All Forum Posts by: Chanté Owens

@Blake L. As a USC Alum, whose family had no money either, I wish you continued success. I'm almost certain that you'll find your own "Glenn" when it's time...and hopefully it will be a fellow Trojan ;-o). Fight On!

@Brian Gibbons Thank you for posting that story. I can't tell you how much it touched me; everyone needs a "Glenn" in their lives, and more importantly, they should strive to one day BE a "Glenn" to someone else.

@Tarl YarberAnother job well done! Kudos to you, and I agree with the others that the staging is great! Hopefully we'll be able to work together one day... =)

@Account Closed Obviously there are a vast number of people on this site who are much more qualified to answer this question, and hopefully they will!

Essentially when you are purchasing a property to flip; you are (presumably) purchasing that property at a discount, so that after your repairs (known as ARV - After Repair Value); the property will appraise for more than your: cost to purchase the property + cost to rehab the property.

In numerical terms, say in an area, the median home is selling for $550k and you can get a property for $280k + $125k in rehab and holding costs (insurance, escrow funds, agent commissions, etc), that will = $405k that you've paid out of pocket. After the rehab, if you can sell the property for a now appraised value of say, $525k, then you've made $120k profit after all of your rehab & holding costs.

The valuation of what the property is "worth" is based on the comps of the area and "what the market will bear." There are always risk, but that's why it's important to get the property for a deeply discounted price, so you can make money even after you rehab the property.

@Stephen Bell There are too many variables: state, age of property, cost of property, prior claims history, etc. It's NOT comparable, because every state is going to be different, as one state may have minimal natural catastrophes; whereas, another state may have floods, hurricanes, etc that are taken into consideration. 

Also, a 2010 built property is likely going to be less to insure (anywhere in the U.S) than a property built in 1902 in Massachusetts, Maine, etc. 

Trust me, when I read some of the posts from people in one state who are comparing their inexpensive/expensive rates to another state it is frustrating, because there are too many variables that affect the actual premium that is paid. Further, some people will get the bottom basement, least expensive insurance possible; whereas, others will want to insure any and every conceivable thing possible (that can be insured).

Example, one person may have a 50k property in Idaho, that they are insuring with a 5k deductible, and the least coverage possible, and can be paying $600 a year. Another person in another state, can be insuring a $250k property with all the bells and whistles and can be paying $2000. They are: a. in different states; b. insuring properties worth considerably different values; c. we don't know the age of the property, and d. we don't know if there are prior claims on either the insured and/or the property they are insuring (each can, to some extent, play a role in premiums).

Well, I have a ways away before I can actually contribute to this thread :) BUT, when I'm in a position to celebrate; it will likely be Old Grand Whiskey and/or a delightful Manhattan, and a Romeo & Julieta cigar.

@William M. As with anything, it's good to learn and grow, but if they are just starting out in one area of insurance, they might want to get comfortable in that space before they add to it. Trust me, it will make their life easier, as there is SO much to know and learn in insurance, and when you throw in P&C, it's a whole 'nother beast.

I have a P&C license and could "technically" sell personal lines insurance too, but guess what? I only sell Commercial/Business insurance. It just makes sense to get in a space and really, really know it and be comfortable with it before you expand to other areas. Being a generalist is fine, but specializing can sometimes separate you from the masses, because you get a reputation for being the specialist in that niche market, and if you are good, your reputation/referrals/business will (positively) expand because of your expertise.

Good luck to them!

@William M. I'm just jumping in regarding your question regarding the P&C license. Essentially anybody can get their P&C license if they take and pass the tests for their respective states. 

Regarding work, there are numerous positions a person can get by having their P&C license; however, your friend would need to determine what type of job they want, i.e, do they want to work as a Producer/Agent for a retail captive agency like State Farm or Allstate, or do they want to work as a Producer/Agent for an independent agency that has access to multiple markets. 

Do they want to work as an underwriter, csr, etc. Numerous options, but they would need to make that determination. I'm barely scratching the surface, but just a few thoughts. Further, I don't know if they have any background in the insurance industry, but I can tell you that it's not for everybody; however, if they like that field, there is a position for whatever may interest them. 

If you are looking for the least expensive and something where you don't need to physically go into a bank, you may want to try Capital One as they do have physical locations (in some states), but they are primarily online web based. They have no fees, and I know some people that use them. Again, I'm not 100% sure of your needs, but this may fit.

A lot of business accounts have varying kinds of requirements, but you can check into them to see if any others may work for what you are looking for. I am with Chase because it's easy for me and my business partner to have access, but I do have to have a certain amount of transactions a month so that I'm not charged a $12.00 fee, but I've never had a problem reaching that requirement over the past 7 years I've banked with them. I don't have any personal accts with Chase though, just business. 

You may want to check out Key Bank, and maybe Citibank may have a free option (with some hoops, I'm sure). Also, another credit union in your area may be a good bet, as oftentimes they have free business accounts. Good Luck!

Good for you. As an insurance person, the whole trampoline thing made me cringe. It's one thing if a person has it on their own personally owned property and their kid hurts/kills themselves (not to sound mean, but it's the reality), then that's one thing.

It's a whole other thing to have someone else to "pass the buck" on to when that kid flips off and breaks their arm or permanently injures themselves. Be glad you limited your liability exposure because one thing I know  with the utmost certainty (more than my own name), is that in our society today, people LOVE to pass on accountability to someone else, for things they SHOULD be held accountable for themselves. Consider yourself very fortunate to have a community like BP that gave you some "tough love" on this situation. I think you've learned invaluable things from this experience, and let me congratulate you on being a landlord and taking that big step to working on securing your personal future wealth building plan! You're going to be just fine!