All Forum Posts by: Ray Melendez

I did forget to mention that we did switch PMs in the middle of the 3 years.

Thanks Nathan 

Yeah when Covid kicked in a few years ago, cases had piled up. We eventually got some help from the state to cover the first 2 years of rent. But then had to start the eviction again after the assistance kicked in.

I'm looking for feedback.

We have a quadplex in the Atlanta area where one of the units had gone through an eviction process that took forever (about 3 years). The tenant came with the purchase of the property. The property is managed through a local PM that eventually got the tenant out. After the eviction, we discovered that the tenant had done quite a bit of damage to the unit. The unit also appears to have had a leak from the AC handler that had been going on for a while and damaged the foundation/structural, floor, cabinets, walls, etc.

So far, the quote we have received for the repairs was about $75K. We are looking to get a few more quotes.

We submitted a claim through the insurance and are waiting to have the adjuster visit, but from the conversation with him, he mentioned that if the AC water damage and the eviction had been going on for a while, they would not cover.

I'm curious to see how others have handled damages of this size. Do you use another type of insurance for this situation? We wanted to see how others had handled situations like this.

Any feedback would be appreciated.

Thanks

Ray

Hey @Jon Huber if we haven't reached limit, I'll attend along with @Adam Klein

@Brian Garrett yeah, same boat here. I have met realtors, contractors and others that I do not trust. I'll tell you I didn't feel comfortable (and still don't) going out of state (or town). I started looking in northern Florida, Georgia and Alabama looking where the numbers made sense. I looked there because it was a hop or drive away. Interviewed realtors contractors and PM's. My first set didn't work but eventually found some contacts. When I did my first out of state Investment, I flew there to feel comfortable and meet in person the resources.

I still prefer and feel comfortable locally and have been looking here in the state and even here in Palm Beach. My last few bids have been here locally. There still are deals for sfh but hard to find and you need to be prepared. I haven't seen multifamily properties worth investing locally. Let's see how the numbers look within another year from today.

DM to me to talk further.

@Brian Garrett I'm here in the palm beach area. I've been searching SFH as well as multi-famliy properties. The last few properties that I've been interested locally I have been outbid by cash buyers or by others willing to pay top dollar. I started investing also out of state and had a bit of better luck but still in most cases prices are not making sense all the time. Have had better luck out of state with MultiFamily Happy to connect and talk. Good luck.

@Lee Montgomery We usually meet at 1

Hi Kelisha

There's a meetup this coming Saturday in Delray Beach. A number of us meet share our stories. There are several newbies including myself.  Thanks

https://www.biggerpockets.com/topics/633028-coffee-with-investors-in-delray-beach-fl-on-november-10th-2018