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This is not just another insurance question as the many that have been posted that I have already read through.

My question is about liability and protecting yourself with insurance coverage on personal bases and not through any type of corp or LLC.

My wife and I are ready to start seriously looking for a REI's that will be flip properties, that are never going to be occupied in the number of months it takes to rehab and sell. However, since my wife is a personal injury attorney, she knows how claims can venture across multiple individuals and multiple insurances.

So our main concern is getting the proper and enough insurance coverage to head off worst case scenario. First off, I know that it is always up for grab when it comes to insurance claims, and you can't predict to a certainty the way a claim might go. I also know that setting up LLC's would help to add another protection to the castle. But currently, we don't have an LLC and will not be putting one together until at least one flip has taken place.

If we were to have a $200,000 in liability on the rehab property, but an extreme case was to occur such as a someone working on the job was to get killed on the job, that $200,000 wouldn’t cover enough, and it could easily got to a jury that could award a lien against our personal property. Furthermore, we are having GC do the work, and yes, we will be making sure they are insured, along with making sure that all subs are insured as well (if possible). However, again as I mentioned my wife is a personal injury attorney, and she knows first hand, how there might be insurance in place from one entity, but it is a normal activity to file claim against another entity’s insurance just because they were associated. What I mean by that is, if an employee was to get killed on the job, and it was the fault of a subcontractor’s negligence, the attorney for that family could easily put claim against the GC that employed the deceased (who had insurance coverage/work comp), the subcontractor who was negligent and the owner of the property.

So, can anyone give us advice as how we should go about insuring a property correctly, for enough, and any run down’s of how they insure their property? Or do most people assume that the above worst case scenario won’t occur and they just don’t insure for that type of situation, more or less getting coverage just to have it??

Thanks in advance for reading this long post.

NOTE: We have checked with our current personal property insurance company, and they don't write umbrella policies if "vacant" properties will be involved. I don't lie and say a tenent will be there when they won't. So it appears that either we will have to take an individual policy on the property, or find a company that will write umbrella policy that allows vacant properties (I don't think this is an option).

I was hoping someone might know, if it is legal to put a name on business cards you hand out, or on a post card you send out a company name that hasn't been registered by you AND has been confirmed that it isn't already taken.

Basically, I am not ready to form a Corp or LLC of any kind just yet and will be buying/selling/financing under my wife and I's own name. However, possibly down the road I will incorporate.

But for now, I would like to have business cards made up that have a name on it. Even if its just something like Max Properties or maybe it could be a name with no part of my real name in it (ie. Real Estate Remedies) - and it has been confirmed as a name that has not be registered in my state.

Is this possible?

For those that are doing a good bit of printing, or allot of printing, any recommendations for an online stationary site to order supplies?

Yes, I have searched, but I am looking for recommendations for reputable and decently priced sites.

This would probably be for those investors chasing foreclosures with there numerious letters and post cards.

For those direct mailers out there, I know the biggest concern is getting people to respond to your mailings. One way that as always been talked about was having the envelopes hand written.

Has anyone tried having a "hand-writting" font used when printing envelops and maybe as far as using blue ink?

For those that have tried this, as it is an old technique, how has it worked?

Anyone have any companies they have used for purchasing Home warranties?

I haven't purchased one before, is there specific companies that supply, or do you get these through insurance companies? Banks?

Any information?

Thanks Dcg123:
I should have specified more specifically what I was intending to do in REI. To give details, I am mainly interested and mainly going to be persuing Rehabs. However, I will be approaching properties with that "how can this property make me money" which can ultimately take me down different avenues - so my eyes are open.

However, for the most part, and my main focus will be to obtain houses below FMV from motivated sellers that will be rehabbed and sold. Also, achieving the same results from the pre-foreclosure/foreclosure market fo acquiring-rehabbing and selling all within a 3-6 month period.

I am finally at the point to start my serious search to move on properties when I find them. However, I am trying to setup any pre-approved loans if at all possible.

However, my question is what loan or what type of lending should I go after for the situation I am in which is:

I have good+ credit with very little DTI ratio and have saved up a good chunk of change saved up approx (20k) and I own my own home.

What I would like as far as a loan and what might be "real possibilities" probably are completely different, but that's why I am turning to the community. My preference would be to not have a traditional mortgage for any REI's because I would be paying 90% to interest on the front end, as it isn't until the second half of the life of your loan does majority of your mortgage payments go to principle. I say that because, if worst come to worst (inability to sale, financial problems..ect) then I would still be pay a portion off of the principle. This is the one I said might not be possible.

However, if that’s not possible, I was thinking about a "interest only" type of loan which could possibly keep my monthly payments down though, none would be going to principle.

Again, I am open for any suggestions for any type of loans, traditional or non-traditional.

Thanks in advance

I am looking at getting a software program to help organize the properties that I am working on, chasing, or interested in. Such as a contact management software like Goldmine or Act. However, what I am wanting is not available for Act!, haven't got an answer on Goldmine yet....see below.

I am looking for a software program that I can schedule an automated actions such as scheduling on a day/hour for it to merge mail a contact I pre-defined with a specified template. Does anyone know of a software that does that besides Emmatek's "Fortunemaker"?

I am curious to find if there is anyone here that has had a chance to use Emmatek's "Fortune|+maker"? Found at www.emmatek.com.

It was recommended to me, but I have been trying to find reviews/recommendations from people that have had a chance to use it. According to the person that recommended it, their website, and salesrep, it basically does what other programs do all in one such as (word, access, publisher, excel, goldmine, and act!) .

Let me know if you know anything about it in regards to its worth. Its a hefty investment.