard.  It's probably a big factor in what moved them to file against Morris.

@Andrew Evans Are you sure the insurance line you saw on the statement was actual Homeowners insurance and not some sort of vacancy insurance?

@James Wise This is such a stupid move on Morris' part.  He is destined to lose this as long as James fully mounts a defense.  So in the end, all it will do is draw more negative attention to Morris.  I guess Morris is just hoping that he can call @James Wise bluff in the hopes that James doesn't want to spend the money to defend himself.

@Tim S. Sure, but it's kind of a pointless statement.  There will always be scammers and fraudsters no matter how thorough and diligent people are.  It's like credit card fraud.  Every time the banks come up with a new level of security, the fraudsters are already a step ahead.

So, in the end, sure - people need to be cautious.  But no matter how cautious people are, you still have to be able to trust those you do business with.  And when they betray that trust and commit crimes, may the weight of the world come crashing down on them to hold them accountable.  

And I say huge kudos to those who were scammed here that are taking Morris and Oceanpoint to court.  They have my sympathies - not my judgement, admonishment and Monday morning QB'ing.  And kudos to @James Wise for shedding more light on this.

@Kathy Fettke No offense, but you sound like you don't really know or understand the level of fraud that has taken place in this thing.  If you do understand, are you saying that when people are defrauded, they should just blame themselves, suck it up and take the loss and move on?  No holding the fraudster accountable?  I doubt you feel this way.  

The Morris Invest/Oceanpoint situation has been well documented.  It goes well beyond irresponsible investors.  Or poor real estate asset decisions.  Sure, due diligence was lacking in many cases here, but the perpetrators knowingly stole money from investors.  They lied over and over to every investor.  They committed wire fraud.  They were running a Ponzi scheme.

Regardless of the ignorance or gullibility of the investors here, the criminals should be held accountable.

@Jay Hinrichs @James Wise Does the same to me.  Redirects to a YouTube page first.  I cleared cache.. still the same.