All Forum Posts by: Douglas Brown

Thanks @Adam Sankowski. A very interesting and useful video. Turns out my property is just 1/2 block south of 38th St., right on the edge of the no invest zone. Clearly I still have a lot to learn about "due diligence" as I continue to play around in this arena. Good connections seem to be the key.

@Adam Sankowski You refer to the notorious "do not invest zone" which indicates to me that there exists some sort of community/neighborhood rating scheme. Is that true? If so, is it publicly available? If the answers to both previous questions are yes, could you instruct me on how to access this information?

A number of participants in the discussion have recommended installing a security system.  Is there anywhere where there is discussion of options for security systems; advantages/disadvantages, cost/benefit?

@John Mocker 
Thanks for the encouraging information.  I'm afraid that the information in my original post was misleading.  I was led to believe by my  insurance broker that I was not covered when I first contacted him.  To be fair, he did say that he had nothing to do with claims.  
In fact,  I have since made a claim with my insurance company, and at this point have only received notification that they have initiated the claims process, but nothing about its resolution.  I apologize for propagating FUD (fear, uncertainty and doubt).  In future, I will try to keep my emotions under control (Good luck with that!), and only post verifiable fact.

WOW! I'm overwhelmed by the information and suggestions that this post has generated.  It will take some time for me to get my head around it all and figure out where to go from here.  Thank you all for the feedback.

Probably most important, though, is that your interest  has helped revive my spirits, which had sunk to a fairly low point.  I needed some outside input to get things into proper perspective.  I got into RE investment as a (hopefully profitable) hobby mainly to occupy myself in my retirement here in Mexico.  In that I have truly succeeded.  I have learned much about a world I never suspected existed and clearly have much more to learn. I've also made the acquaintance of quite a few interesting people.

Fortunately, while this incident has been a significant setback, it nowhere approaches the catastrophe with which many of our fellows are faced because of the wide spread consequences of the pandemic.  As I said above: Proper Perspective.

Once again, thank you very much, and I anticipate with pleasure interacting with many of you as I move forward with this project.

zip code is 46218

I'm a relative newcomer to RE investment (2 years, 2 properties in Indianapolis) and this was my first tenant turnover.  When the contractor went to make his final inspection of the turnover repairs (nothing major ~$200) he found the property had been broken into and the furnace, A/C, water heater and kitchen range stolen: about $6.5 K loss.  Discussion with my PM and insurance broker revealed that they are both aware of other instances similar to this one.  This has gotten me to wonder: How common is this type of event? 

It seems to me that, given the timing just as the repairs were finished and the level of expertise required to carry out the removal of this equipment, this must be a fairly well organized operation.  This was no smash and grab.  The property must have been under some kind of surveillance.  I have been assured that the contractor had not posted any external advertising signs and the house was in no way derelict.  The suggestion has been made that there might be some involvement by the contractors employees, but there is no evidence to support this possibility.

My insurance broker informs me that there is no coverage available for theft from a vacant property, only for the vandalism (broken windows, messed up carpets, etc).  Is this true?  Does anybody have any thoughts on how this risk might be mitigated?

Anyway, this event has completely wiped out my ROI for the entire year on this property and I would just like some feedback that will help me judge the risk going forward.