@BrokerSteve412 The worst part is then getting kicked back over to the GCs risk manager to “grant an exception” and the risk manager doesn’t know anything as well.
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Alex Toler
265 posts
Alex Toler
@_alextoler
Commercial Insurance & Bond Advisor. Storage Developer. Topsoil Supplier
St Louis, MO Bergabung Eylül 2023
197 Mengikuti74 Pengikut
It never ceases to amaze me how the box checkers at non-compliance vendors (MyCOI, Yardi, RealPage) know absolutely nothing about insurance
That is literally their business model…
The won’t release a sizable payment to my client because the Blanket AI endt on the Auto reflects a different Named Insured.
We have a Broad Form Named Insured endorsement on the policy and coverage is applicable, but they’re too dense to understand
Monday morning is starting fantastic…🤦🏻♂️
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My least favorite insurance to deal with is property. The strategies are very simple compared to other lines.
Its the easiest line of coverage to do.
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@A_LastingLegacy Insurance carriers are raising deductibles and changing payouts for roofs. Homeowners are going to have a larger stake in the replacement and start questioning the cost and getting more bids driving margins down.
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The latest buzz in the PE ❤️ Home Services story has been around roofing.
This one puzzles me greatly as I cant see anything about a roofing company that couldn't be replicated overnight at very little cost.
As far as I know, there is very little stickiness to roofing customers, unlike pool service or pest control where regular service creates more of a relationship.
So, I'm very unclear what it is the PE groups are buying...
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@loganjrankin Spent the early years of my insurance career obsessed with the real estate I was going to buy instead of putting my head down and growing a book of business as fast as possible and then figuring out what to do with the cash.
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I agree with this overall.
However, stack too much of these things all at once and you lose focus. You become average at them all and things start to break.
Sounds cool, but vertical integration with a roofing company and other companies like this when in RE isn’t easy at all.
Get good at one thing, then slowly look to integrate what makes the most sense.
Chris Ramsey | SMB and R.E.@ChrisRamsey60
Businesses that vertically integrate with real estate are cash flowing machines, and help you scale your portfolio The fastest way to scale real estate is vertical integration. Own the asset. Own the business that feeds it. Businesses that compound perfectly with real estate: Property management Controls NOI and deal quality Construction and renovations Forces equity and lowers capex costs HVAC plumbing electrical Every building needs it forever Self storage operations High margins and real estate driven growth Contractor garages and small bay industrial Tenants become buyers and builders Moving and logistics Every move creates demand for space Roofing and exterior services Recurring work tied to your portfolio Landscaping and snow removal Predictable contracts at scale Cleaning and turn services Speeds lease ups and reduces vacancy Insurance brokerage You insure the buildings and the tenants
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@_alextoler Master lease from the family with an option to buy upon death
They get a step up in basis
You lock in the development now
Record your option or better yet secure with it with a mortgage
The kids have a built-in buyer and you can get started
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For those of you struggling to find a deal
Do something different
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@kylematthewsceo @NESpower Would need to have direct physical damage to the lines coming to the property and also have an endorsement that covers it. With that being said, the loss of use would most likely have the deductible apply. A lot of nuances, and an important reminder to read the policy
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Going on day 8 without power.
Insurance likely wont cover cost of hotels, gas for generators, etc.
I can only imagine the financial impact this is having on families that don’t necessarily have the means to spend money due to @NESpower incompetence.
Tennessee Star@TheTNStar
Nashville Electric Service (NES), under the leadership of CEO Teresa Broyles-Aplin since 2022, cut the amount it spent on contracted tree trimming services by more than $7 million in 2024, leaving one of the nation's top 11 utility companies spending ab... tennesseestar.com/news/woke-nes-…
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@_sorci_ @GenZMultifamily All comes down to reading the individual policy and not buying solely on price. Insurance license is too damn easy to get and there are a lot of bad agents out there racing to the bottom and missing coverage
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@_alextoler @GenZMultifamily From personal experience I’d recommend is 30% above what a contractor would quote you at. If a loss happens, many extenuating circumstances could happen between the last time you updated coverage and that buffer comes in handy.
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I paid $380,000 for a small apartment building.
Insurance says replacement cost is $1.2m.
Is that normal?
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@_sorci_ @GenZMultifamily Remediation and clean up will have a sublimit on the policy different than the base coverage
Ordinance and Law coverage picks up the building code changes.
Business interruption and loss of use are their own sub-limit.
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@GenZMultifamily @_alextoler Builders don’t fully understand what goes into ‘replacement cost’. Remediation & code upgrades would be large for a building of that age. Let alone business interruption/loss of use. Just finished up rebuilding a mid 2000’s building last year. I’d add at least 30% on top quote.
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@GenZMultifamily In Ohio you should be able to find a carrier to insure it for $200-$250/sq ft. Gets your cost down some and is a more reasonable number if there is a total loss.
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@_alextoler Yeah there so much conflicting information which was why I posted.
1969 Joist masonry
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@robbiehendricks I’ve seen a few new construction deals thinking they’re going to get that type of growth in Indy. Blows my mind every time a new offering comes out.
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@Owen0to1 Congratulations! Guys who are watching their employees money are always having turnover. Paying good people well is the best thing a business can do.
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Just hired my first full-time operator!! Probably paying way too much with the benefits I’m offering.
If overpaying for talent is the worst mistake I make on hire #1 I wouldn’t be mad. This hire is all about learning and gaining context.
So pumped to be out of the field and growing the biz. On track for $1m in revenue!
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@ChrisRamsey60 Any recs on someone to do a feasibility study for flexspaces?
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I will pay a premium for industrial and self storage.
For multifamily I’m only looking for good deals.
There is a reason for this.
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Alex Toler me-retweet
Husbands after turning on the fireplace this weekend
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@RentYourStocks A buddy of mine never negotiates on chat. Asks when he can come look, shows up cash in hand, throws out offer. Usually doesn't even get countered.
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For those that are good at negotiating…
I want to buy a pinball machine and the guy has it listed for $6900. I would like to get it for $6000.
How do I go about negotiating this. Any advice?
I am a terrible negotiator in general (too nice if you can believe that 😂)
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Alex Toler me-retweet
“It’ll be called college football. The games will be primarily on Saturdays, so the sport can be properly observed when most people are off work that day and the next.”
“Even the semifinals and championship, sir?”
“Of course not! The semifinals will be Thursday and Friday, while the championship will be on a Monday.”
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@AlexForbesOps Desire is an F250 highboy with a bench seat to put the whole family on
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I’m a simple guy. I maybe have 2-3 material desires that motivate me.
Buying an old truck is one of them.
Aside from providing for my family, the chase of this goal is a major driver for me.
Whether I hit these goals or not is somewhat irrelevant.
I just enjoy the game of the chase.
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@AlafrigginBama Might finally get a playoff on Saturdays in December starting the week after conference championship games and have teams with byes get a home game
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What happens if all first round bye teams lose again?
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