Realtor · Cleveland, OH · Member since 2015 · 2k+ posts · 857 votes
Investing is not always glamorous there are speed bumps and set backs along the way. Especially in Cleveland where you invest in the wrong area and copper stripping is the least of your worries.
I recently closed on a house for $37,000 cash and will be renting for $850/month. Not bad considering the house will pay itself off in 4yrs.
But I had the copper stripped from it, 5days prior to my tenant moving in that's just bad luck. Upsetting but now I just have to move on. I'm sure we all experience set backs so don't be dishearten. Keep your head up and know it happens to all of us.
Rental Property Investor · brooklyn, NY · Member since 2015 · 70 posts · 16 votes
10y
thanks guys
i had a similar discussion with my contractor.
i'm making a first time loan for hard money on a gut rehab. 160k. i might have been born at night but it wasn't last night. what would happen if thieves took all the materials. i'd be struck with an unfinished property and an unpaid debt. i told him not on the first one start small and work my way up
moral of the discussion don't bite off more than you can chew.
Realtor · Cleveland, OH · Member since 2015 · 2k+ posts · 857 votes
10y
I got the problem fixed. It actually cost me a bit more than expected as the water taken could not be saved. Then I decided to get rid of all the old piping and just replace it all and do it once but do it right.
Mechanical Engineer · Brecksville, OH · Member since 2015 · 48 posts · 9 votes
10y
I'm sorry to hear about your bad luck! You have a great attitude about it though and I appreciate you sharing. This really reinforces the idea in my mind that being financially and mentally prepared for setbacks is very important. I hope you end up with some great tenants in the house to make up for it.
Insurance Agent · Maitland, FL · Member since 2015 · 397 posts · 244 votes
10y
Correct. A vacant policy does not cover theft. A standard occupied policy does not cover theft if the property was vacant more than 60 days prior to the claim. And these days may not even be days that you have ownership of the building. As in you buy a house that has been vacant for 90 days, take out an occupied policy because you have a friend moving in tomorrow, but everything is stripped out today... No coverage as it was vacant for 60 days.
This is where a remodeler's builders risk policy comes into play. It covers for theft, water damage, vandalism, etc while vacant. If you ever have any questions on a remodeler's builders risk, let me know, on here, by phone, by e-mail whichever works.
Rental Property Investor · Katy, TX · Member since 2015 · 175 posts · 111 votes
10y
Sorry to hear about your setback, but glad you were able to recover quickly.
I didn't have a thief problem like you had but I did have some setbacks when renovating my apartments, one issue leading to another issue. So, I feel the pain.
Investor · Baltimore, MD · Member since 2013 · 205 posts · 44 votes
10y
Im going through it now with Baltimore City Govt. $500 fine. Hope you learned to used cpvc for your plumbing cheaper and worthless to steal. Tried of it trying to figure out my next move.