Arsonists torched one of my projects (Pics)
The biggest piece of advice I can give you is to check your insurance policies. We were 90% of the way done with this project. The tenant was set to move in this week. Closings documents were at title for the end buyer.
I'm extremely grateful that the property wasn't occupied yet. You can't replace people.
Utilities were off because we were connecting to sewer.
In the middle of the renovation a home two doors down was set fire. The police suspected the owner trying to get the insurance money. We double checked our policies and continued working.
I got a call yesterday that I needed to come out and meet the Police/Fire Department. Our property and the one next door were both hit the same night. I've got a meeting with the arson unit and insurance adjuster this week.
The property is a total loss. I'm honestly angry and still in disbelief. I was hesitant to even post this but if it saves one of you guys a loss it's worth it.
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SO SORRY to hear of your experience. Regardless of motivation or circumstances surrounding the cause, I think this would be strong motivation to relocating your investment elsewhere.