All Forum Posts by: Account Closed

Hello everyone, I have a question that pertains to getting the right insurance. I'm sure many investors who first started out had hire their friends, family and day laborer from craigslist or home depot because its cheaper than a contractor and in the beginning there's not enough funds so things need to be stretch out.

I have done my research and shopping for general liability insurance seems like shopping for a car, there's so many of them with different terms. Your friends, family and day laborers are consider independent contractors and not employees so technically you sub the job to then but then that means they are require to get insurance themselves but that doesnt make sense if a friend is only hire for one day to paint 3 rooms.

Whats the right insurance that would cover for any lawsuits and injuries in case a friend, family member or day laborer are hire for a job and something happens? 

I'm located in the New York New Jersey area, I don't know if this insurance is different in every state or its universal.

Sid Leibowitz and everybody here, so your saying if I hiring a helper to just paint a couple of rooms for 2 days they must have insurance? A helper or day laborer are considered independent contractor, when they are hire they are consider subs, doesn't a GL cover for subs? Even if they don't have their own insurance?

Matthew B. Your best bet is to wait. banks update their loan protocols every 6-12 months so just have a little faith and hope for 2018. Your right, you always hear people with success stories using the BRRRR. But people forget to realize the BRRRR is not a universal strategy, it doesn't work in every country, state, county, cities, towns and etc. Seems your market doesn't work well with the BRRRR or maybe is a late bloomer, in any case waiting is your best option, just stay motivated and hope for the best.

Jason Timmerman funny thing I just move here to NJ from New York queens not long ago and in that NYC market there's zero wholesalers but I had to leave due to market being dry out. I get what your saying on finding a better wholesaler. Each markets has its own breed of wholesalers, here in North Jersey can be tricky.

Jason Timmerman I have tried to work with wholesalers in this part of New Jersey but it didn't work out because I found it insulting to my intelligence when wholesalers try to present deals to me on properties thats already posted on the MLS. In your market area you probably have better wholesalers than in my area, I am not saying all wholesalers are the same, only in my area can I say be careful. In auctions from my experience, you will get deals, I can't speak of other areas that I never attended to but in union county and Essex county it has always been a win win. I would not recommend it for a first timer because there's more to it than just bidding and winning a property.

Kiet N. very useful information, here in NJ the sheriff sale are way different and always had wonder how it works in other areas.

Deron Barnes yes I have, I will only purchase investment properties from auctions. Ask me anything or send me a PM.

Chiffon Williams you are correct,but The reward outweighs the risk. Go at least attend one and take notes along with a pre-draft comb sheet of the properties that's being auction. You have nothing to lose and it's free to attend, sometimes it gets intense when investors go on bidding war, you hear people in the back mumbling ohhhhh after a bid but overall you will find better deals.

Have you tried the Essex county sheriff sale auctions or union county sheriff sales auctions? I recommend the auctions route first before doing business with wholesalers. I love auctions and I always attend them every Wednesday, I push everybody to go.

To invest and succeed in Brooklyn you have to have at least $500k in funds. There's no ifs and buts because Brooklyn and Queens are expensive. If your set on taking on Brooklyn with high hopes then partner up with many investors, you won't succeed in 2017 on Your own. You will hear success story from others about the past but that's the past and this is 2017 were capital means everything. Getting any type of loans require a great deal which you won't find because Brooklyn is already over saturated with other investors which makes hard finding off market deals unless your willing to spend $20k on marketing to get an edge. My advice start in NJ because NYC and its 5 boroughs have become a big boys town with heavy million dollar pockets.