Breaking COVID19 News
When the pandemic first arrived in America and almost every business was shut down , I called my neighborly insurance agent . Here is how our conversation went : “ Hi Bob , I am calling because after 40 + years of paying you a premium for “ business interruption ” insurance , I need to make a claim .” Bob responded , “ Sorry , but pandemics are excluded !” My response was , “ Really ? Forty years of premiums and now I AM NOT COVERED ?
It is folly to rely solely on insurance to protect you when you need it the most .
As an aside , please read your policies . You will find LOTS of exclusions and often you are not even covered for “ defense costs .” In other words , you can go broke just defending yourself ( read : legal fees ) from a legal challenge in which you are totally innocent .
What is a real estate investor ’ s first line of defense ? DO NOT OWN PROPERTY IN YOUR NAME ! I have been preaching this to my fellow real estate investors for more than 40 years . I have been a fulltime real estate investor for 50 years , and early in my career I discovered the benefits of using a Trust to hold title to my investments . I have written about the benefits extensively in this publication and many others .
Some people “ get it ” and many do not . They live in a dream world assuming that THEY will somehow be spared the sorrow and expense of a frivolous lawsuit ( or worse yet , an attack by an irate tenant on them or their family at their personal residence ). Consequently , they risk years of hard work and their family ’ s safety and financial security because they are too lazy to fill out a few papers . I can lead a horse to water , but . . . What is YOUR net worth , worth ? Is it worthy of protection ? How much of a price have you paid for it in sweat and tears ? Are your family ’ s safety and security important to you ? Perhaps you spend hours each week watching sports ? Would it make sense to spend a little bit of your valuable time learning how to create a trust to hold title to your investments ? The answer is obvious , you just need to do it and DO IT NOW !
What does this rant have to do with the pandemic ? Plenty . Contingency lawyers and their deadbeat clients will be developing new and creative ways to find someone to sue because of the virus and its effects on tenants , businesses , and anyone with assets they covet .
If you can believe there are elements of our society that will walk in front of a car to eventually receive a “ paycheck ,” then you can also believe that it is time for YOU to get OFF the title of all of your real estate investments ( and NEVER buy property in your name again !). Use a trust , you will be glad you did !
Several times a year I hear from
people who have heard me speak or students who did not act on what they learned from me . They tell me they failed to take my recommendation , and now they regret it .
Don ’ t be one of those people .
RANDY HUGHES , Mr . Land Trust
I encourage you to learn more by going to my FREE online training at
www . landtrustwebinar . com / 411 and text “ reasons ” to 2062032005 for my free booklet , Reasons to Use a Land Trust . You can also reach me the oldfashioned way by calling me at 217 3551281 . ( I actually answer my own phone unlike most other businesses in America today !)
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