Today, we’re joined by Jeremy Goodrich, owner of Shine Insurance Agency. Jeremy believes that success in real estate requires solid risk management strategies. He specializes in helping investors and asset managers increase their profit by mitigating risk. Jeremy got into the insurance business because he wanted to change the way people felt about the industry. He started by teaching first-time homeowners how to buy a house and then eventually moved into commercial real estate. He now focuses on helping apartment investors understand and manage the four quadrants of risk: physical, relationships, external, and systems. Insurance is a tool that allows people to invest in commercial real estate who may not have the capital to do so otherwise.
“I’ve always believed in just continuing to help teach people how to grow in this world.”
In this episode, you will learn the following:
1) How to manage risk in order to be a successful real estate investor
2) The importance of insurance in protecting against physical, relationship, external, and systems risks
3) How to create a captive insurance company to provide additional protection against financial loss
Key points:
01:18 How did Jeremy get into the insurance business in the first place?
03:48 How did Jeremy come to focus on the commercial space and why?
05:07 Educating people about what they do in the commercial real estate world
06:22 Real estate is all about risk management and it’s important to be proactive
09:47 What type of risks do apartment operators need to manage specifically? Jeremy shares 4 key risk vectors
12:32 The primary risk for insurance providers is the physical risk
13:23 Why is insurance risk necessary, aside from the fact that the bank makes you get it?
15:48 What type of insurance does a typical deal need?
18:30 What does it mean to be underinsured and how to protect against it
22:50 The importance of doing annual reviews on your insurance to make sure you stay on top of the costs
24:34 Syndication and what happens when you buy bad insurance or are under insured
27:48 Jonathan shares a personal story of what happens when you cut corners on insurance
31:45 Umbrella insurance – what is it exactly and when do you need it?
35:17 Insurance and LLCs
44:50 Closing thoughts & how to reach out to Jeremy
Reach out to Jeremy:
LinkedIn: https://www.linkedin.com/in/reiinsuranceguy
Website: https://www.shineinsurance.com/
Reach out to Jonathan Twombly
LinkedIn: https://www.linkedin.com/in/jonathandtwombly
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