All Forum Posts by: Michael Badin

Does anyone on here use Rentec Direct for their property management software?  If so what are your thoughts?  Do you do your accounting in it as well or do you use another program like Quickbooks?  Do they work together?  I know there are a lot of advocates for buildium and it seems like a good one but I don't have enough units to justify the cost yet.  Thoughts?

I have a duplex that also has 6 storage units on the property.  The duplex also had an empty basement.  The basement had two entrances.  I put up a wall in the middle of the basement.  The rear of the basement has the boilers, water heaters and electrical boxes.  In this rear part of the basement I put two sections for storage, one for each apartment. (Value add for the apartments my tenants really like that it is there.)  Both apartments already have laundry in the apartments.   On the other side of the wall, I rented it out as another storage unit.

Find out why he is selling.  There could be any number of good reasons.  Maybe they want out of the business, maybe they inherited the property, maybe they want to buy a larger property and need the money.  The reason they want to sell could help.  

To everyone that has sent me a message. I am sorry if I have not followed up with you yet.  I have received many inquiries. I am trying to get back to everyone as soon as I can.

@Account Closed  

This sounds like a very simple question but actually it's not. There are many different factors you need to look at.

Scenario 1: I as a homeowner and I put a claim in for damage to my roof. My insurance carrier decided it was necessary to replace it and paid for that replacement. Instead of replacing the roof I only patched the "really bad" areas and pocked the rest of the money. (Many people do this.)

6 months later my roof leaks again and I put another claim in to my insurance carrier. They inspect the roof and see that even though they paid to replace the roof I only patched it. They WILL NOT pay to repair this roof because they already paid to replace it. In effect they would be paying for the exact same material/ damage that was previously paid for.

Scenario 2: I as a homeowner and I put a claim in for damage to my roof. My insurance carrier decided it was necessary to replace it and paid for that replacement. Instead of replacing the roof I only patched the "really bad" areas and pocked the rest of the money then sell my house.

The new home owner owns the house for 6 months and it leaks. They put a claim in to their insurance carrier. (unlikely to be the same one but would not really matter if it was) 

 This damage would be paid for so long as it was caused by a covered peril within the policy.

Now, as for replacement of the entire roof. You are correct that most likely if they paid to replace the entire roof then it needed it. However, this is not always the case. It depends on what caused the damage, the amount of damage and where the damages are located on the roof. If all the damages are on 1 single elevation then really only that elevation needs replacement. (Assuming the remained of the roof is in good condition and not too old.) If damage is on all elevations but is only minimal damage to each elevation it is possible that the insurance carrier would pay to replace the entire roof even though it's not necessary.  This is only if no other previous patches existed on the roof. If there are older patches on the roof you are very likely to get paid to patch it again from the insurance carrier.

There are more factors that go into it but this is a quick down and dirty overview. If anything was not clear let me know and I will try to explain it better.

@Patricia Miller Sorry, forgot to mention you so you know I responded.  Response is above.

I'm an insurance adjuster. Just so happens the company I work for does a lot of vacant properties. That is not always the case with others and actually is rare in my line of work as most insurance companies don't cover vacant properties.

Hi all,

I inspect vacant properties on a weekly basis for my day job in the Philadelphia, Bucks County and Montgomery County PA areas. Not yet ready to start flipping myself but I'm interested in connecting with any wholesalers or flippers looking for properties in those areas. I can provide some lead generation for you.  If anyone is interested send me a private message and we can discuss it.

P.S. If I am not supposed to post this type of thing here I apologize, let me know and I will take it down. 

Hi all,

I inspect vacant properties on a weekly basis for my day job in the Philadelphia, Bucks County and Montgomery County PA areas.  Not yet ready to start flipping myself but I'm interested in connecting with any wholesalers or flippers looking for properties in those areas.  If anyone is interested send me a private message and we can discuss it.

In my lease agreements the tenants must get approval for any alterations/ improvements. It also states that if they get the approval, the improvements that they make become my property once they are permanently affixed to the dwelling.