All Forum Posts by: Justin Sloan

@James Wise email sent!

@James Wise right now we are licensed in 38 states. We should be in all 50 soon. Two of our real estate investment insurance programs is approved for all 50 states so as we start to see business in more states we will just get the additional 12 licenses as needed. 

@James Wise we would love to help you out with the insurance piece. Let's connect!

@Ryan Zomorodi this is an interesting model. Let's connect sometime and see if we have some opportunities to work some deals together, in particular on the insurance side. Thanks! 

I saw your clarification about it being renter occupied from the get go so as long as you notify your insurance company that you did a quit claim deed from your individual name to an LLC you shouldn't have a problem since it was written correctly from the beginning (as a DP3 - Property rented to others). The insurance company may do what is called a "cancel / re-write" where they just cancel the policy that was in your individual name and re-write it to the LLC name - there shouldn't be any change in premium with most insurance companies. The only problem you're going to have is with your lender. The loan was a guarantee against you personally and now if you change it to an LLC that messes everything up. Be careful on the lender side, insurance should be a smooth transition though.

seems crazy expensive! Sending you a message now. Let's connect. Thanks Cassidy!

Alba I wish you luck with your first investment. Being in insurance myself I saw you write a comment that said “Doing some research I realized that farmers insurance has a policy that covers landlord nightmares”.....never heard of this before. Can you elaborate? Thanks 

Shari We should connect. Should me a private message if you’re interested. Thanks!

LLC all day! DBAs don't do anything to protect you whatsoever. I also disagree with the statement that says "if you have no assets then you have nothing to lose". You have everything to lose when you're not in an LLC. Even if you have no assets, anyone can sue you personally and garnish your future wages even if you have no assets currently. You have a paycheck and a lawyer can garnish those wages for a very long time. You will be basically living a life to work to pay off this lawsuit. HIGHLY recommend getting an LLC., buy general liability insurance and get insurance on all of your properties.

@Jacob Compton the insurance company can't drop you "mid term" but they can when your policy comes up to renew. Not sure if you figured out the dollar amount of damage vs. what your deductible is but like I said, having a contractor coming out and assess the damages from a dollar amount standpoint costs you nothing other than your time (free estimates is fairly standard). But in the end if you need to file another claim, that's what you have to do!