All Forum Posts by: Steven Gesis

 Clint, no, this is not my reputation, what I am saying is times and events predicate the needed resolution, if this is one home of mine and this is part of a small cohort of homes lets say (6), maybe I would be more emotional about it, maybe if I was newer or more novice I would be more enthusiastic of making hell around this issue, but the question boils down what is the best and most cost-effective use of your time. Usually, incidents that are outliers are not ones that command lots of brain power, they need a simple business solution.  Do not get me wrong I am the first to wave the flag of discipline and being relentless and through screening and being patient in placing tenants, but sometimes **it happens!! - you have to stay composed and make the best business decision, that's all, not about reputation here. 

 Interesting, I have had odd things happen before, as I stated in another forum I have hundreds of homes at this time, the few incidents that were smaller than this one, the police had little they could do, besides just take my report. 

I remember an incident where the tenants took the appliances, advised the neighbor who then told me that they placed them in a storage unit down the street, went to police station filed the report they said I do not have proof they cannot open the suspects storage unit even though the appliances may be in the unit. 

 Amen, I agree that the police will likely not do to much to resolve this issue

 Aaron, intriguing....

Nathan-

This is a lite version of the cost :) 

On my end having a few hundred single-family doors now, I am always caught at this crossing with what to do, do you take it as a business expense and move-on as this is an outlier. 

Lets be frank, what will the police do? This is not a case they will want to place much attention to, I can file, I can make it super tough on the people, the result will be minimal  - I do not think they will haul them off to jail. Jail will not solve my loss issue. 

Insurance is a maybe still....

Its not about having a ton of capital and having expendable or available resources, its merely a business decision, not an emotional one, it sucks it happened, but its just an issue that needs to be handled, the question is what is the most effective time of handling this issue.

I value my time @ $300/hr. plus an attorney on the low end will be $200/hr. - then a few people on my staff and a ding on my insurance - all I am saying is that I am already halfway to $10k, I can just bite the bullet make a business decision and just handle it.  Maybe you right, maybe at least file the insurance claim. 

When you file a report with the police, this is just the beginning of the process, as you saw I referenced my cost of time above, filing a police complaint will take hours and hours and hours if they do nab him, then more hours and more hours..... I can spend this time thinking about making more investments and figure out how I can recoop the loss as quickly and effectively as possible.

Yes, I do have a reputable carrier, I think I may have the loss rent rider, not sure will need to check if I have ARV

 Super strange issue seems like an outlier and another one of those good bar stories.

It is something I am weighing, I am just thinking about the ramifications, having a sizeable portfolio does it make sense recording the claim, paying the $1500 deductible - claim as theft ?  Have had what I thought experienced everything you can possibly encounter, this is something new. 

Aaron-

Start here: A Simple Guide for Buying Out of State Turnkey Investment Property

Recent tenant eviction, although they are rare in my world, they do occur once in a while, this one was like no other one before, tenants of (3) years, stopped paying the rent, we had to evict the tenant, the tenant moved out and took:

• Toilets
• Vanities
• Furnace (yes, they disconnected the gas line and the dedicated electrical circuit)
• Hot Water Tank (yes, they capped the water lines ( so, thank you for not flooding my home))
• Kitchen Cabinets (Including the kitchen sink .... hahaha)
• Kitchen Appliances

Aside from the regular move-out items and small repairs, this was new to me, they did not really vandalize the home, but they stripped it, which is kind of awkward, I thought about making an insurance claim, but now I am thinking just pay to replace the items and move on, the time, effort, money, and delay will outweigh I think the potential for the home going back on-line and getting back to cash flow positive.

Thoughts and ideas welcome.