All Forum Posts by: Josh Smith

@Sven Tencho

How large is the home? I do roofing in Illinois and typically we completely projects in one day depending on the size, if the roof is really large (over about 50 squares) then it takes about a day and a half.

As well, homeowners are almost always home and just a minor inconvenience in terms of noise. Should be able to do it with a tenant in place no problem!

@Kavan Kucko

I personally have done this twice for my apartment that I rented. I brought it up with the landlord (knowing that supply would be better for me to pick from if I wanted to move)

One time was an extended lease of like 16-18 months and the other was a shortened at about 9 months. Went smoothly in both situations. Hope that helps somewhat!

@Mak K.

Hey Mak, whenever I send in invoices on claims it is typically just a few line items as well, never anything fancy

As well, all you need to do is email it to the general claims email (for your specific insurance company) and typically just put the claim number in the subject line to flag it.

At my company, we commonly will follow that up with a call to the adjuster on the claim to ensure they received the invoice and released depreciation. Hope that helps!

@Leah Spurlock

I can speak on the insurance side of things a little bit, I work with claims everyday. In almost all cases that I know, you can only file an insurance claim for when you owned the property and were insured. So, most likely, if you just bought the property and the leaking has beef a long standing issue; whoever your career is would deny the claim.

Hope that helps a bit!

@Andrew Tripp

Hey Andrew, my apologies I totally didn't see you guys were talking about industrial. I primarily do residential builds and that's the numbers I was talking about.

However! Would definitely be able to go out to lake county and may be able to help you out

@Aaron Moayed

Also out in Chicago, but I work for a contractor and sell roofs. Typically are priced between $500 and $700 a Square (100sqft) for full replacement.

Really depends on the complexity of the roof structure and accessory items needed for the build.

@Lucy Smi

Hey Lucy! Hopefully I can shed some light on this (I do it every day) If you truly file for hail or wind the insurance company can not directly raise your rates as a result of the claim. It is considered an "act of god" claim and can't contribute to your level of risk.

As well, I'm not sure who told you that a roof claim would take 6 months. I have had plenty that was resolved and the roof was built within 3 weeks of filing. Now, that all really depends on the adjuster you get and how concrete the damage is.

My recommendation would be to try and find a legitimate contractor that specializes in the insurance claim process and have them inspect the roof to see how good of a chance there is.

Worth a shot!

@Simon Obas

Check with local code. There are a few areas around Chicago that does not allow you to do anything over one layer. As a best practise I do not recommend putting a second layer on as it can cause some issues down the road and makes it more difficult to do repairs. (for instance a city I work in allows to install a second layer but you can not do repairs if you have more than one layer).

@Jonathan Hernandez

Definitely understand! Can be a bit daunting at first. Check local rents across a few platforms for houses that are similar to yours as well you could definitely reach out to some investors/property managers in your market and they may be willing to offer some advice. Expenses are the part that will vary. Obviously want to account for the mortgage itself as well as the property taxes and insurance. In addition, common to compute anywhere from 5-10% or above for your repairs, CapEx, (large ticket items like roof, appliances, etc.) Vacancy, and property management if you will not self manage.

Good chance you might be able to lower the amount of CapEx you need to set aside due to having a newer roof and redoing the kitchen.

If all those thing are less than the income from rent you cash flow positive all should be good! Hope that makes sense.

How much are the average rents for similar properties in your area? Additionally, it would be important to weigh that against the mortgage, taxes, and all your allotted expenses for repairs, future CapEx, and vacancies. If the numbers work out then renting it would work!

Also, may be a good idea to align it with your personal goals (if you have created any yet) and investing goals. If you want to buy and hold rental properties. It sounds like this could be a great start with little money down, permitting that the numbers all work out.