All Forum Posts by: Jim Kittridge

I'm a little late to the party, but I highly recommend hiring an independent restoration company so that you have an expert who has your best interest at heart. At a minimum, they will come out and give you a fair estimate of exactly what needs to be done and what it will cost. 

The insurance adjuster has one goal (guess). A restoration company that isn't dependent (IE the 1-3 the insurance company recommends) also has one goal, to keep their relationship with the insurance company because that is their source of work. Chances are extremely high that the Paul Davis, Servpro's, and Service Master's, etc. in your area do program work and are not independent.

If I was in your position, I'd hire 2 independent firms who are certified by the IICRC in Fire & Smoke Restoration (FSRT certification) but ideally, have a Master Fire & Smoke Restoration certification. Compare their quotes with what your policy covers. If there is a large discrepancy between the adjuster's estimate and the restoration company's, the independent company will help explain why each step is necessary and work with the adjuster. 

Ultimately, it's up to you to decide if you want to take the check that the insurance company is willing to write and be done vs. restoring the property. A few factors I'd consider are:

• ARV of restored home vs. Insurance Check + Wholesaling the property in current condition
• Previous rent vs Future rent restored with brand new components
• Lost rent from 2-6 months of reconstruction

I can't help on the legal side, but be aware of how involved fire & smoke restoration is. If the fires took place more than a week ago and they were not taken care of properly, you can expect a large bill.

Basically, the soot from smoke is acidic and will permanently discolor walls, carpet, ceilings, appliances, etc.. Then you also have the odor and the damage the fire did.

Just be prepared and knowledgeable before you jump into the deal.

Originally posted by @Jonathan Taylor Smith:

Hmmm... Tech & Real Estate! Those are my two areas of interest  and experience as well - we should talk just for that reason... Good Luck!

J.T.

 Thanks J.T, would love to. I'll shoot you a PM and we can grab lunch this week downtown.

Originally posted by @Ian Kurela:

Not my market. But kill it bro. Best of luck. If you're ever in the Cleveland market, shoot me a PM

 Thanks Ian!

Hey guys,

I'm going to be in Durham for the next couple of months and would like to help a local investor who has multiple projects going at once. I can visit job sites, update statuses, pickup supplies, manage subs, etc..

A little about me:
I'm a young and hungry entrepreneur. I'm starting a disaster restoration company in Charlotte, NC. We restore properties after a flood, fire, etc.. I'm certified in a few fields in disaster restoration and have also passed the commercial builder's exam for NC. Previously, I started 2 software companies which are both mildly successful. Before that, I led marketing at a fast growing tech startup that made it to Inc's fastest growing companies. In high school and college I ran a digital marketing agency. I will be moving to Charlotte in April/May.

Anyways, I'm not looking for money, just more on the job experience with flips, managing projects, subs, etc..

If you think it could be a good fit and you're open to helping a fellow entrepreneur, let's link up. 

I'd recommend looking for other GC's for future projects at a minimum. If your project is large enough, you can require a performance bond for bidding and in exchange, have a payment bond. This guarantees you'll pay AND get the job completed. This is typically used in large project as well as every government project over $100k. Otherwise, it comes down to finding a stable of good GC's and treating them right. You don't have to overpay them, but they should enjoy doing business with you.

Hey BP,

I'm moving back to Charlotte and am looking to start a relationship with a local bank. I'm looking for a bank that does portfolio loans (they keep their mortgages on their books and don't resell to a secondary market). Additionally, I'd be moving over our business banking account and personal accounts.

Ideally, the bank is small enough where I can be on a first name basis with the VP of Lending/Mortgages.

Any recommendations for local portfolio lenders in Charlotte, NC? Everywhere I've spoken with repackages them.

I'd second looking at Appfolio and Buildium. Both are geared towards companies with under 2,000 units. Yardi, Realpage, and Entrata are for more enterprise customers (most with 4k-8k units)

@Casey Gregersen

I own a restoration company that specializes in disaster repair (mold, smoke, water damage) and we currently do not touch methamphetamine but I can hopefully point you in the right direction.

Here is a brief overview of how I would approach it. If you'd like more in-depth knowledge, you can read the link at the end from the EPA.

I would start by going to your State Department of Environmental Management. They are the ones who make the laws on meth cleanups, create the classes, facilitate the training, and hand out the certifications. I would recommend reaching out to them and asking for referrals or a list of companies certified in specifically cleaning up methamphetamine labs.

I'd expect a certified company to follow these high-level steps:

1. Testing: Quantitative pre-testing to determine how contaminated your property is, and which areas are most contaminated.
2. Cleanup: Clean the home of leftover belongings and debris, and remove porous components like furniture and carpeting.
3. Vacuuming: Use HEPA-certified vacuums to remove all dust from the property.
4. Decontamination: Decontaminate every square inch of the property
5. Post-Testing: After the property is cleaned, run more tests to document that the home is completely clean. Preferably have them send a Certificate of Decontamination and report to the local and state health departments.

@Nathan Gesner

If it is a severe case, there isn't much you can do because it seeps into the dry wall which may mean your best plan of action is to replace it. 

Basic Steps for a chain smoker:

1A. If the walls don't use latex paint, use a product TSP to clean every inch of the walls (be sure to use proper protection & ventilation).
You can also try a natural mixture of ammonia, white vinegar, baking soda & extremely hot water.
1B. If the walls are painted with latex paint, DO NOT USE TSP as it will do more harm than good. Instead use a strong detergent like Mr. Clean or Fantastik.

2. Then use a cleaner like Orange Cleaner or L.A.'s Totally awesome and scrub the bad areas (both available at Dollar stores and actually pretty helpful here)

3. Once the wall surface is completely clean, paint on Zinsser's BIN or Coverstain Primer. KILZ is cheaper, but not as good from my experience. The more coats, the better chance of getting a complete seal. Typically 2 is good if you know what you're doing, 3 if not.

Here are a few additional methods I'd look at if it was an extreme case:

-Replace all soft materials in the house (carpet, drapes, etc.)

-Have the HVAC unit cleaned out and use 

-Rent an Ozone or hire a company to clean the air

-Replace the drywall all together

-Another option is to clean, paint with KILZ (removing most of the odor but not all), and to simply market that unit as a smoking unit.

Hopefully this helps Nathan