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Episodes
Monday May 02, 2022
Insurance Knowledge for Passive Syndication Investors with Drew Maconachy
Monday May 02, 2022
Monday May 02, 2022
Drew grew up in an insurance family – both his father and mother were agents – so insurance was a natural career path. Through consultation with his father, John Maconachy, a founding partner in Maconachy Stradley Insurance, he determined the best path to success was to learn the insurance industry from the inside out. As a finance major in college he took every insurance course that was available to him.
Following college, Drew went to work for AIG for 3 years as a commercial underwriter. While at AIG, he completed one of the strongest and most rigorous training programs in the industry: 9 months learning underwriting, claims management, and actuarial studies. As a result of this training and his ambition, he was able to grow his portfolio from $15h,000,000 to $25,000,000 and wrote the largest account in his team’s history.
[00:01 – 04:54] Opening Segment
- Get to know Drew Maconachy
- Commercial Insurance Consultant, an extension of their customer’s businesses
[04:55 - 22:18] Insurance 101
- All Insurance is NOT Created Equal
- Price is most important but you have to understand what you are buying
- Reasonable Quotes for Insurances
- The value of insurance for replacement costs
[22:19 – 31:16] Insurance Knowledge for Passive Syndication Investors
- How to Know if Sponsors Have Done Due Diligence
- Sponsors need to be realistic in their expectations when quoting policies
- The Consequences of Unrealistic Quotes
- The importance of having insurance agents and experts
[31:17 - 40:56] Closing Segment
- Quick break for our sponsors
- The first step to growing your wealth is tracking your wealth, income spending and everything else about your finances, you can start tracking your wealth for free and get six free months of wealth advisor. Learn more about Personal Capital at escapingwallstreet.com
- What is the best investment you've ever made other than your education?
- A handful of investments
- Drew’s worst investment
- Nursing home operating company in Texas
- What is the most important lesson that you've learned in business and investing?
- “Who you surround yourself with.”
Connect with Drew Maconachy through Facebook.
Invest passively in multiple commercial real estate assets such as apartments, self storage, medical facilities, hotels and more through https://www.passivewealthstrategy.com/crowdstreet/
Participate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your own terms.
Join our Passive Investor Club for access to passive commercial real estate investment opportunities.
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Tweetable Quotes:
“Don’t think that all insurance policies are made even.” - Drew Maconachy
“As business owners and investors we should always focus on value rather than price and understand the value that we get for our money.” - Drew Maconachy
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