Hey there, it's Silvius, and I just wrapped up an incredible podcast interview with Richard Zimmerman, a surety bond specialist. If you're a commercial real estate investor or an entrepreneur in the real estate industry, this episode is a must-listen. We dove deep into the world of surety bonds and uncovered some valuable insights that will help you navigate this essential aspect of your business.
In this interview, Richard explained the ins and outs of bid bonds, payment bonds, and performance bonds. He cleared up any misconceptions about bid bonds, highlighting that they are not upfront costs but rather penalties if you decide not to proceed with a project. Richard also emphasized the purpose of payment and performance bonds, which ensure that suppliers and subcontractors are paid and that the project is completed according to the contract.
We also delved into the process of obtaining bonding based on contract size and credit score. Richard shared valuable tips on the financial documentation required for contracts above $750,000, including internal and personal financial statements, bank references, and more. He stressed the importance of setting up bonding before starting a project and providing the necessary financial information.
Throughout the conversation, Richard provided clear explanations and examples, making the subject matter easily digestible for all listeners. He discussed the calculation of working capital, current liabilities, and bond support, shedding light on the limitations based on previous project sizes. Richard also emphasized the value of having a construction accountant who specializes in the industry and the requirement for a CPA review for projects over $2 million.
To wrap things up, Richard generously shared his contact information for anyone who might need further assistance. Trust me, this interview is a goldmine of information, and you won't want to miss it. So grab your favorite beverage, sit back, and get ready to level up your real estate game with this enlightening podcast episode.
Remember, we're constantly bringing you valuable content, so make sure to check out our other podcast episodes for more insightful interviews with industry experts. Let's grow together and achieve great things in the world of real estate. Stay tuned for more motivation, education, and inspiration. Love, Silvius Grant.
----------------------
#interiordesign #tbt #love #realtor #motivation #leadership #claritybusiness
#dreamteam #financialfreedom #moneymindset #investinyourself #makemoney #getmoney #getrich #freetips #multifamily #realestate #investing #families #lot #partner #time #love #work #photography
#millionairemindset #firstmilli
If you want to learn more about Passive Investments in commercial real estate then check: https://www.linkedin.com/in/silviusgrant
These episodes are also available on Youtube: https://www.youtube.com/@silviusgrant
Follow us on Instagram: https://www.instagram.com/silviusgrant
Richard Zimmerman
https://www.linkedin.com/in/richard-zimmerman-seubert/
Surety Bond Specialist
As a Surety Bond Specialist, Richard brings his extensive understanding of the financial markets to the West Palm Beach Office. With 23 years of experience in the Financial markets, Richard has a strong understanding of investment capital flow as well as the effects of economic conditions on the credit industry which would be instrumental in assisting new strategic relationships to be developed.
Prior to the financial industry, Richard was with Estee Lauder’s Aramis Division as an Account Executive in South Florida, responsible for forty- two department stores from Miami to Vero Beach. During this nine-year period, Richard was exceptional in developing strong corporate relationships, but also in store personal relationships.
Richard attended Memphis State University and majored in Finance. He currently lives in Wellington, Florida with his wife Jacqueline and their four children Ashla, Addison, Nason and Remi. He is an avid tennis and basketball player and attends LifeChurch of Wellington.
https://www.linkedin.com/in/richard-zimmerman-seubert/
