All Forum Posts by: Naga A.

Rachel Leonard

Welcome to BP. I also invest in Atlanta. I have 4 SFHs there for investment. Hopefully, we can do some business together in the future.

Steve Babiak
What is he fighting about with his insurer? Is it over the value of loss of the property? or something else?

Michael Lauther

I know this is an old thread, but am curious how long it took you to receive insurance proceeds from your insurance company. Were they difficult to deal with? Did they cut a check for the whole amount or make
multiple payments?

I ask these questions because I had a fire on one of my properties at the end of February and it takes my insurance company two months to finish their process (completing an investigation report etc.) to pay me 10K "downpayment" out of 35K total loss to get the restoration work started. They said they would pay the remaining amount shortly.

Tim,

I do not have any more advice to offer after you have got great advice from guys like J Scott and Aaron. I also invest in Atlanta and just wanted to say hi and good luck with your rehab project. You are doing the right thing to check everything rather than trusting in all the things that a turn key seller has to say.

I also bought houses around 18K-23K and put in 12-15K for repair for a $800 rent. I am taking some time off right now and have not followed the ATL market for a couple of months. I wonder if I need to change my buying strategy once I am back to the market.

Why aren't pictures uploaded? I could see pictures on preview.

I bought this house last month, and my local partner (working as a project manager) and I (I am an out of state investor) have been working on to rehab it for about three weeks.

We were very close to completing the rehab, and then I got a call from my project manager yesterday that the house was on fire.

We were not completely sure what caused fire, but our HAVC guy flicked the circuit breaker and then all of sudden it caught fire and the fire spread very quickly.

I attach pictures, and the roof and third of the house was burnt down.

I called my insurance company to file a claim yesterday, and we engaged a disaster recovery company to board up the house. We will contact our electrician who is insured to understand the cause of fire.

Obviously, this is my first (hopefully last) experience with fire. Is there anything I can do? I am a buy and hold guy so if the insurance company covers the damages, I would like to keep the property.

Sorry for the delay in responding to your questions. I thought I already answered your questions but apparently did not.

Chris KennedyIt is located in zip code of 33578 if that helps. Sorry I do not know much about Tampa. I bought this house without seeing it.

Jon KlausYes, same tenant with same rent. The best tenant I have for all my properties.

Jeremiah B.

If the agreement between you and the PM is silent on the termination of the agreement by either party in the middle of a lease, then the PM should not have any recourse against you.

If you cannot trust your PM that they take good care of your property, you should fire them as soon as possible.

I have done it before and can answer your questions.

Will another PM be able to administer the lease? Yes. They should.

How high is the risk of rents being sent to the wrong person?
Even if the rents sent risk to the former PM, they have obligations to re-distribute them to you.

How disruptive is this for the tenant? The tenant should not care who the PM is.

Do I have legal recourse to rectify lost rents? I do not think so, and even if you have legal recourse against PM, it should be very expensive to pursue it. I think you should find a new PM and move on.

Chris,

I ended up buying this house at $50,000. And, the house cash flows and has been the best performer of my properties.