What should you look for in an insurance policy for your rental properties? And what are some of the best companies for real estate investors to work with? That’s the first question I’m answering on this Q&A episode!
This episode features three of your questions on insurance, getting funding for your first deal, and paying down loans. I’m also sharing my take on the economy at the end of the year, the power of buying tangible assets, and protecting your family from the swings of the market. Press play to hear episode 907 of Investing in Real Estate!
On this episode you’ll learn:
- How to choose insurance for your rental properties.
- The best way to find real estate funding.
- What to consider about paying down loans.
How to Choose Insurance for Your Rental Properties
Choosing an insurance policy is going to depend on your specific properties and your specific needs, but here is some general advice. If you have an existing home or auto policy, reach out to your agent to see what they can offer in terms of bundling. Often bundling your coverage is going to get you the best price. In most cases, you’re going to want to make sure you have replacement coverage on your properties.
Here are some companies I have used and would recommend: NREIG, State Farm, & Travelers Insurance.
The Best Way to Find Real Estate Funding
There are three things you need to get started in real estate: a deal, money, and people. If you don’t have money, first you’ll need to find a deal. Then you’ll need to find people who have money, most likely in the form of private money lenders. The absolute best resource I can recommend to you is Susan Lassiter Lyons’ book: Getting the Money. You’ll learn exactly how to approach private money lenders, how to put together a presentation, and so much more.
What to Consider About Paying Down Loans
In general, I’m not usually in a rush to pay down loans that are associated with my rental properties. If you’re using your rental income to pay down the debt, it will happen naturally over time. However, there are a few circumstances in which you might want to accelerate your payoff. For example, do you have an interest rate that is higher than you’re comfortable with? Are you otherwise over leveraged? These are a few things to consider.
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Getting the Money by Susan Lassiter Lyons
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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