Greetings! RENTAL House BURNED DOWN! WHAT DO I DO NOW?

Question

Hi!

I have a good bit of land, I do not know the exact acre but potentially .75 of an acre of land!

- It can easily fit two MOBILE units on the land!

What would you do? the house is torn down and I have this land in the middle of a SMALL TOWN AREA, really nicely populated area. What kind of housing should I buy? factory homes? What do you think? HELP!!!!!!!!!

Stephen J Davis · Answer

I don't understand. Did you not have insurance? If you did, you should rebuild the single-family home. Mobile homes depreciate and are not the highest and best use for that property.

If you have insurance:

1. Get a public adjuster to quote the loss amount.

2. Go to your insurance with that number.

3. They will probably reject it.

4. Hire attorney that specializes in this type of claim and sue for what you need. You will almost always win.

After Hurricane Ike, I had $100,000 damage to my beach house. Insurance offered me $35,000. I sued and got over $125,000 which included the attorneys fees.

Nathan Gesner · Answer

.75 acres should allow up to four mobile homes, but only if zoning allows them. Contact your zoning office to educate yourself on what is allowed on that property before you start down the wrong path.

James Wise · Answer

You need to check the zoning. They don't typically let folks throw trailers in the middle of areas that have single family homes. Only thing you'll likely be able to do is build a similar home to the one you had there before.

Ben Guttman · Answer

@Stephen J Davis thanks for sharing! I am constantly telling investors to protect their income (properties) so they don’t get stuck in scenarios like this.

Theresa Harris · Answer

@Charlie Moore If the house burned down, the insurance should pay for replacement in which case you need to rebuild the home to the same specs.

The only thing you could do is perhaps change the location of the house on the land and see if a second home could be built in the back half. That would require checking with the town and your insurance company. Prefab homes (not mobile homes) are usually built to the same standard as traditional homes, they are just built offsite and assembled onsite.

Max T. · Answer

What does the zoning allow for?

Greetings! RENTAL House BURNED DOWN! WHAT DO I DO NOW?

Greetings! RENTAL House BURNED DOWN! WHAT DO I DO NOW?

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