#84: Don’t Be The Investor That Doesn’t Understand His Coverage… A Deep Dive on Insuring Multifamily Assets with Jeremy Goodrich

2022-03-01

Download

A topic that isn’t widely discussed on real estate podcasts is insurance, despite it being a piece of the business that investors can’t afford to screw up! In this episode, I’m chatting with Jeremy Goodrich of Shine Insurance, one of the most well-known insurance brokers in the business.Before Shine, Jeremy was an elementary school teacher, helping countless kids fall in love with art, math, science, and writing. Eventually, Jeremy decided to make the career change to insurance and decided to specialize in worki...

Before Shine, Jeremy was an elementary school teacher, helping countless kids fall in love with art, math, science, and writing. Eventually, Jeremy decided to make the career change to insurance and decided to specialize in working with multifamily investors. In this episode, we discuss the role of an insurance broker, common mistakes investors make in finding insurance, and what you need to include in your policies. We also talk about how you can build your team of service providers, which is a critical process for real estate investors!

Struggling to find good multifamily deals? Looking to close deals with less of your own money? Want to operate like the pros and maximize the cash flow of your assets? Join The Multifamily Wealth Community, where we help multifamily investors start, build, and scale their businesses… specifically, those looking to grow from 1-10 units to 250+ units.

Are you looking to invest in real estate but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners partners with passive investors looking for the returns, stability, and tax benefits investing in real estate offers, but not the work - join our investor club to be notified of future investment opportunities.

Timestamps:

0:03:42 - Jeremy shares his background, how he got into real estate, and what he’s up to now.

0:05:44 - Jeremy’s background as a schoolteacher and how it applies to the insurance world

0:08:54 - Jeremy talks about the role of an insurance broker and the value they bring to an investor

0:12:16 - We learn how insurance brokers are compensated

0:16:28 - The mistakes that Jeremy often sees real estate investors make as it relates to insurance

0:24:07 - Jeremy discusses other things that multifamily investors should keep in mind when building out a policy

0:28:14 - We learn about Shine’s tool designed to assist investors with generating ballpark quotes for what their insurance might be on a given asset

0:34:33 - Jeremy’s most significant business failure and what he has learned from it

0:35:49 - Jeremy shares the best decision he’s made in his career so far

0:36:51 - We hear what skill or trait Jeremy attributes his success to

0:37:57 - We learn about Jeremy’s short terms goals