All Forum Posts by: Christophe Noualhat

Everyone, 

Thanks to all that answered to the post and gave me important information.

For info, the property has been sold to another investor for 18K$ through a real estate broker. What is left of that amount added to the insurance payout is what I initially wanted for the property so all is well.

Have a good rest of your day ! 

Thanks a lot to all that replied. So does that mean that the insurance I have I should have asked for replacement value instead of Actual value ? I would have been better covered ?

Quote from @Account Closed:

If your insurance paid you out and you just want to get rid of it you could probably donate it to the land bank

https://lucascountylandbank.or...

Thanks Michael, I've contacted them, could be an option as well, although I'd like to get something for the value of the land and house in its current state as the insurance is not covering the full value of the property, hence my initial ask :) 

Quote from @Jackelyn Lee:

Insurance agent here and local to Toledo. Is your policy actual cash value or replacement cost? If it’s a replacement cost policy if you do not rebuild you will not get the replacement cost amount until the actual rebuild is complete. 

 Actual Cash Value

Quote from @John Mocker:

Christophe,

Normally I would not start by recommending an Independent Adjuster but they may be part of the solution.  An Independent Aduster handles the claim with the insurance carrier for you for a fee (normally a percentage of the claim).  If you were local and had a good agent, you probably would not look to the Independent Adjuster until there was some issue with the company or agent (why give up part of the claim payment) but in your case, having someone local to deal with the Insurance claim may be worth it. 

Regarding the rebuilding, once you know how the claim amount is and what needs to be repaired you could check with a property manager or construction manager in that area to see what the cost to handle the rebuild.

 Thanks John for your reply. I wanted to sell the property before the incident and as I dont have any network in the area, I dont want to manage rebuilding from a distance... 

Best

C

Hi everyone ! 

Out of state / out of country investor here... 

I have (had ?) a rental property in Toledo, one month ago a fire broke out in the house's first floor, tenants been evacuated and house boarded up. The insurance will pay for the damages but as an out of country investor I do not have the time, energy or confidence to repair the rental.

How can I estimate how much is worth the land + house to repair on it and how can I find a buyer who has the resources and willingness to flip it ? 

Thanks for your guidance !

There's some hidden signs there... France is probably not for you :) Try Switzerland, great cheese !!

Originally posted by @Engelo Rumora:

Originally posted by @Christophe Noualhat:

@sean yang sorry for the late reply, didnt get the email notification for some reason... But then got the dingo's...

@engelo sais it all, I now deal with their sister company who puts tenants in and they offered to cover the rents after the second month without a tenant (had an email about that previously so not new to read it here and had nothing to do with the thread :) ) and as said before, things seem to be going well... Which is good for a property I own without ever seing it... Need to change that before there's a ban on French citizen...

IRS is a pain, been struggling with the accountant for a year to get an ITIN and be able to pay taxes... They are the worst administration I have ever had to deal with, and everything is paper !! I am not considering another investment in the US until this is sorted out, and also probably not while there is a bigot administration in place... Maybe considering pulling out actually.

You make it sound so terrible mate :)

I won't accept your cheese baskets anymore haha

 The IRS part ? It IS terrible !! An administration where it is so complex to give $$ to ? Never seen... Terrible, sad ;)

@sean yang sorry for the late reply, didnt get the email notification for some reason... But then got the dingo's...

@engelo sais it all, I now deal with their sister company who puts tenants in and they offered to cover the rents after the second month without a tenant (had an email about that previously so not new to read it here and had nothing to do with the thread :) ) and as said before, things seem to be going well... Which is good for a property I own without ever seing it... Need to change that before there's a ban on French citizen...

IRS is a pain, been struggling with the accountant for a year to get an ITIN and be able to pay taxes... They are the worst administration I have ever had to deal with, and everything is paper !! I am not considering another investment in the US until this is sorted out, and also probably not while there is a bigot administration in place... Maybe considering pulling out actually.

Originally posted by @Sean Yang:

I am also following this. How's your investment going with OCF as it's been a year now?  @Christophe Noualhat

 First property doing good, the initial tenant left in November and we're having a difficult time finding a new one, seems to be a bad period to find tenant (January, winter, cold etc.. not a good time to move..), other than that I have reports that the property had been well maintained so no complaints there.