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All Forum Posts by: Jeremy VanDelinder

Jeremy VanDelinder has started 28 posts and replied 415 times.

Post: Actual Cash Value v. Functional Replacement Cost Insurance?

Jeremy VanDelinder
Posted
  • Real Estate Coach
  • Round Rock, TX
  • Posts 429
  • Votes 234

(I own a restoration company and work with depreciation all the time.) Don't think of the house as a single unit but as a bunch of parts. Each element (roof, flooring, paint, cabinets, etc) depreciate at different rates over their expected life (much like cost-segregated depreciation in a multi-family complex if you are familiar with that). So, the only way to answer that question is to do a rather involved analysis or suffer a loss (not recommended (-: ) In the event of the loss, you would get the value of each element at it's current remaining life-- ex. suppose flooring is a 20-year component and it's 10 years old, you would get 50%. If framing is a 100 year element and you are 10 years in, you would get 90%

I think @Ryan Thomas has good advice above. Replacement costs a bit more, but totally worth it in the event of a los. 

Post: Best opportunity for a cash heavy investor?

Jeremy VanDelinder
Posted
  • Real Estate Coach
  • Round Rock, TX
  • Posts 429
  • Votes 234

Great thread. We are working a lot on the North side of Austin. Primarly with SFRs, but I have a piece of land out in Liberty Hill--I'm liking what I am seeing start to happy out that direction. Likely I will develop it down the road. Let me know if there is any way I can help--particularly in Williamson County. Good luck!

Post: Fire Damage, Would you Buy?

Jeremy VanDelinder
Posted
  • Real Estate Coach
  • Round Rock, TX
  • Posts 429
  • Votes 234

I flip fire-damaged properties and own a fire damage restoration company. It can be a big undertaking, although there can be profit in it IF the numbers are right and IF you have done your homework to know what you are getting into (both big “IFs”). Unless you are rather experienced with this type of damage, it may be hard for your to tell the extent of damage. The place to start is by asking the seller what the insurance estimate was—if they will share that info, that might tell you some of what you need to know.

As @Carl Millsap and @Kenneth Garrett have pointed out, the challenge with fire damaged properties is that there is more than meets the eye. For example, often fire damage is water damage--they put the red stuff out with wet stuff. Unmitigated water damage becomes mold damage and and there is the potential of extensive smoke damage in the same airspace. So even elements that don’t appear damaged can be contaminated. Also, ODOR is a huge issue. If the odor is not properly mitigated that will cause ongoing problems.

If you do a type of project like this, I would recommend you find a fire restoration company/contractor to walk the property with you and give you a good understanding as to what needs to be done. There are many things that could be overlooked as part of the renovation on fire-damaged properties.

Just to chime in with the others, I steer people away from fire damage for their first few projects. They can bite even an experienced rehabber, and will almost certainly cause a problem for a newbie. 

I'm happy to look at pictures, answer specific questions or be a help in any way I can.

Post: Anyone experienced buying Fire Damaged homes?

Jeremy VanDelinder
Posted
  • Real Estate Coach
  • Round Rock, TX
  • Posts 429
  • Votes 234

@Brian Edenfield Great! If you have a friend in that field that is perfect--hopefully he can help you and/or direct you to the right people. Always happy to be a sounding board if a second opinion is helpful.

Post: College student looking for guidance to start.

Jeremy VanDelinder
Posted
  • Real Estate Coach
  • Round Rock, TX
  • Posts 429
  • Votes 234

@Justus Bey Good for you! I wish I had gotten involved in REI much younger than I did.
What area do you live? (You are in the Texas forum, so I'm guessing somewhere in Texas)

Some good advice above. Podcasts are also a great way of learning; network with experienced investors (one might eventually mentor you, but start by demonstrating that you are willing to learn and help). Get your personal finances in order so you have a good foundation for investing. 

Post: Short Term Rental Needed - Austin

Jeremy VanDelinder
Posted
  • Real Estate Coach
  • Round Rock, TX
  • Posts 429
  • Votes 234

I believe @Doreen Sidney might have one coming up--not sure about the timing. 

Post: Wilco REI Synergy Monthly Meet-up

Jeremy VanDelinder
Posted
  • Real Estate Coach
  • Round Rock, TX
  • Posts 429
  • Votes 234
  • 12/08/20 
  • 06:00PM - 08:00PM
    • Hurricane Grill & Wings, 2701 Parker Dr. St D100 Round Rock, Texas 78681

    Post: Wilco REI Synergy Monthly Meet-up

    Jeremy VanDelinder
    Posted
    • Real Estate Coach
    • Round Rock, TX
    • Posts 429
    • Votes 234

    Round Rock, Leander, Cedar Park, Austin, Pflugerville, Georgetown

    Post: Wilco REI Synergy Monthly Meet-up

    Jeremy VanDelinder
    Posted
    • Real Estate Coach
    • Round Rock, TX
    • Posts 429
    • Votes 234

    Join us for this meet-up-- focusing on Real Estate Investing in Williamson County and North Austin. We meet on the second Tuesday of each month at Hurricane Grill & Wings.

    Schedule:
    6:00-6:30 Order food/drinks, networking (Don't worry if you can't get there by 6:00--arrive when you can)

    6:30-6:45 Introduction of topic

    6:45-7:30 Group Discussion, Questions & Answers

    7:30-8:00 Dismissal/continued networking

    Post: kitchen fire on a gas stove

    Jeremy VanDelinder
    Posted
    • Real Estate Coach
    • Round Rock, TX
    • Posts 429
    • Votes 234

    I flip fire damaged properties and own a fire damage restoration company. I highly suspect that you will be able to repair the damage PROPERLY  for anywhere close to that amount. ESPECIALLY considering that you need to do smoke/odor mitigation throughout the same air compartment.