Ep. 78 Ray Altieri III: Don’t Get Burned When Making an Insurance Claim on an Investment Property!

Posted on April 25, 2016 by admin

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Investors want to know that their properties are insured against any unforeseen damages. The last thing a real estate investor wants to do in the event of an emergency is argue with their insurance company over an insurance claim. Insurance companies are a business and all businesses look towards minimizing costs. If damages occur, most insurance companies will attempt to mitigate costs on an insurance claim in order to avoid costly expenses, but this can hurt investors trying to recoup loss of income on a property.

Ray Altieri III is Vice President of Business Development for Altieri Transco American Claims Corporation. Together with his company, Ray strives to ensure that insurance policyholders receive proper payment in the event of an insurance claim. As public adjusters, Altieri Transco represents insurance policyholders throughout a claim to guarantee that they receive proper recompense from insurance companies. This episode Ray discusses how investors can avoid getting burned when making an insurance claim on an investment property.

When to Get a Public Claims Adjuster?
- A.S.A.P – A Public adjuster should be brought in on a claim as soon as possible to build an accurate cost for coverage from the ground-up. Adjusters for insurance companies will attempt to minimize costs for coverage
How Are Public Adjusters Compensated?
- Typically, public insurance claim adjusters receive a percentage of the overall settlement, usually 10%
Tips for Investors
- Insurance Applications – Investors should be aware of the information entered into insurance applications. Incorrect or missing information may result in a voided insurance claim
- Emergency Services – Costs for emergency services on an insurance claim are not paid by insurance companies, they are paid by the policyholders. Investors should understand these costs and how they affect coverage on a claim

For more insurance claim information or to find out more about Ray’s services visit Altieri Transco’s website at www.altieritransco.com or you can reach Ray by phone:

Personal: 813-695-8718

Office: 813-247-8757

Ep. 77 Joellyn Robles: 5 Hot Points with Title Insurance That Could Cost You Money!

Posted on April 18, 2016 by admin

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Title insurance may seem like a trivial issue for real estate investors who have already invested time and money into a deal, but title issues can pose a bigger problem than most investors expect. Purchasing an improper or fraudulently titled property can cause an investor a hefty financial burden.

Joellyn Robles, of Hillsborough Title, has been working in the title insurance field for 12 years. Currently, she serves as business development officer, representing eight brand-name independent title companies in Florida. This episode Joellyn discusses five hot points in title insurance that may represent major cost-risks for investors.

2 Title Insurance Policy-types in Florida

Owner’s Title Policy – covers owner of property; ensures clear and marketable title to property
Loan Policy – Financial lender on property is protected; insures lenders against future title issues or liens

5 Hot Title Insurance Points:

Auction Purchases – many single-family investors are turning to foreclosure markets and bid without proper due diligence. Some properties have several liens or second-mortgage foreclosures. Investors should purchase Ownership and Encumbrance Reports, establishing proper owners and any liens on properties. These range between $150 for single-family and about $250-$300 for commercial/multi-family.
Naked Mortgage Satisfactions – Investors should be aware of recently satisfied mortgages with no evidence that pay-off proceeds came from a re-financed loan. Some property owners with outstanding liens issue fraudulent mortgage satisfactions.
Trusts – Some properties are placed under names of trusts, not individual trustees. In Florida, trusts are not legally authorized to own real estate. Sorting out proper ownership is lengthy and costly. Investors should consult with local Florida property-law attorneys.
Power of Attorneys - Investors should be aware of improperly or fraudulently drafted Power of Attorney documents. Some may indicate incorrect or illegal ownership titles.
Corporations – Many individuals maintain property titles under LLCs to protect against liability, but it can sometimes prove difficult to determine who exactly holds title rights when it is time to sell. Title agents review operating agreements and articles of incorporation to establish proper ownership.

Extra Hot Point!

Municipalities have been cracking down on code-enforcements. Investors should be aware of code liens on properties.

Hillsborough Title offers investors a helpful app to calculate closing costs with proper title insurance secured on deal. Download it on iTunes!

For any title insurance questions or concerns, Joellyn can be contacted by cell: 813-732-7585

Ep. 76 Richard Wilson: Family Offices Can Be An Important Source for Deals and Financial Partners. Find Out HOW!

Posted on April 11, 2016 by admin

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Family offices are becoming a burgeoning industry in terms of real estate investment and financing. Wealthy families are increasingly looking towards commercial real estate as a stable, generating market to channel and secure funds. Florida real estate markets are poised to receive family office investments and financing, but there is one problem: how can an investor find family offices?

Richard Wilson is founder and CEO of Miami Family Office, a $500 million AUM single family office. Through his company, Wilson Holding Company, Richard also oversees and advises on several other family office business enterprises including Billionaire Family Office and the membership-driven Family Office Club. Through his companies, Richard owns, manages, markets and facilitates family offices. This episode Richard discusses how commercial real estate investors can access family offices as a source for deals and financing.

Network and market towards family offices
- Networking through social media
- Narrow search: source for certain deal-types
- Compile list of family offices in your area, find out what propoerty-types they are investing in
Actionable Investments
- Family offices look for credible, practical deals as investments
- Most family offices like to invest locally
- Good cap rates: properties earning 15-17% IRR
Family offices looking for investors
- Put out property mandate alerts for certain desired investments
- Will reach out directly to investors

If you think you have an actionable family office investment deal, contact Richard at richard@familyoffices.com

To find out more about Richard’s family office portfolios, visit www.miamifamilyoffices.com or www.detroitfamilyoffices.com and check out Richard’s family office webinars. Richard also hosts a informational podcast about family offices. Visit familyofficepodcast.com for past shows and to stay up-to-date.

Richard’s book, The Single Family Office: Creating Operating and Managing the Investments of a Single Family Office, is a best-seller in the family office industry and the key for investors wanting to find out more about the market. You can find his book on Amazon!

Ep. 75 Garrett Kenny: Irish Builder Talks Foreign Investment in Florida & Hot Orlando Real Estate Sub-Markets

Posted on April 4, 2016 by admin

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In a recent episode, we spoke with an investor who managed a Florida real estate portfolio from outside the country. This week’s episode features an investor who runs a foreign investment firm out of his home-base in Davenport, Florida.

Garrett Kenny started building his investment portfolio in Florida after being introduced to Orlando’s vacation markets in 1996. Since then, he has built his investment firm, Feltrim, into an international name for foreign investment in Florida real estate, handling all aspects of the investment process. This episode, Garrett discusses foreign investment in Florida and hot real estate sub-markets in Orlando.

Foreign Investing in Florida

Most foreign investors can expect to average 6% annual ROI
Easy to find financing options, but many do cash deals
- Usually require more up-front from investor for financing
- 4-4.5% interest rates
- Some foreign investors use local banks and mortgage brokers
- Some financing may be available through institutions in home countries
Brazil and China emerging as dominant foreign investors in Florida markets
Foreign investors expanding portfolios in Florida real estate

Orlando

62 million visitors to Orlando area in 2014
Diverse investment opportunity
- Vacation rentals, commercial and industrial markets
- Top 3 vacation rental areas – Championsgate, Davenport, and Kissimmee
- Medical + Technology – Lake Nona
- Long-term investing in 30 mi. radius of Disney
Other hot sub-markets
- Distressed and repossessed homes
- “Class A” properties – Windermere, Winter Park

Tips on Foreign Investment

Having a local knowledge of your desired market is key
- Find out about the area before investing
Location, Location, Location
- Finding the right location for your investment is important

To find out more about Garrett and Feltrim’s services or about investing in Orlando real estate, visit the firm’s website

Garrett recently published a book, Buying and Owning Property in Central Florida available on Author House and Amazon