My first in rental burns

[Stanley Crawford]

This was my first investment property. I bought it in January last year at auction for $3500 but it needed a lot of work and had severe termite damage. I camped out in the property off and on for 4 months getting it ready to rent. I have know idea how many hours I put into it but I had a total of $16,000 in it when I rented it out.
Remember this is my first investment so accepted the first tenant with the security deposit mostly because she had a section 8 voucher. Guaranteed money right!! Well the section 8 part of the rent $465 was there anyway. The tenant never paid her $65 on time ever. She paid just enough to keep me from evicting. I should have evicted her but at least the Gov check was always on time.
Well I got a call at 3 AM on Aug 1st from the tenants mother (plastic hat in video) saying the house was gone but everyone was ok. I still have not heard from the tenant. The fire was caused by a cigarette left on the sofa. The male had was not on lease or approved to be there by Section 8

http://www.youtube.com/watch?v=MIWbkHPeKak&feature=g-upl

What I did right:
Smoke detectors in all rooms. Good insurance. I am getting a check for $80,500 this week so I really cant complain at all but I hate seeing all that work destroyed. I am also very glad everyone got out ok.

[Casey S.]

Its only numbers. Id laugh all the way to the bank with that 80K and turn it into 4-5 rental propertys. You may look back years from now and see this was the thing that really set you moving towards major gains.