After The Fire – A Landlord’s Guide – The Insurance Settlement

Firefighter

I had a major fire at one of my properties a while back and I have been posting about my experiences dealing with that here on my blog. Last time I wrote about dealing with the insurance adjuster that was sent out to my property to determine the amount of loss. While the fire and water damage might have seemed like a total loss to me, the eyes of an insurance adjuster can see things completely differently. If this were not the case then there…

After the Fire, A Landlord’s Guide – The Insurance Adjuster

Firefighter

I had a major fire in one of my properties not too long ago. After getting the fire put out and taking care of the tenants I filed an insurance claim. I had to. My property was severely damaged and uninhabitable. Upon filing a claim, the first thing any insurance company does is send in an adjuster. The adjuster for my insurance company came out very quickly. He was there, inspecting my property just two days after the fire occurred. As I wrote last time,…

After the Fire, A Landlord’s Guide – Making the Insurance Claim

After the Fire

I have been writing recently about a major fire that occurred at one of my properties recently. I wrote about the initial incident, surveying the damage on the day after and dealing with the tenants. In this post I want to talk about beginning the process to rebuild the property. Specifically, beginning the insurance claims process and dealing with the insurance company. First let me say that I normally do not make insurance claims. My belief is that insurance is there only for a catastrophe,…

The Day After The Fire, What’s A Landlord To Do?

Fire

I had a major fire at one of my properties back in late 2014. I wrote about the first evening after getting the call here. In this post I want to talk a little about the day after. The day after.   The first chance I would have to see the extent of the damage.   I had been to the property the night before, right after the fire, but it was dark, the utilities had been shut off and there simply was a lot of commotion…

The Anatomy of a Rehab – Part 3 – Finding Contractors

outside

In my previous posts I discussed how I went through and assessed what I needed to do to get the property rehabbed by using my Property Inspection Sheet and figuring out the budget. In this post I want to discuss hiring contractors. Contractors are an essential part of any real estate investor’s team, especially as you grow and expand your business. Sure, it is OK to do some or all of the work yourself when you are starting out (in fact I would recommend this…

The Anatomy of a Rehab – Part 2 – Figuring the Costs

outside

In my last post I discussed how I went through and assessed what I needed to do to get the property rehabbed by using my Property Inspection Sheet.         These are the repairs that I wanted done: A New Roof with some Decking Exterior Painting with some Rotten Wood Replacement Yard Cleanup Interior Painting Interior Wood Floors Refinished Kitchen Remodel Bath Remodel HVAC Tune Up Storm Windows. Now, knowing what I needed done, it was time to figure out what it was…

The Anatomy of a Rehab – Part 1 – Assessing Needs

outside

As I wrote previously, I am in the process of doing a major rehab on one of my properties. The first step in any rehab process is to assess what you need to do. What needs to get fixed? Then you can get estimates and figure out costs to develop a rehab budget and hire contractors. To assess rehab needs, I have a very simple Property Inspection Sheet that I use to make sure I do not over look anything. I use this sheet when…

The Anatomy of a Rehab

outside

I have a property that I bought several years ago. When I bought it, the property came with tenants. Those tenants were happy to stay in the property and I was happy to let things ride for a while. I knew that whenever those tenants left, some major work would have to be done. Well, those tenants have just moved out and now we get to do a major rehab. Here are some pictures showing the property’s current condition.            …

How to Fund Your Rehab

Rehab Tools

It takes money to make money, right? Yes and no. So, I’ve proven that seller financing is out there. You can truly buy a home with no money out of pocket. After that, what do you do about repairs? We are way to new to real estate game for our private lender to trust us with any more than we needed. I’m still baffled that we were able to convince her at all! So, we had to get creative in financing the rehab. Of course,…

Newbie Fails

Head in Hands

Remember how I spoke about feeling like a newbie?  Well, it didn’t end there. In fact, I’m constantly reminding myself that I’m an amateur. In an effort to encourage those of us who are completely green to real estate investing, I’ve shared a few of my most humbling mistakes below. Hopefully, you will be able to avoid some of these same pitfalls. Please share some of your novice blunders too!   I learned pretty early that easy work can be made hard if you don’t…

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