Show notes
⭐Apply to Join RPM and attend the live sessions: https://www.coachcarson.com/rpm-pod-503b
-------------------------- Topics Covered:
- 00:00 I asked my brother how he'd sue me
- 00:21 A new Coach's Corner format (and how to send feedback)
- 00:56 Why I've avoided talking about liability
- 02:01 23 years, and the lawsuit I've never seen
- 03:26 Risk #1: Loans with a date attached
- 04:34 What a balloon note actually is
- 05:09 The 2008 story: a $1M property sold for $600K
- 06:39 The fine print that lets a bank call your loan early
- 08:30 Risk #2: Remodels beyond your experience level
- 10:47 Start simple (and my own over-budget projects)
- 11:33 Risk #3: Bad locations that look great on a spreadsheet
- 13:00 So does liability actually matter?
- 14:13 Liability September inside RPM
- 14:48 Session 1: How my brother would build a case against me
- 18:00 Session 2: An attorney who owns rentals and teaches the law
- 18:50 Session 3: What liability insurance really covers
- 19:18 How to join us before September 10th
- 20:40 Send me your liability story
🎙️ Episode #503b –
Recently I asked my brother how he'd sue me. He's a lawyer, and no, we're not fighting. I wanted him to war-game my defenses as a landlord.
But before I get to that, I want to share something I've noticed in 23 years of investing.
I have never once watched an investor go out of business because a tenant sued them. Not one time. And yet that's the risk most of us spend real money and real worry protecting ourselves against.
What I have seen, over and over, are three other things. Financing with a date attached to it. Remodel projects beyond an investor's experience level. And bad locations that look great on a spreadsheet and grind you down until you quit.
In this Coach's Corner episode I walk through all three, including a friend who lost a decade of equity in 2008 because of a balloon note, and a few of my own deals that went over budget.
Then I get into what I don't know. Because a tenant really can fall down your stairs. I just have never seen honest numbers on how often it happens or what it costs, only sales pitches. So this month I'm bringing in three people who can give straight answers.
Liability September inside Rental Property Mastery: Sept 10 with my brother Andrew, a South Carolina attorney who has worked injury cases from both sides and now represents the people bringing them. Sept 17 with a practicing attorney who owns rentals and teaches real estate law at Clemson. Later in the month with Steadily on what a landlord liability policy actually covers.
If you already own at least one rental and want to be in the room, apply at coachcarson.com/rpm-pod-503b. Applying isn't committing. The next step is a short call with Joe to see whether it's a fit.
Got a liability story of your own, good or bad? Email me at podcast@coachcarson.com. I'm collecting them. And this is a newer, audio-only format, so I'd love to know whether you want more of these. Email me or tag me @coachchadcarson on Instagram or Facebook.
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