All Forum Posts by: Jon Haney

Hi Colleen, thanks for the help. I think you’re correct about the utility company and the tenants, and I also think the PM probably can’t do anything else.

One other question that I have is whether I can take action against the PM. They completely forgot to report the burst pipes until several weeks after the incidental, and along the way they haven’t been very helpful, forgetting to email me back, not taking the initiative, etc.

Not really sure if anything can be done—just looking to avoid the same chaos in the future.

Hi all, just wondering if I could get a bit more feedback on this situation.

If you remember, a pipe burst in my rental property back in January. After the property manager filed a claim, the insurance company said it needed proof that the heating was turned on at the time of the flooding. Since then, the property manager hasn't been able to produce anything to show that the heating was on—though they repeatedly say it was. Instead, they just keep saying things like "we've never seen anything like this in 10 years of business." Sigh. 

Recently the PM tried contacting the utility company to access the tenant's former bills, but the utility company turned them away, saying no one but the tenant could have access. 

I've personally tried to contact the former tenants and ask for the receipt of the utility bill, but their phone numbers have changed in the meanwhile and I've had no luck. 

Now the PM is not really responding to my messages, just saying they don't know what to do. 

What might be another option for me here? Does it make sense to talk to an attorney? Perhaps a bigger question is whether or not the PM is really being as helpful as they could be—it doesn't seem like they've really tried all the possible solutions.  

Any and all feedback or suggestions would be so welcome, thanks!

Thank you all for the help! Super helpful info and stuff to keep in mind. 

Hi everyone,

In February a pipe burst in a rental property we own in Indiana. The flooding damage cost about $10,000 to repair, and now we've been going back and forth via our property manager to settle the claim with the insurance company. (We live abroad so can't be in person to negotiate the process.) 

Here's the problem. The insurance company needs proof that the heating was turned on when the pipe burst, or else we are out the $10k. The property manager has said repeatedly that there is no way for them to prove this,  but I haven't heard from them exactly why that is. The tenants have since moved on and new tenants are in the house. 

What are your immediate thoughts about this? Is it possible for me to go straight to a utilities company, for instance, and ask for verification for this sort of thing?

Thanks, 

Jon

Thanks everyone for the very helpful advice! I've certainly learned a lot. 

Yes, the house is currently valued at $69,000, which means these repairs only kept it from decreasing in value.

I appreciate all the help,

Jon

Hi all, 

Recently my SF rental property had some pipes freeze and burst, causing a considerable amount of water damage to the house. After moving the tenant out, the property manager repaired the damage, and in the process also replaced the furnace and pipes and put up new drywall in damaged areas. In total, the cost for all repairs came to $11,000. 

I'm still quite new to real estate, but I'm wondering whether repairs like this cause the value of the home to increase? The house appraised at $69,000 last year. I ask because I'm interested in doing a cash-out refi in the future.

Thanks so much, Jon

Hi, quick question about selling a rental property for less than it's worth and tax implications.

I purchased a rental property on 9/1/2022 for $40k, paid $4k in closing costs, and over the course of 2023 paid around $4000 for upkeep and security on the property. 

I was planning to renovate and rent out, but squatters unfortunately became a nightmare and I decided to offload the property. I sold it on 9/22/2023 for $29k. 

Here's my question: Do I qualify for a tax deduction considering the substantial loss on the property? I've read online that this applies only for rental properties that are in possession for at least one year—I'm guessing I qualify?

Thanks for any and all help,

Jon

Hi everyone,

Currently I own two investment properties, and I'm considering taking a HELOC on my first property to cover a down payment for a third. This is my first time with any sort of creative financing, so I wanted to run some numbers by you all to see if this would make sense or not.

Property value of first property: $95,000

Amount owed on mortgage: $44,000

FYI: I’m cash flowing at around $500 between our first two properties, I’m able to set aside $1,000 a month in personal savings from my W-2, and I have around $13,000 in savings with no debt.

Does taking a HELOC work under these circumstances?

I’m sure that I’m missing some important information, so feel free to ask a follow-up question for more details! Thanks for the help everyone.

Jon

Hi everyone, 

I'm reaching out for help with squatters. I purchased a property back in August 2022 in St Louis that I planned to do some light renovations to (putting in around $10k) and then rent out. Unfortunately, before I could get a chance to do the renovations, squatters started occupying the property. I live out of town and I stay very busy with work, making travel to St Louis tricky on my end. 

For the past several months I've hired a property service company to board up the place, call the police for me when they spot someone in the home, and even clean the place out. Unfortunately, none of these things have worked, and at least one of the squatters is still occupying the place. 

The police have been agreed to make an arrest, but unfortunately it's difficult to catch the squatters since I live so far away and since the property service can only call the police during the day (which is often when the squatters are out).  

Any advice would be incredibly appreciated . . . thank you!!

Jon

What’s your take on this? Just the realtor trying to make his normal profit on this one? (FYI, Im not planning to send any money.)