All Forum Posts by: Phil Workman

@Joe Splitrock Thank you for your response. It's mostly the agents that make mistakes.. For example if you do a contract for deed and transfer deed to the buyer...the buyer is now the insurable interest, not the seller who is now the "bank"- seller now becomes an "interested party"...However, it's my experience that these policies don't get updated thus there's a huge exposure...

 I called out specific states as those are the states I'm licensed in. 

I see you're from Sioux Falls, SD... I am from Brookings originally and lived in SF for 6 yrs. 

Thank you again for your response.

Hi all, 

I wanted to post in this forum to bring awareness to how your Contract for deed or lease to purchase properties are insured. 

It's my experience as an insurances profession that agents often do not write policies correctly with this type of transaction. 

If any of you have any questions and live in GA, NE, IA, KS, or MO please reach out and I'd love to answer them for you. 

Regards,

Phil

If anyone is out there looking for a management partner in North ATL area, I'd love to connect. 

Thank you. 

@Account Closed I have played around with them quite a bit. I agree with you that they're a wonderful time saver. I see you're from Scottsbluff. My wife and I just moved from Omaha! I would love to chat creative financing! Thanks for the post. 

@Julie Marquez: You are very correct. Y'ALL is certainly NOT under utilized in ATL. Believe me, it was a change for me as well. I moved here from the mid west. 

As for my REI goals, I want to own at least 35 multi family units before my 35th birthday. Additionally, creative financing deals are fascinating to me so a short-term goal would be to add at least one of those this year.

Thanks for your post! 

Hi all,

I recently became a member a PRO member. I wanted to introduce myself. I am an Insurance professional full time and have a huge passion for REI as well. My family and I recently moved to the North ATL area (Forsyth county).

I am looking to connect with like-minded REI minds. If this is you please reach out so we can connect. 

Regards, 
Phil

@JD Martin It is great that you have an adequate amount of coverage for your situation. That being said, requiring/enforcing tenants to carry renter's is just an added layer of risk mitigation in my opinion. 

@Daria B. You can put yourself on the policy as an "interested party" and if the policy is cancelled you will get a cancellation notice from the insurance company. 

Hope this helps. 

It is my experience that many investors do not require their tenants to carry renter's insurance. My goal of this post is to educate one on some of the liability exposures of have uninsured tenants can pose- 

I am sure many landlords out there do a great deal of due diligence when searching for tenants. Many of you have specific processes in place to help mitigate the risks of tenants that pose a high liability to you. My question to those who don't require their tenants to carry renter's insurance- wouldn't it make sense?

Not only is renter's insurance cheap, but it mitigates many potential liability risks for both the landlord AND the tenant. 

Let's  use the example of a duplex- Let's say that the tenant on one side forgets that they left the turkey in the oven when they went our to the store- Kitchen starts on fire and burns into the other unit- The tenants of the other unit could potentially come after you.

 In my opinion, it's always better to be safe rather than "sorry".