All Forum Posts by: Manco Snead

@Drew Sygit  What do you mean by "what insurance?" I know they as a business are registered with the city.  Thanks.

@Nathan Gesner  Thank for the feedback Nathan. The laundry shutoff valve was replaced by a plumber due to leakage several months ago, so I am thinking (waiting on verification) the current leak issue was from this shutoff valve.The washing machine it connects to is brand new and was installed by the appliance company I bought it from just after the valve repair mentioned above.

@Eliott Elias  If the issue does turn out to be the plumber's work, the repair is simple; the issue is the cost from the water damage and my PM hiring servpro. I will have paid for all of it as the repair and getting rid of water/moisture was an asap thing so the tenants could go back to their lives. 

@Luka Milicevic  Thanks for the feedback. Regarding Servpro; I have a PM and this is who they used. Floors are LVP and tile on a slab so hopefully less damage potential; still waiting for final outcome. 

Greetings,

Would appreciate any feedback here. Plumber replaced a laundry shutoff in my OOS rental a few months ago; yesterday there was very large water leak which I believe to be from this shutoff. If I verify this as correct, and plumber's work failed, how can I approach getting my expenses for this damage covered by them.

If it is not the plumber's work does anyone have tips on getting my insurance to cover it? The work (servpro, plumbing repair, etc.) will already have been done so this will be reimbursement.

Much thanks.

Definitely do not invest out of state for your first property; way too many land mines. And know that in the RE world the word "help" is synonymous with "sell."

I was in a similar position; had the cash I needed for down etc. but couldn't get a loan. I got my dad to cosign for me then I refinanced the property into my name year or so later once I had the W-2 history.

Don't know your full plan, but wherever you end up buying know that there are 10 times more landmines with OOS than when you manage yourself locally. This is key. Just went through my first OOS property and it's been a real nightmare. If you're getting a PM everything will be in their hands and you won't be there to see it. You can vet the PM, but that's still no guarantee. I'd try to find someone you trust that owns a bunch of OOS properties and figure out how to avoid disasters from that person.

@Sam McCormack    Much thanks for the feedback, I'll look into the estoppel form and book.

Greetings,

Bought my 1st OOS property (duplex) 1 year ago. Made some mistakes; it needed more rehab work than I thought and I didn't verify rent paid by existing tenants and it turned out one wasn't paying. And I chose the wrong agent. First PM was horrible; fired them after 6 months. I considered selling then, but knew I'd lose alot with its condition/non-paying tenant. 

Second PM has been a bit better, but not by much. Both tenants moved out; a good thing. I've had to coordinate all the rehab/turnover work as after I signed with second PM I saw they were dragging their feet and finally they said they weren't set up to rehab distressed properties. So I coordinated all the work, which sucked. Finally it's now rent ready with one tenant in. 

Once both units are filled it will cash flow well, but everything with this PM is a hassle and I don't feel they're really looking out for me. Not sure I want to deal with this for the next 5 or 30 years and am considering selling now that it's in good shape. PM options are limited and I don't see a better option. Anyone been through this? Ideas?