Quick tip - Run the heat if you're flipping in winter

[Richard Smith]

Quick story.  I woke up to find 3 feet of water in my basement yesterday morning.  Panic!

Call the insurance company, call a flood specialist, get someone in to figure out what the heck is going on.  Turns out it was a vacant house 3 doors down from mine (these are Brooklyn brownstone row houses) and the water main in that house had ruptured sometime in the middle of the night and flooded half the block.  My insurance is covering me, but they already said they will be going after the owner of the other house for recovery of damages.  I'm guessing that the insurance providers of the 8 or 10 other neighbors who were affected by this will do the same.  I don't know the investor who is working on this house, but I know he just took a big hit against his or her eventual profits.  BIG hit.  Going to be 5 to 10 grand for my house alone.

So for any of you who are renovating/flipping in cold weather areas, here is your quick tip for the day: TURN ON THE HEAT to keep the pipes from freezing.  The cost of fuel oil or gas will be nothing compared to the possible damages from a burst water main.