On this episode of The Passive Income Attorney Podcast, Seth is joined by Jeremy Goodrich, co-founder of Shine Insurance Agency and YouTuber with over 13k subscribers. From former teacher turned real estate insurance mastermind, Jeremy gives a breakdown of what he considers “Insurance 101” and why 80% of investors are not properly protected. From finding what insurance is best suitable for your needs to the three parts of coverage you should keep an eye out for, Jeremy shares his knowledge gained from his fascinating experiences working in the real estate insurance realm. Enjoy!
“The reality is that if it weren’t for insurance, none of us would be investing.”
[01:27] Backstory on Jeremy
[03:00] Coming from a teacher’s perspective
[05:01] Challenges working with your spouse
[06:31] Shine Insurance Agency, an independent agency focusing on real estate investors
[07:58] Insurance 101, start a relationship with your agent and tell the story of your properties
[12:09] The 3 parts of insurance coverage
[16:19] The insurance mistakes commonly made
[18:39] Why 80% of real estate investors are not properly protected
[23:51] Vetting an insurance agency by building a relationship
[26:58] Worst insurance horror stories by investors
[33:55] Knowledge and the relationship between you and your agent are key
[34:43] The Freedom four: What’s best thing you do to keep you mind and body healthy?
[35:36] In an alternative where you aren’t involved in insurance, what would you be doing?
[36:30] Where were you 5 years ago and where do you see yourself 5 years from now?
[37:49] How has passive income made your or your client’s life better?
FIND | JEREMY GOODRICH:
Website: Shine Insurance Agency
Website: YouTube Channel
SETH – What’s up law nation welcome to a new episode of the Passive Income Attorney Podcast. I hope you are all having a great week! Before the show I want to invite you to go to escapethebillable.com and snag a free pass and investing guide it’s absolutely free and it has some great insight or contact that I know you will find useful in love in today’s episode we’re going to nerd out on insurance but before your eyes glaze over just know that our guest makes nerdy insurance fun and it’s changing the way people feel about it. Don’t think of it as a necessary evil, think of it as the best night sleep you ever got. Our awesome guest is Jeremy Goodrich the owner of Shine Insurance Agency which makes insurance simple for investors and entrepreneurs. He’s the host of the REI Clarity Podcast and the most watched insurance agency channel on YouTube. All right let’s go!
SETH – Hey Jeremy thanks for coming on the show
JEREMY – It’s my pleasure I’m so happy to be here so happy to chat with your audience today
SETH – Yes stoked to have you on here to talk about insurance man we haven’t had anybody on the podcast yet but it is super important everybody needs to learn about it so let’s just jump right at me and tell us your story
JEREMY – Absolutely so I did not grow up to become an insurance agent I’m sure that you’ll be amazed to hear that Seth but aggravation become a teacher I studied to be an art teacher I was a elementary school teacher for 13 years and during that time I met my wife and business partner McKenzie she did grow up to become an insurance agent in some ways her grandfather started in an insurance agency and she’s third-generation insurance when we met each other I was an elementary school teacher she was running her dad ‘s insurance agents agency and you know over the course of our relationship for a few years we just said hey there’s a lot of ugly stuff in this industry and we would love to take a stab at it you know we feel like there’s some misogyny in and racism and some of the things you see in a lot of the financial world and she was seeing that inside the space she was in and I was like let’s take this on a little bit let’s go in in our little way to become our version of insurance and really try and change the way people feel about insurance and change insurance as much can so in 2013 we did that and we’ve been doing that ever since right from the beginning I was a teacher and I’ve always sort of come from a teacher ‘s perspective all I know right I hung out with 10 -year-olds and taught them how to do division and multiplication and I loved it and that’s who I am and so I come from that teaching perspective and my clients at the beginning or like home and I’ll let you know owning homes and wanting home and auto insurance and stuff and they were asking questions buying a house right like what what happens as part of the escrow what’s the closing like who’s in what an appraiser what’s an inspector how do I pick a good realtor how do I pay the lender and I was I didn’t know the answers to a lot of these questions and so I was going to lenders and going to realtors and going to appraisers and title company owners and all that kind of stuff and asking all these questions and I just realize that people need the answers to these quick so I created a YouTube channel and started just recording my conversations with these people long story short now we have 13,000 subscribers on the YouTube channel and we really take it and taking it from teaching homeowners how to buy their first home to conversations about real estate investing as a whole commercial real estate investing and everything else so the channel really ran me up with the real estate world with insurance obviously as a parallel. So you know now we have a ton of real estate investor clients and pretty much all classes in a crossed portfolio sizes so that was a very quick version of the story
SETH – Very cool man I can relate to that for sure both of my parents are retired school teachers my dad ended up going into being a boss in the coal mines because it just wasn’t of money being a teacher in West Virginia but they’re both retired school eacher so I can certainly relate certainly relate to you in that
JEREMY – Ha that’s interesting moved a lot of teachers move to different places to move to being a boss in a coal mine love to hear that story sometime yeah
SETH – Well I grew up in West Virginia so that’s kind of those are some of the best jobs you can get over there at the time they don’t really exist anymore back in the day they did and he started this company with your wife so any challenges are any challenges there
JEREMY – I mean I think that one of the things we did right from the beginning I mean we’ve got a good thing going right from the beginning we really separated our tasks so we learned pretty quickly as I think my most married couples do that like you’re living with each other you’re obviously married to each other if you’re going to be in business with each other it’s important that you make sure you’ve got those tasks really clearly delineated so you’re not stepping on each other ‘s toes all the time I just think that I can roll over into home and everything else that we’ve done a pretty good job of that all the time or across the seven years of our business and so it’s worked out great I mean there’s definitely pros and cons to being in business with your spouse but it’s working out great for us we’re enjoying it and again if I had any advice about that topic it would be create a clear roles that each of you follow
SETH – I like that I like that and she help you with other YouTube channel and the education portion as well
JEREMY – Nope she sort of serves the CEO role she’s the operations she’s doing the hiring and firing and bringing people in and doing all the sort of higher level stuff I’m doing most of the chatting with clients on the insurance side and doing the educational stuff on the YouTube channel and our podcast REI clarity and coming on people shows and stuff like that
SETH – Very cool well tell us a little bit more about Shawn insurance agency and what you guys do on the ass but your business
JEREMY – Yes we still do home and auto but besides that we are 100% real estate investors on a commercial insurance side the business insurance so all we do is real estate investors and I really feel like being focused on one type of industry is important insurance complex and we wanna make it as simple as possible and so we really zoomed in on that were an independent agency which I think is the first less than when it comes to insurance and how it all works there’s companies you see on Super Bowl commercials and then there’s independent agencies who are entrepreneurs in an of them self-business owners themselves we go out to insurance companies most of these insurance companies only work with independent agencies and we say hey you’re a good company we like what you have we would love to for that product to our clients and then we build a portfolio of companies that we have in our bag and when someone comes up for insurance we turn around and we pitch it to those companies we kind of make them for eight for the business a little bit and what we bring back is the best option that we found a time so shine as an independent insurance agency within around for seven years and we only focus on real estate investors on the business side
SETH – Awesome so let’s kind of just dive right into that so real estate investor comes you know where they get started let’s just go with like you know insurance 101 I’m just take it from the basics
JEREMY – Yes I think before we get into coverage and it starts with the relationship and I think that insurance because of commercials and all the things it feels like this commodity it’s like this thing that you go out and you get the cheapest thing and if you wanna maybe make people bid against each other and all that kind of stuff and I guess my first piece of advice for your listeners is to really consider your insurance agent whomever you choose as a part of your service team a member of your service team you should have that person ‘s cell phone number you should feel like that person after you build a relationship with them is on your side maybe you can even ask them questions about real estate don’t have anything to do with insurance I think the value of that individual when you start building your team out is a lot more than just the price of the insurance so the first piece of advice is it start a relationship but the second piece of advice would be tell that person does to take the time but you know it’s hard you know take the time you tell that person the story of your properties that doesn’t mean if you have 200 properties or 1000 doors or whatever you go through every single property and say what’s what but tell them the story of your investing strategy why you’re doing what you’re doing how you’re doing what you’re doing so I’ll give you an example if someone I had someone come to me recently 140 unit multifamily and that investment and I started talking with them about them about it there you know they’re looking for distressed assets there picking up distressed assets and turning those over in the first year or whatever and then increasing occupancy and things of that nature now that’s a very simple example of one type of strategy right if I didn’t know that though I could go down a road of just trying to ensure it as a normal property may be ballparking them numbers that ultimately it’s not gonna turn out to be and I’ve already done that person a disservice didn’t understand the distressed asset part of what they were doing so when you’re having those first conversations with your insurance agent it should feel like a business conversation what are you talking about your business talking about what you’re doing talking about your strategy and most the time I don’t even ask about properties necessarily in that first conversation because you’ve got some document you can send my team you know I don’t need to ask you about specific properties I wanna know about your business strategy what I can expect from your portfolio and how I can serve you so that was just about the relationship before I get in the covert stuff do you have any questions about that or or anything
SETH – So yeah when you have those when you had that conversation
JEREMY – I think you have it you know a lot of people have that conversation when they’re picking up a property yes certainly if you’re picking up your first property that would be a good time to do it I think if you’re leveling up maybe you’ve got a few single-family homes that you’ve but had insured with just your regular old insurance company it’s worked out fine and now you’re picking up an eight unit multifamily and your insurance company says well we don’t do that you know that’s the time to establish that relationship with an independent agent in and start to get those things going and I think the other time is if you think as you’re listening to this episode right now and you’re like oh I hate my insurance agent they don’t say anything right now like every time I talk to them it’s total Greek I don’t get it and they won’t give me straight answers or you know things like that I think that’s the other time when you realize that the relationship you have right now isn’t there
SETH – Gotcha yeah that makes sense I mean the earlier the better I suppose I mean you can start that relationship even before you have a property and see if you get along with that person see if it’s going to be a good business partnership moving forward
JEREMY – Yeah I think you think of your insurance agent like your accountant you know you’re counting it is someone who you trust who knows your numbers who sees your books and who gives you hopefully good advice about how to navigate things like taxes and income and all the different stuff and if they don’t know the answer to a question they refer you out to the person who’s the actual tax advisor or whatever you know what I mean yeah and I think that I see myself in a similar role for a lot of the investors that I work with
SETH – Awesome let’s go in the coverage I’d like to maybe just start where you want to start as I want to make it out of it what’s hard to understand
JEREMY – Yeah the coverage of the insurance is both really simple and incredibly complicated at the same time so let’s make it really simple so insurance is basically three things when you’re thinking about your commercial real estate investments or your real estate investments in general it’s building coverage so coverage for the buildings themselves that you own I should say property coverage in general so it’s a bit the buildings you own and then the stuff inside of it sort of so your insurance policy does not cover the rentals the tenants stuff right that’s their renters insurance policy every least you have should require a renters insurance policy we can go on that more if you want south but you know your property coverage is the building and the stuff you on inside the building which is like imagine picking up a building turning it upside down and shaking it like what calls out that you are well the stove falls out the fridge falls out maybe a washer and dryer fall out if you have that in units that’s pretty much everything else as you’re shaking it stays in there cause it’s attached so the first thing is is the stuff your property the second thing is called loss of income so this is like if a building burns down and it takes us a year to rebuild that building you’ve lost all the income associated with that place you don’t have a lease there you don’t have tenants there you don’t make money there and so you’ve lost all that money if you have a loss of income coverage on your policy then we’re going to pay out that money you lost on top of rebuilding your building and replacing your stuff inside so the second one is loss of income and then to me the third one is the most important I don’t care if Grant Cardone or somebody else at the top low call of everything you’ve got to have liability coverage and that is number three and liability coverage is simply coverage for bad things that happened to other people because of you so in the case of real estate investors it’s not usually actually because of you personally it’s usually because of your buildings someone tripped on the steps of your buildings maybe a deck collapsed or something like that you know there’s something bad happened in someone was injured they turned around and found a personal injury attorney and personal injury attorney said let’s take them for all their worth and I know most of your listeners are attorneys in and there’s a great relationship between insurance and attorneys and there’s lots of amazing attorneys obviously who do great including personal injury attorneys there’s wonderful personal injury attorneys out there I have relationships with a lot of good ones but that is why you have liability coverage on your policy is in case something bad happens It’s to ask somebody because of your properties and I would say no matter how rich you are no matter how many assets you have having liability coverage is incredibly important because it’s just you don’t know how much it could add up to and certainly especially if you have a lot of assets you know so it’s just those three things covered for your stuff covered for the lost income you could incurred from a building going down and covered for bad things that happened to other people because of you
SETH – I like that breakdown keeping it really simple man and you know being an attorney myself I mean that liability coverage is probably the most important one out of all that because that can be can bet your farm type of litigation they can just take everything all at once
JEREMY – Yeah I’m not that kind of plays and comes into adding like how much liability coverage do you have and I think that’s a conversation between you and your insurance agent but your rule of thumb is cover your assets so if you got an $8 million in assets maybe you have $8 million in liability coverage so I would say that’s a little high most lawyers would probably say that’s exactly what I could come after and you know it and so that’s the back-and-forth around what kind of liability coverage you have but don’t skimp on liability coverage it’s cheap anyway liability coverage is not expensive so make sure you have enough
SETH – Yeah for sure that might lead right into this what are some of the typical insurance mistakes that you see some of your clients or potential clients making on a regular basis
JEREMY – Yeah so I think 1 wanted one of them the easy one to explain is liability coverage not having enough right end and getting in a scenario where something bad is happened to someone in some way suddenly all the assets in that LLC are exposed and that’s where you get into the relationship between LLC ‘s and liability insurance on your person on your insurance policy both to think these things are important ways to protect your assets so if you’re a real estate investor trying to figure out how to think about protection well you got the LLC piece you can create LLC easy to great one for every single entity you can create at least one for all of your real estate investments lots of things in between that’s really a conversation with your lawyer and then you can have the right amount of liability insurance that’s a conversation with your insurance agent I think the combination of those two things is how you sleep at night and feel like even if the worst thing happened I would be OK my passive investors would be OK it would all come out in the end
SETH – Yeah and we talk about that a lot on his podcast about asset protection because I do a lot of that work as well you know a lot of times just had I have insurance so we don’t need a separate action but you need both and I have a really pretty yellow and people generally get some sort of insurance maybe they’re under insured or maybe it’s not the proper insurance but they at least attempt to try to get those policies in place and then I don’t get any asset management
JEREMY – Yeah and when it comes to the relationship between those two things like neither your lawyer nor your insurance agent can say exactly what is going to happen in a bad case scenario because no with that particular lawyer who is suing you was going to say what they’re going to sue for how they’re going to play that all those kinds of things are the best thing we can do preemptively is to thoughtfully create the LLCs you know and then to thoughtfully place that liability insurance and I think that’s the best way we can cover our bases on no matter how it goes down
SETH – Yeah and you know I’ve heard the 80 % of real estate investors on or not properly protected I mean what are some of the ways they’re not properly protected like where it where those holes where are you seeing that
JEREMY – So I say that all the time 80 % of real estate investors are not properly protected and it sounds like a huge number your listeners are saying four out of five people aren’t properly protected but I do portfolio reviews for real estate investors I do probably one or two a day and I’m looking at insurance policies the other insurance agency Together for investors and I would say honestly set an a last two weeks it’s more like 90% it’s like every single policy has an in these aren’t small gaps either now I don’t I don’t wanna create fear like that’s not what I’m trying to do it’s just that I don’t think a lot of insurance agents understand how to properly ensure real estate investments and they see big numbers because there’s no doubt that you know most insurance agents make about 10 to 15% of your policy premium so if you’re thinking about your policy premium think of 10 to 15 % of that and that’s what that person is making so if you’ve got a decent size real estate portfolio in your premium is $100,000 and you go to a real estate agent or else give me an insurance agent and say hey can you help me out that insurance agent is thinking about $15,000 and I think that that makes a lot of insurance Just say yes when they really should say no that makes them say yeah I know how to do that I can take great care of you and then they go and try and figure it out and I think that’s the same as taking your car to a car shop in the car person saying hey yeah I know how to fix that starter no problem I’ll have it to you know tomorrow and by tomorrow who knows what’s happened over the course of the 24 hours and yeah they got you something and drove off the lot but what happens after that so I don’t know why so many insurance policies are so bad I just know that they are
SETH – That makes sense man I mean I love that you’re specializing in real estate investments I mean it sounds like it’s just like being an attorney like a lot of people here all well you’re an attorney and you know my friends and family ask me about you know criminal things you know and I’m like I don’t dabble in that space I don’t know anything about it I have no clue I mean I have to research it myself I mean I have to go back into my notes if I took a certain test in law school like things like that I mean I have no idea so the fact that you specialize in real estate investments is awesome and it’s interesting to hear that you know I don’t think I listen to take value and that they need to go out and find an insurance agent that knows about that specific nature of the type of insurance they’re trying to attain
JEREMY – I think it’s really valuable especially in commercial insurance if you have two or three single-family homes I think probably a regular insurance agent can solve that and not create too many problems when you get into multifamily in particular multi family is one Hardest types to get right and it’s also one of the hardest ones to place right now because so many insurance companies are moving away from it and multi-site and when I say multifamily insurance has been a loss for insurance companies for the last I think 12 or 13 quarters in a row insurance companies are tightening up on that there some insurance companies are just saying we’re not doing it anymore and sound that type of asset class in particular is a real dance and you want people who know what they’re doing
SETH – Gotcha what about some of the other asset classes in commercial properties are you see in a little bit of tightening up in that as well like let’s say hospitality retail mobile home parks anything like that
JEREMY – Yeah so it’s in the insurance lingo it’s a hard market right now which means that prices are going up in general now the reasons behind that but there’s lots of them I can go to if you want to but in essence that’s been the case for really the last couple of years and so we’ve been just saying that it seems like it’s flattening out a little bit though so I would say hopefully we’re not gonna see some of your listeners are probably seen 20%-30% increases in their multifamily in particular prices on the renewals and last couple years that’s legit unfortunately and I think other asset classes office is insurance companies are much more interested in office industrial retail than they are in multifamily so you tend to be able to get a better rate for that mobile home parks when you’re paying a lot less than insurance on mobile home parks because often times you don’t own the actual property there but they are as hard to find a home for as multifamily I would say they’re in that same kind of relm so those are the asset classes that I think of you know if people spend the night there it’s harder to ensure than if they don’t sure yet I think that kind of breaks it down
SETH – Yeah so now that we know that we need insurance and that a lot of folks that have insurance aren’t properly protected I mean how do we go about voting in insurance company or vetting an insurance agent
JEREMY – I mean I think it’s about a lot what I said the beginning like building that relationship so I would you know go to someone who understands real estate investing definitely go to someone who is an independent agent because I mean I think you’re gonna end up there anyway so you might as well start there and build that relationship and then see how that conversation goes I mean I had a car I was talking with someone the other day who’s picking up 156 unit on the coast of Texas and he has an insurance agent I was just asking him like how that relationship is and he said I mean I never understand the conversations we have I walk out of every conversation more confused and I was the beginning of the conversation now that agent might be a genius agent might be really good at what they do right like but if you can’t tell if you don’t know if you can’t walk like insurance is a promise essentially all we are selling is a promise or selling a promise that if something bad happens we’re going to cover these specific things and we had your big stack of papers and slap it on your table it says these specific things just read all this and you’ll be fine but in essence that that big document with all that lingo and all those exclusions and inclusions and things around it is a promise that if something bad happens we’re going to do these things and if no one can explain that to you in a way that is satisfactory to you then that’s problematic yeah I think there’s some people who want it explains a lot and there’s some people who don’t wanna explain it all and you know that’s another thing that I certainly do is come to whatever level the investors so it’s like where are you at if you don’t wanna explain it all you may not actually be an ideal client for me because I want to know that you at least have some interest in this being right but I don’t need you to memorize the insurance policy you know what I mean like I don’t need you to know it all you know I just want to be able to have a solid conversation with you at least once a year to make sure we’re on the same page and we take it from there so I think knowing is the big biggest answer
SETH – Yeah I’m just gonna having this initial conversations and yeah I went once you have those conversations you kind of get that that got checked like hey how do I feel about this overall this guy really looking out for my best interest is he just trying to try to make a sales that’s why it’s important to have those conversations early
JEREMY – Yeah I think if you’ve got a good vibe with someone that’s a good start you know if you don’t there’s other people out there right you know there are lots of people who are good at this well there Are definitely a few people that are good at this and you know in commercial real estate there’s good real estate insurance agents all over the country find one and find one that you like it and you enjoy the relationship with
SETH – Make sense makes sense so this might elicit a little bit of fear but you know we’re talking about insurance so let’s do it anyways maybe share one or two of you know some of your worst stories that you’ve heard from investors were things quite go as they expected and they had some problems with their insurance because they didn’t have the proper insurance in place or because something like that
JEREMY – Yeah but I think the first thing I think of is the word fear right and there’s Tim Ferriss has a great article and Logan Freeman was talking about it recently on LinkedIn but he talks about fear is a really important thing to understand write down so he lays out this thing if you look up Tim Ferriss in fear you’ll find it but you know it’s basically like layout all your fears OK you’re my fears and what are the things I can do to mitigate those things that I’m scared of and what are things I can’t write and so when we talk about things when I tell stories about bad things that happen you know it’s like OK if you felt the fear from that OK right that that’s a fear I have how can I mitigate it and how can I solve that problem can I have free me up to potentially do more with my real estate investing I mean the reality is that if it weren’t for insurance none of us would be investing nobody but the top 1% of people when it comes to money would be able to invest because they would be simply too much risk if something bad happened and so insurance levels the playing field so that we can all invest in real estate and part of the deal is you’ve got a pay some money for insurance to create that more level playing field now I’m not saying real estate is a totally level playing field we have a lot to do to move forward for sure but insurance does in some ways level the playing field for folks who don’t have millions of dollars in the bank to be able to buy and grow their real estate so a couple of stories I’ll give you one quick one so I saw a picture of the other day on Facebook and it was a real estate investor who had built a property Out in a rural area in the house has been built and then it was left vacant for I think a couple of months and the picture is the inside of this house and there is mud literally all the way up to the windows down to the ground all over the place and a milk cow standing in the middle of the living room and the first youre like why is there a cow in this house and say you read the description and it said the cows pasture was right next to this vacant house and they were able to get the door open and the cows had essentially been living inside this house is a part of their process for the last month so I looked at that and I chuckled from the picture and from the story but I said you know what everyone thinks that’s covered by insurance and they’re kind of there’s three types of insurance policies two of those do not have coverage for cows breaking in and living in your home for a month the best kind does so in my nerdy insurance brain I was like oh if they have basic or broad insurance they don’t have coverage for that but if they have special they do have coverage for that so that’s one story is the story of the cow break and
SETH – That’s hilarious I just remind me like the farmers commercials where they are like I was discovered and yeah
JEREMY – I think those are commercials are great because it least I mean there’s so many insurance current commercials just have nothing to do with insurance and they’re either funny or they’re not right if they are funny I give them kudos if they’re not funny then I just totally like don’t like that they didn’t even talk about insurance and they weren’t that funny the farmers commercials are great because they ask you to consider things that could go wrong and the funny things that could go wrong yeah so that Be a good example of one another claim I had recently was front porch two in the morning smoking a cigarette falls asleep on couch on the front porch lights on fire front porch lights on fire fire department comes out this is a single-family rental so it wasn’t a super big but it ended up being I think it’s $150,000 claim tenants had to move out and I think in that example the tenants did not have a renters insurance policy and it really crossed it like the investor came to understand very quickly the value of making sure your tenants have a renters insurance policy for one the tenants were disappointing like they figured the owners policy would cover all their stuff so there’s an assumption the wrong assumption but there is an assumption by your tenants that are their owners policies gonna come in and take care of you so that the first thing that happens after a place burns down is now your tenants are mad at you too so you know that was part of the problem or the other is if a tenant has if that tenant had had a renter ‘s policy instead of $150,000 paying out from the owners policy it would’ve been 150,000 paying out from the tenants policy you say well who cares because ensure Is insurance and I don’t care of my insurance but the company pays that money but that would’ve changed the effect on his future insurance premium in a significant way so I think that’s two of the big stories as far as uglier stories where people are really injured in and you know those are a little harder to tell but you know I think those are there and they certainly happen and part of what I feel proud to be able to do are you in in my job is in through those experiences whether they had an employee get hit by a car or something you know worse happening you know I spent a lot of time helping people navigate the situation and it’s one of it’s hard to say the joys of my job because it’s weird because it’s like people going through really bad stuff but at least I can you know help them walk through that stuff
SETH – Yeah and I think it kind of relates back to what you said before I mean bad things to happen in that what insurance is for and you know insurance allows you last people to mitigate the risk so that more people can invest because otherwise the risk is just too hot for you to go from something to absolutely nothing if you don’t have insurance
JEREMY – Yeah and then if you bring on passive investors which I know a lot of your listeners are are listening from the lens of passive investors right like me as a passive investor I would encourage you to see the insurance policy of your you know general partners or sponsors or whoever you’re working with I think it’s a reasonable request in your underwriting process to make sure that this risk is protected and you’re not dealing with it you know a cop caller worse when something bad happens so
SETH – Yeah that’s awesome man before we jump into the freedom for one last golden nugget for audience
JEREMY – Yeah the relationship is just so darn important I think that having a sense of what you need in your insurance understanding it a little bit putting aside the fact that maybe you hate insurance maybe you’ve heard bad stories about insurance maybe you think it’s all BS and you know whatever it is put that aside find someone who can actually explain things to you and see it as an something that enables you to be able to invest in real estate I think that’s the big golden nugget that I have from the insurance perspective
SETH – Love that, all right let’s jump in the Freedom FourSETH – What’s the best thing you do to keep your mind and body healthy?
JEREMY – It’s a pretty weak answer but it’s so I go on two walks a day so I go on a walk when I first wake up and I go on a walk during lunch and during Covid I’ve been on the pretty extreme like staying in our in fact we closed our main office of our agency and have been mostly in my house over the course of this year and so those walks are really important to me that’s when I listen to podcasts that’s when I even have phone calls sometimes I don’t have you set we ever take phone calls on a walk but it’s actually really great although I think the wind sound maybe isn’t the best but I really enjoy talking on the phone on a walk so I’ll walks is my answer
SETH – Awesome man awesome yeah whatever you gotta do to get out and get move especially through 2020 where people are just forced to be in their homes all the time we got a got to make time to get out and get moving stop yeah in an alternative universe we weren’t involved in insurance what would you be doing?
JEREMY – So when I was 19 years old and I’m in my 40s now but I had been playing soccer my whole life I was ready to go to college I’m from San Diego, California and then my parents move me to Indianapolis for middle school and high school and I wanted to go back to San Diego on a soccer scholarship and play soccer and about four years after that moment is when the first MLS draft was for what is now that the major league soccer yeah I hear and so the bar was a little bit lower at that point to get in a major league soccer so I ate in an alternative universe where I was an insurance agent I I could go back and see how far I could’ve gone on that journey playing soccer
SETH – I like it I like it man all right where were you at five years ago and where do you see yourself in your business five years from now?
JEREMY – Five years ago we were two years into SHIN so I mean I had just started a brand new business I was two years in so it was just all on my shoulders I think I had one part-time employee and that was It’s where I am now as we have four employees and end so where I see myself from five years is those stories you hear from folks with mature businesses where they are the face of the business they are the voice of the business there that’s the direction of the business and they’re still the person communicating with their clients and things like that but the team has now become Sort of an embodiment of their idea of the business and is taking it forward in a way they never could’ve done it themselves I hope in five years I’m at a place where I say wow five years ago I was doing a lot more of the small stuff instead of really taking my brand to a higher level
SETH – Yeah yeah well you’ll get there man it seems like he still in you love doing that the educating portion rise you’re probably going to continue why not a matter what
JEREMY – Absolutely I enjoy it a lot
SETH – Yeah yeah last question how is passive and come meet you or your clients his life better?
JEREMY – You know I talked with I don’t talk as many with his many passive income investors because I’m obviously talking on the insurance side mostly with the folks are doing general partnerships in and actually investing but it’s still a level of passive income I mean I talk with a lot of people who are not at work here now and who are directing a team is of people and so I certainly see how real estate truly changes peoples lives and I’ve seen a lot of people deeper in the journey who are doing well and they want with their day you know they’re most of them are working because I think there’s a sense inside of all the best that we want to be engaged we want to work but in a one client in particular I think about he talked about all the times I got you know I can’t believe the life I have created for my family can’t believe the fact that I do what I wanna do when I want to do it and you know he’s just really proud of where he’s at what he’s done it took a lot of grit get there
SETH – Yeah appreciate you sharing that and in a passive is really on a grayscale I mean you know we talk side hustles and you don’t even act of investing in real estate and other types of no other kind of jobs really but they’re usually your jobs that usually has to do with entrepreneurship where you control your time a little bit more and you can kind of set things aside and you’ll be with your family be with your friends and do the things that you want to do when you want to do them
JEREMY – Absolutely I went for a walk yesterday afternoon I left at 2:30 because my wife came in and was like hey you wanna go for a walk and I was like yeah what’s up stopping you now and I think that even though I still work a lot I think I still have a lot to do to grow the business that I have I could still go for a walk at 2:30 in the afternoon and get home by 10 or bicycle 6 PM and not think twice about it and not have to ask anybody whether I was allowed to do it or not
SETH – Yeah that was all about me and Jeremy appreciate you coming on the show man where can I listen to find out more about you
JEREMY – Absolutely I mention that 80% of people have a real Investors have terrible insurance policies if you want to find out if yours is one of them you can go to shine insurance.com / REI got a quick three minute quiz that I ask you five questions so you can find out whether you are one of that 80% you can find it on YouTube at shine insurance and on all the social media space is at Shine Insurance or Jeremy Goodrich
SETH – I appreciate it man talk soon
JEREMY – Seth proud of you for this podcast you doing great and I look forward to seeing what happens next
SETH – See I told you that would be fun Jeremy makes nerdy insurance enjoyable and that’s why his YouTube channel is on fire. I loved how he really put insurance into perspective and that is without it there would be no real estate investing in there probably wouldn’t be a lot of businesses that we know today in existence or at least not for the everyday person. It would be for the wealthiest 1% of the 1% simply because the risk without it would be entirely too great. It would be an all or none. You would be susceptible to that catastrophic event at all times, 100 % loss. Insurance allows the business world to function. Imagine if you didn’t have malpractice insurance how that would change the way you do business. Additionally your agent needs to be an integral part of your team that you build out during your investing career. They would advise you, keep you, safe prevent you from incurring significant catastrophic loss and unfortunately it does happen from time to time. If you’d like to learn more about creating passive income streams while still succeeding in your career reach out to me at firstname.lastname@example.org and go to passiveincomeattorney.com and join the Esquire Investor Club. You don’t have to be an attorney to apply. Until next time, celebrate the journey.