All Forum Posts by: Brandon Farish

We have a mother in law apartment in the home we currently live in.  The tenants that are there have been there for 2 years.  Their second year is up in June.  They have been great tenants with no issues.  However, they just had a major accident while melting a candle in a pan on the stove.  The tenant claimed she was melting it, left it unattended and it started a fire.  She tried to put it out in the sink which only made it worse.  There is no fire damage to the kitchen but there is significant smoke damage to the walls, cabinets and ceiling.  She has admitted that this is her fault and that the responsibility is on them for repair costs.  Also, we are squared away with a good lease and they have renters insurance with liability.

We have had several bids for cleaning and painting cabinets.  Just waiting for bids for ceiling and walls.  My question is how do we proceed with the billing.  It's looking like it will cost more than 5k but less than 10k.  Do we pay the bills ourselves then bill the tenants.  Just bill the tenants and they or their insurance pays?  I'm assuming if we use our homeowners insurance our premiums will increase which we'd like to avoid if possible.  We are just looking for a little guidance as this is our first major issue and we want to do it the right way.   Also we are in Utah.

Thanks,

Brandon

Andrew L. Great question, I'm looking to do the same thing in Utah county. William Hochstedler Cody Steck Great advice. I love hearing from those with experience doing this.

Jose Gonzalez I am just getting started myself. I am currently getting my financials in order as I research, analyze, read and educate myself. A few books that I've really enjoyed thus far are, rich dad poor dad and cash flow quadrant by Robert kiyosaki, the one thing and millionaire real estate investor by Gary Keller were bother very well written. Dave Ramsey's total money makeover had some good insight into dealing with your personal finances. I read the ABC's of real estate a few years back and really enjoyed it. I just picked up a few more from the library today, Kiyosaki's guide to investing, Think and grow rich by Napoleon Hill, The richest man in Babylon and the 7 Habits of highly effective people by Stephen Covey. Ive gotten a lot out of these books hopefully you can too. I look forward to other's suggestions. Good luck with everything.

@Sam Levin , @Becca Summers , @Rebecca Belnap , @Dmitriy Fomichenko , I appreciate all of the replies and encouragement.  

@Brandon Rindlisbacher , thanks for the response.  We have definitely enjoyed living in Spanish Fork.  Utah County and South Utah county is where we plan to be for the forseeable future.  I look forward to connecting with and learning from those of you that have been around and have been doing this for awhile.  

Thanks,

Thanks Sam.

Well, I figure it's about time that I post an introduction.  I've been lurking on the site for about a month now.  I wish I would have found this site earlier.  Anyways, I've become absolutely obsessed with real estate.  If I'm not reading books on the subject or looking at the forum, I'm listening  to the podcasts.  I don't know if it's just my personality or if everyone gets this excited about the subject.  I feel like I can't learn enough fast enough.  I read "The ABC"s of Real Estate" a few years ago and it sparked my interest, but nothing like it is now.   I've read a handful of other books in the past couple weeks and between that and this site it has lit a fire. 

A little about me: 

I currently live in Spanish Fork Utah, I'm 33 years old.  I'm about 11 years into a 20 year law enforcement career.  I have several lofty goals in mind but would like to focus all of my efforts right now on multi-family rentals.  My short term plan is to find a multi family property to buy and house hack for a while to get my foot in the door.  I have several other goals set but I'll save that for another post.  

All I think about lately is real estate and how and what I need to do get in the game.  I've always had this drive and focus when I become interested in something, however, I feel like this could become a lifelong endeavor that could benefit me and my family immensely.  I love learning and am excited to continue doing so on this site.  I look forward to interacting with others from Utah and with those with the same drive and passing that I have for this.

Thanks, 

Brandon