All Forum Posts by: Kevin Drouillard

Thank you for your honest and helpful reply  @Michael Smythe. It seems worth attempting. Both these tenants are government workers and so I feel that may be a higher likelihood of me winning such cases.

Understood. 
It seems that it’s just one of those things I have to take a loss on. It’s because the pandemic allowed them to stay for 18 months unpaid and another separate occasion they quit paying. Nonetheless thank you for your honest response.

Kevin

Hello @John Clark,

Ok, I never thought about that. That sounds like a good strategy. I’m going to have to ask the insurance company and Bank first if they will allow me to do that. They are monitoring what I do with the money, in the sense that they’re withholding a certain percentage of funds and requiring me to have inspections done, etc., as a way of ensuring that I put it towards a renovation and not just walk away with it. I will definitely ask them if I can use the insurance money to just demolish it and sell it as vacant land. Thank you for that advice, that’s a good idea. 

Kevin

Hello, how do I go about attempting to garnish an evicted tenants wages for back rent? I am seeking ways to get back past rent payments. Is there any way to go about the process of wage garnishment in Atlanta? What are the Procedures necessary. I had a property manager who was of no help and I am seeking advice. The property/Case is in DeKalb county.

Thank you for your help and insights.

Kevin

Hello Ryan,

Yes, I have asked an adjuster and they have all said that’s the most the insurance will give if they gave the maximum amount. I’ve even asked the insurance company and they are unable to go higher. It’s unfortunate because I know I will lose but as long as I can successfully exit out and get it off my hands I will be more than happy. 

Thank you,

Kevin

Hello, I am looking for ways to sell a totally fire-damaged property in a C class area. I have reached out to a couple investors who specialize in fire damaged homes and I’m seeking advice to further expand my reach and partake in other creative exit strategies. The home is located in Kansas City, area code 64127, “East Community Team South”. The home is totally damaged from fire, where it would need extensive repairs, likely a rebuild. I am making the decision to let it go, since I can’t afford the repairs as the bids are coming in higher than what the insurance has paid (maximum). What are some places and resources that I can refer to in order to help push it to investors/buyers who would be willing to acquire a fire damaged home? I am seeking a way to market the property so that I can find the right person willing to obtain it. Thank you all for your help, any insights are greatly appreciated!

Kevin

@Mark S., @Carlos Ptriawan yes I didn’t keep up with insurance costs. It was underinsured. I honestly didn’t know I had to. This is definitely a learning experience as I wish I adjusted coverage limits so that I can get a better amount. 
the bank/lender seems to want to control the insurance disbursements as well here. I will speak with them about it for clarification but they are telling me I have to get an inspection once “x% amount of work is completed” and then they’ll disburse a certain amount and I’m wondering “what if I end up selling it now and not even starting rehab?” But that’s something I’ll have to speak to them about further as this was said in an email.

@Nathan Gesner yes it’s definitely in D class area. So at this point I will just sell it take the loss. I just need to come up with money to pay for the loan balance when I sell. But yes I’m ready to let it go. I just need to talk to the right people/investors. 

@Caleb Brown, insurance witll give me $56k, and the bids for repairs are coming out as $65k plus. Yes as you mentioned the area isn’t great. It was one of my starter investments that I had done a while ago and it has been a major oops on my part. I want to sell as is I know I’ll take a loss on it because of the loan. I need to be able to pay for the loss because of the due on sale clause. So that’s one of my main concerns 

I recently had a squatter set fire to one of my single family rentals in Kansas City, (“East Community Team South” neighborhood). The incident was an angry response on their part because I had the property manager board up the house. Anyway, I am trying to figure out what to do. The damage is extensive so much that it’s more than what insurance can cover. I do feel like selling it will be best but how can I market it to one who is willing to buy it? How do you suggest is best to go about dealing with this situation ? I have to admit I’m stuck/at a loss and I don’t feel I know the best course of action. Should I talk to a pro advisor for best advice? It’s intense and complicated as I’m out of state. Are there resources I can go to? My property manager is lackadaisical and seems to not want to help. This is the 3rd PM I’ve had and while I want a new one I feel the good ones are hard to come by, but I’m definitely open to referrals. It’s a bind that I know I can figure out if a have just a bit of the right guidance. Your thoughts are greatly appreciated!