Morris Invest Oceanpointe Investor beware

[Jay Hinrichs]

I have been getting private messages daily about the issues with homes in Indianapolis they are well documented on the threads on BP.

however I did want to point out based on my experience of owning literally 300 plus C 's in various markets and foreclosing on another 200  with many in Indy.

I want to caution all of you that have these homes.. to have a second set of eyes on them to verify that they are indeed occupied..

The reason being if you do not have a Vacant home Ryder or builders risk policy and your home is more than 60 days vacant.. there is a very good possibility that you are not covered at this time..

Check your policies and have someone do a drive by that you trust .. Not the above mentioned companies of course but a neutral 3rd party.. have them check with neighbors

And if your home is not occupied and you have owned it more than 60 days.. get right on the phone with your insurance carrier and go over your coverage's.

I have had this happen to me in the past were we had a fire and we were denied coverage.. the insurance adjuster for the company starts investing talking to neighbors looking at UTL usage determines it vacant.. and Claim DENIED.

With all the feedback on BP about these two companies I thought I would throw that out there.. Not only are most of the buyers fairly new at real estate but most simply won't know about this little gotcha in their policies and that goes for any investor really.

Better safe than sorry and have a burnt out shell.. I have one right now in Indy.. I let it go to tax's :(