So I get the dreaded phone call, I mean text message...

[Thomas Williamson]

Sunday evening while finally sitting down to relax and watch a little football, I get a frantic text from one of my tenants, "Call me now please." So, before I could call her, another text comes in, "I really need you to call me, it's an emergency." Why on earth she chose to send text messages rather than call me I'll never know. It's that moment in every investor's career that you know will come, but you pray it's not anytime soon, yup a fire. The tenant's original explanation was that the kids were cooking french fries and the grease set off the fire when it hit the burner.

Funny thing happened the day after the fire, she claims the cause of the fire was a faulty plug on the stove. Fire inspectors will be out today to try and determine the exact cause, but I think I see what's already coming. Ugggghhhhh. I do have a large umbrella policy, and the property is in an LLC, so I'm not too concerned.

Quick Tip: I learned from other investors a long time ago to put a special clause in my leases that strongly encourages the tenants to get renters insurance. I even put an example of a water pipe breaking and destroying all their belongings, and inform them in the lease that my insurance will not cover their property, my insurance will only pay for the damages to my house. I have them initial that section as acknowledgement. So, even with that when I asked her if she had renters insurance the answer was no.....