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Updated over 8 years ago on . Most recent reply

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Andrew Graham
  • Rental Property Investor
  • Little Rock, AR
2
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12
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Multifamily House Fire While Deployed Overseas

Andrew Graham
  • Rental Property Investor
  • Little Rock, AR
Posted
I'm currently deployed overseas and just learned that my 5-Plex caught fire. I'm not sure how badly it was damaged, but based on the pictures I was sent I know I won't be able to rent any of the apartments out for quite awhile. I know I will have to make a decision to either rebuild, repair, or sell. I wanted to see if anyone had any advice at all. I've contacted my insurance agent so he knows what is going on and asked his opinion and advice as well. Thanks in advance for any help.

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Brie Schmidt
  • Real Estate Broker
  • Chicago, IL
5,138
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Brie Schmidt
  • Real Estate Broker
  • Chicago, IL
ModeratorReplied

@Andrew Graham - I had a 4 unit catch fire last year.  It was borderline fixable / tear down and the original offer from the insurance company would have not really covered either.  I hired a public adjuster and he took over everything (and explained WTF was going on in the simplest of terms so my brain could understand) and he got us 150% more than the original offer.  

Insurance has never been my strong suit and without the increase in the offer I think the adjuster was worth every penny.  Being overseas I would hire a public adjuster 

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Second City Real Estate
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