All Forum Posts by: German Hall

German,

I would suggest the following additional coverages in general and suggest you review this with your agent and attorney (how to draft contracts with clients and subcontractors to best protect you).

1. Professional Liability. We insure a lot of Condo Associations and often there are claims based on failing to respond to something (snow not cleared, property not protected, etc.). I can see those type of claims becoming a Property Managers E&O loss in some situations

2. Workers Compensation.   Even if you are using subs to do work on the property, I would recommend having coverage for your firm.

3. Employee Dishonesty/Commercial Crime coverage.  If you are managing clients funds there are exposures to employee theft or crime from out side the organization (check to see if Online theft is covered)

4. Cyber Liability.  May be needed for the online theft.  Also, webite attacks, hacking of your credit card payments, etc.

These may be other coverage you need based on your operations and the state/local requirements.

I have E&O because I am also an agent. My primary insurance is commercial liability with an umbrella policy.

Hey @German Hall - I am not sure if you are looking for off-market value add opportunities for you clients, but I work with a Wholesaling Brokerage in CLT called NetWorth Realty. We are currently doing 8-13 deals/month and would love to connect.

Hey German,

I agree with John in that a home inspector would be a valuable addition to a GC walk through. It would cover your basis and give you additional ammunition for negotiations. 

I'd be happy to walk properties with you! I'm a licensed GC and Flip consultant. Part of my services is a Flip Consultation, which includes recommended scope of work, estimated costs, estimated ARV & comps, as well as recommended offer price. We work with clients to determine KPIs and build a strategy to place strategic offers which are poised to succeed in any market.

Let me know if you’re still looking for flip opportunities and we can get in touch!

You shouldn't bother a general contractor until you have a property under contract.

Would be good to have an initial phone meeting with them and explain the type of houses you are targeting (example 3 bedroom, 2 bathroom, 1500 square feet, build in 19XX, full renovation needed, etc). If they have experience remodeling these types of homes, they will be able to give you a ball park of what it will cost to remodel them.

Use their ballpark numbers when you're deciding what to offer. Then if you get the property under contract you can bring them out during your inspection window to run real numbers on the deal.