All Forum Posts by: Eric Deshaun

welcome to BP Peter! You will learn a ton here! Be sure to look out for the next BP meet and greet as I really enjoyed my first meeting and it's a great way to build your network!

Awesome find Brandon!

I didn't consider this to be a major impact to the market in Spokane initially as within the region there are a good number of universities already, but you guys bring up a very good point of bringing in additional bodies that will be looking to stay in the area for an extended amount of time. 

I'll for sure continue to monitor the trend and I appreciate the insight you guys have delivered. 

great list of questions to ask Nadine! I will keep those in mind when I begin my own hunt for a real estate attorney. 

Thank you all for the warm welcome! I look forward to becoming more active in the BP community!

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He hit the nail square on the head.

Making the assumption that you and your wife are responsible adults, the likely hood of you maxing out your auto or home policy liability and having to go to the umbrella are honestly not very high. Trust me when I tell you an insurance company will work their butts off to stay under that limit because they do not want to pay out anymore money than they have to. If you were to do anything increase your liability limits to whatever you feel is realistic on your auto and homeowners policies and call it a day.

Also keep in mind there is no deductible when liability is paid out. Deductibles come into play only in the case that the insurance company is making you whole again. 

You should also be passing along alot of the liability to the tenants of your properties. I require, at my current rental, that the tenant(s) carry renters insurance and it is written into my lease. When their friend comes over and slips and falls the first policy that will be viewed first is theirs, as they were a guest of my tenant. If it has to go beyond that and I was somehow found negligent (maybe I or my property management group didn't put down de-icer in time) Then my policy may come into play to pay the difference, if I am unable to pass the buck onto the property management group for failing to properly maintain the property.  

Hi Ray, can you give us a bit of background about you. Are you married, kids at home etc.-- Having an umbrella policy is not a bad idea to protect you, your assets, and future earning potential. Are you hunting out the policies yourself, or going through an insurance agent?

Thanks! @Patrick Britton

Hi Ed! Welcome to the community! Hopefully I'll see you around at some BP local events!

Hello everyone!

My name is Eric and I currently reside in the Tacoma, WA area. I grew up in Louisiana and I've lived in WA state for about 11 years now with 9 of that living in the Spokane area. I bought my first property when I was much younger and it turned out to be one of the best "accidental" decisions I could have made in my young life. I still own the single family property and I now rent it out. 

I will build my portfolio of buy and hold properties to develop a passive income of 5k a month as my primary business goal. I've given myself a time period of 5 years to make this happens as I have a primary job in which I love and want to take my time and really understand what I am doing in the RE game. 

I want to do this buy purchasing a mix of multi-family and single family homes, my primary focus is on multi-family at this juncture, and I am currently on the prowl for my first multi-family home in the Tacoma area.

I look forward to participating more in this community and gaining the knowledge I will need to be successful. 

Happy Investing!