What to do with vandalized owner occupied property

Multi-Family and Apartment Investing
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What to do with vandalized owner occupied property

Peggy Joselin-Davidson
Member since 2020 · 3 posts · 1 vote

What to do with a property that’s been vandalized by a family member. I can’t afford to repair it. Two family home in Massachusetts. Running a Mid term rental on first floor, which is furnished. Midterm rental guests witnessed property damage. Damage done to second floor and all around the house. May not be able to have mid term rental guests for a while due to need for cleanup. Would like to know if any creative investing advice, or is selling the best bet. If selling best option which route would provide most money?

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Adam Martin
Rental Property Investor · Member since 2020 · 1k+ posts · 1k+ votes
3y

I would think that vandalism is covered under most insurance policies and you would only be out your deductible.  Depending on the policy you may also get loss of use but the longer you wait the harder I would imagine the claim would be.  I do assume they are going to have to file a police report and you may or may not have an issue filing against family but I wouldn’t hesitate to if they purposefully damaged my property and business.  I generally avoid claims but if it is bad enough to think about selling or is larger than your cash reserves this is exactly what insurance is for.  

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  • Kim Meredith HamptonBusiness Member
    Real Estate Broker · St Petersburg · Member since 2014 · 2k+ posts · 2k+ votes
    3y

    Peggy,

    Do you have access to credit card, maybe friend/contractor that wants some skin in the game to fix for free for a piece of ownership? Think outside the box for a fix. Any other family members that can talk to the family member that damaged the property and make them pay, can you file charges?

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  • Kerry Noble JrPro Member
    Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
    3y

    can you take a 2nd mortgage out or a heloc?

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  • Peggy Joselin-Davidson
    OP
    Member since 2020 · 3 posts · 1 vote
    3y
    Authorities were notified. Police snf ambulance did come after it’s a sticky situation due to mental health laws! Which make no sense really. Didn’t think to press charges because family member may have mental health issues and refuses to seek help. I was told I could sue for damages. 
    I do know some contractors. That is a great strategy thankyou @Kim Meredith Hampton 

    Quote from @Kim Meredith Hampton:

    Peggy,

    Do you have access to credit card, maybe friend/contractor that wants some skin in the game to fix for free for a piece of ownership? Think outside the box for a fix. Any other family members that can talk to the family member that damaged the property and make them pay, can you file charges?


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  • Peggy Joselin-Davidson
    OP
    Member since 2020 · 3 posts · 1 vote
    3y
    Quote from @Kerry Noble Jr:

    can you take a 2nd mortgage out or a heloc?


     I could ask my bank I will check with them to see if this is an option. These damages will really put me under. I will see if these are options for me. Thankyou @Kerry Noble Jr.

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  • Adam Martin
    Rental Property Investor · Member since 2020 · 1k+ posts · 1k+ votes
    3y

    I would think that vandalism is covered under most insurance policies and you would only be out your deductible.  Depending on the policy you may also get loss of use but the longer you wait the harder I would imagine the claim would be.  I do assume they are going to have to file a police report and you may or may not have an issue filing against family but I wouldn’t hesitate to if they purposefully damaged my property and business.  I generally avoid claims but if it is bad enough to think about selling or is larger than your cash reserves this is exactly what insurance is for.  

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