All Forum Posts by: Brandon Foard

Most likely it will be a gut to the studs renovation. You will have some framing issues in the attic and roof system. A skilled contractor/builder can get you some really good ideas and estimates. 

Most of the electrical should be okay except in the heaviest fire damaged areas, plumbing as well. 

I work in large loss insurance claims just like you stated and see repairs like this completed all the time. 

You will have money tied up for at least 4-6 months depending on how bad the damages are and possible longer depending on your contractors "other" projects going on at the same time. 

Without knowing any details other than 1700sf a rough guess would be 60-80k in repairs assuming a simple single family home 3/2. 

Trust me if its not done right that "smoke" smell will never ever go away. The odor is literally smoked into the lumber building materials. Most of the exposed lumber (attic framing, roof framing, etc.) will require sealing with a stain blocker. 

My guess is that it didn't burn very long or you would have substantially more damage. A kitchen fire can burn through the roof in less than 10 minuets provided the likely building materials from the 60's (paneling, ceiling tile, etc). 

Just my .02

You might be able to file a claim under your insurance as vandalism, however with a vandalism claim you will most likely need a police report and possibly pursue charges against the liable party. The next issue is what is wear/tear and what is really vandalism. Stains on the carpet are mostly wear/tear as is a cracked pane of glass. You cant prove negligence on either situation unless you have cold hard proof. True vandalism like "tagging" walls with paint, taking a hammer to cabinets, toilets, tubs, doors etc. is pretty easy to identify.

I'll add a tip as I'm a property claims adjuster. 

It's never helpful to argue with an adjuster face to face. If the adjuster tells you something and you know/think they are wrong. Tell them okay and go talk to your agent face to face. What makes a good agent a great agent is how hard they are willing to fight for you. They agent and the adjuster work for the same company so let them fight it out. Often times it will work out in your favor. If that doesn't work then resort to letting your contractor work it out with your adjuster. 

I could go on and on and on...

I think in the North Dallas are you really have to do your due diligence. You can find good cash flow, but its going to take some serious leg work. Texas is a big place and there are other GREAT areas in the state to look into as well. Dallas is growing very quickly with multiple very large national companies moving in bringing in lots of jobs with them.

In that area that you are referring to im surprised its not under contract the first day. Lots of cash purchase are made within the first 24 hours of one being on the market.  

I cant tell you if you made the right decision with that home, but Dallas area is only going to grown.

I remember 6-8 years ago when I was going to college in Stephenville, traveling down 380 from Sherman to FTW there was only 3 or 4 major stop lights between McKinney and Denton. I wouldn't even attempt to drive down 380 now. 

+1 on the standard HWH.

Your are talking about a $16 per month difference in the electric/gas bill based on what you said. How much more would you be charging per month for the upgraded HWH? Would you only charge the upgraded cost for the first year or two until you recoup your investment or would it be a forever increased cost in rent?

If the upgraded HWH is going to cost $1000 I don't think that would be too much more to have a standard HWH installed??

The real question to ask yourself is which will be a less pain in the butt in 3 years, 5 years 10 years. What are maintenance differences on each product and how much is it going to cost you to fix?

I would just go standard HWH and be done with it.

If they are really good tenants and you don't want to loose them then do whatever it takes to keep them. Just my .02.

A quick google search shows...

"SKIPPERS PROPERTY MANAGEMENT LLC" and your name as the registered agent.

Is that the "false" once or a different one?

Just curious...

If your mail is coming there and utilities are in your name, I highly doubt there would ever be any questions asked by anyone. You could set up automatic payments and travel the world for a year and no one would ever know.

Wow... is all that Im going to say.

I would have received that email from the  loan officer... I might have come unglued.

To add to what Jason stated, even with a Broad or Special coverage policy, unless there is PHYSICAL water damage to the floors (not b/c of high humidity) there still might not be any coverage.

Well what was the outcome?