Ep 19: The World of Insurance With Jordan Feldman
Our guest on today’s show is Jordan Feldman, a broker at Rampart Insurance Services and all-round trustworthy guy. Jordan has been working in the insurance world all his life and got into real estate investing 5 years ago after meeting John at a networking event. Rampart covers most forms of insurance but specializes in real estate and construction in the New York area. It has over 200 employees with footprints across America and the world, so is big enough to trust but not so big that they don’t know who their clients are. Jordan gives a ton of advice into the world of insurance today and also asks Chris and John some great questions about syndication.
Insurance rates are going up all across the US due to weather disasters at the moment, but Jordan weighs in on what to do as a buyer to keep insurance as low as possible, as well as when to take out master policies or not. We also get into vetting processes, such as how to double-check seller premiums and how insurance firms would typically determine those of owners. Jordan is a great broker and gives us many sound reasons to believe that he cares a lot about doing his job well, and why anybody should work with Rampart. John and Chris end off the show by speaking about what separates them from other syndicators, what they predict the market doing in the next ten years, and why you should invest in upper C class multifamily if you want to keep your head above water in the coming years.
Key Points From This Episode:
How Jordan got into real estate investing.
Why insurance rates for all real estate are going up due to weather disasters.
Two reasons for double-checking sellers’ stipulated insurance premiums.
Vetting procedures that insurance firms use on owners and properties to determine rates.
The top things a buyer can do to lower their insurance rates regarding deductibles and more.
Why there is supposedly no downside to a master policy if you have the right properties.
Two reasons why not to make a joint entity just to take out a master policy.
What makes Jordan and Rampart better than most insurance brokers: size, legal team, etc.
How a past experience taught Jordan not to sell policies that don’t have the right coverage.
What Jordan did to get a disaster deal in Columbus, Ohio through the finish line.
The strength of the deals that Toro offers which separates them from other syndicators.
Jordan’s status as an investor to Toro deals makes Toro trust him as an insurance broker too.
Things to ask a broker before working with them: carrier and option amount, and more.
Jordan works as a consultant as well as a broker, i.e., he vets people’s portfolios.
How to keep a broker honest without threatening to shop around.
Honesty and why practicing it will make a broker trustworthy.
John and Chris’s intuitive vetting processes for future vendors and partners.
Conflicting theories on where the real estate market is going in the next five to ten years.
What John and Chris are doing in preparation for the downturn: C plus rents, and more.
“If you’re underwriting any type of real estate, whether it is a single-family flip, or a 500 000 square foot industrial portfolio, regardless of location, expect insurance to go up.” — @johnc429 [0:08:13]
“I will never sell a policy that I don’t think has the right coverage.” — Jordan Feldman [0:23:50]
“I don’t sell insurance, I buy insurance from my clients.” — Jordan Feldman [0:24:15]
Links Mentioned in Today’s Episode:
Jordan Feldman on LinkedIn — https://www.linkedin.com/in/jordan-feldman-50384965/
Rampart Insurance Services— https://www.rampartinsurance.com/
John Cohen on LinkedIn — https://www.linkedin.com/in/john-cohen-56847314/
Chris Grenzig on LinkedIn — https://www.linkedin.com/in/chris-grenzig/
JC Property Group — http://www.jcpropertygroupinc.com/
Toro Real Estate Partners — http://tororep.com/
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