All Forum Posts by: Ryan Ingram

Congrats on making the decision to start taking action. 

I’m local to Dayton, and all of my properties are here in the area.

Let me know if I can answer any questions about the area...I’d be happy to share or help find the answers!

If you’re already in Ohio pretty regularly, I’d highly suggest investing in Ohio...

I’m from NC and I wouldn’t have been able to build even half the portfolio had I stayed there.

I’m happy to help if you have any questions specific to the Ohio area.

Happy investing, it’s a very rewarding journey!

I know a guy :)

Working on the National part, but getting licensed in a new state is a simple process. 

As an agent, having a relationship with a few different insurance companies that are nationwide and are willing to work with and be open minded with real estate investors is the biggest deal.

One of the best posts I’ve seen here on BP. Thanks for sharing that @Jerryll Noorden

I most certainly would not.

I’ve found my appraisals to be exactly what the purchase price is when acquiring; and entirely too low when I refinance.

I think @Frank Wong said it very well. Very subjective and not an exact science. I think the appraisal can sway so much based on opinions over facts, that I largely find them useless.

It’s on my agenda to find an appraiser and buy them lunch to pick their brain about what it is they do. From the outside, I just can’t figure it out :)

Hey Mona,

@Christopher Phillips is right. If you can get ahold of the insurance company for the dump truck, you can call them and file a claim directly with them. 

If you work with an insurance agent, they should be able to walk you through this or potentially even do it for you. 

Hey Lauren! 

Great job! From a long term perspective, it is really hard to go wrong in real estate when you're working with 30 year mortgages and you're in your twenties. 

I'd just make sure that you regularly set aside money for repairs and capital expenditures.

The monthly cash flow could be consumed with the CapEx.

I generally urge people to try and get to ten properties as quickly as possible. You're well ahead of the curve, so, great job. 

Personally, I noticed a huge difference after as my portfolio grew to over ten homes. It seems like the law of large numbers kicked in...and I was able to start using the monthly cash flow for any necessary repairs without infusing anymore of my own capital. 

Looks pretty solid! Good work!

@Jeff Copeland, Thanks for that question. I've called around all the commercial underwriters I work with today to get their input. I've learned a lot today, and this stretched me to think about questions I hadn't previously. 

I'll try and keep this short. As I'm sure most people could predict, the answers I received varied from yes, to maybe, to absolutely not. 

Ultimately, it comes down to the company, the situation, and the policy forms...It is so hard to get straight answers in "what if" questions, because there are so many variables. 

Bodily injury and property damage is just one section of the general liability. There is also a personal advertising injury section. Which, this could potentially fall under, and what I was thinking. This may not be true though. There is no coverage for discrimination in the policy. Those that said yes, and maybe today, said that the policy may potentially cover it depending upon the details of the allegation.

To your point about E&O and professional liability; Sure, E&O and Professional liability coverage should be purchased and carried by real estate professionals. But is this required for the average landlords that lists their own properties and screen their own tenants? I don't think so.

What I am now confused about is your average landlord has every right to advertise and place a tenant into a property owned. Does the average landlord need to carry E&O or professional liability? I don't think so. That wouldn't make sense to me.

There is an insurance policy for Directors & Officers (D&O) that would respond to alleged discrimination. But, these generally are a minimum of $1,000 annually with a $2,500 deductible and $1,000,000 limits.

A mentor/advisor of mine told me this on mitigating risk, I think this may be helpful to others: 

1. Avoid it, if at all possible. If you don't have to be exposed to a risk, don't be.
2. Transfer it, if you can't avoid it. We need tenants for our business to work. If you have a PM or Realtor place your tenants, this risk or potential lawsuit falls on them. Their E&O and professional liability would respond, and the landlord would be at home worry free.
3. Insure it. If you can't avoid it or transfer it, purchase insurance to cover you in the event of a risk. 

So, all that to say...I don't know!

Thanks for making me slow down and think more deeply on the subject, I had great conversations today about this and learned a ton!