Opinion On Commercial Properties In SWFL
Hey guys, new to this site and I am wondering what the national and international investors think about the area of SWFL. Being one of the so-called hardest hit areas of the country, I am sure everybody has an opinion on this area, I am curious to see what you guys think.
Thanks!
It sounds like the basis of the claim is to create a $1500 profit for Montalbano.
I am skeptical.
Why not call your own insurance agent and ask if this technique is valid.
I bet the insurance agent will tell you that your equitable interest does not make you a named insured. And because you are not actually named as an insured on the policy, you have no standing to file a claim.
Even if the insurance company paid a claim, it would be paid 100% to the named insured or to the mortgage loss payee.
Let us know what feedback you get from your insurance agent. Might save you $1500.
NewKidInTown3: I went back a looked at my note, and you are correct, that is why you get something called a Assignment of beneficial interest on the insurance claim. I take it nobody has ever done this?
I think the key is, as NewKid pointed out, to verify with a third party insurance agent if this is viable beyond a very narrow class of cases and/or properties. I can see a potential area where this method may have merit. See http://www.thecreativeinvestor.com/ViewTopic66678-35.html "Short Sale Involving Chinese Drywall And Chase Bank" where a buyer having a property under contract may make an individual or class action claim on a property. In essence, the contract would be conditioned on the settlement. Is this the kind of insurance claim technique the guru is pitching?