All Forum Posts by: Nate Pucel

@Carini Rochester

Thanks for the reply. Do you know if a roof that was replaced due to an insurance payout can be added to the basis?

Bought a house that sat vacant for a while and renovated it over the course of a couple years. Never lived in it, and much of the renovation I did myself. The area has a couple houses that were renovated and sold, but most of the houses that sold are older and never renovated. My question is, do I just use the heavily reduced price I was able to purchase it for since it was vacant, and then the material cost of what I renovated plus what things I did contract out, even though that basis would be way under what the other renovated houses that sold near me per SF sold at, or are you able to use similar comps to determine the depreciation basis?

@Pat Aboukhaled

Thanks so much for the kind words. It's definitely a frustrating situation, so your words are reassuring to read. When you said your friend had a mediator get involved and that helped the situation get resolved, are you saying they hired an attorney to draft up a 5 day notice?

So long story short we have a traveling nurse staying at our rental that got some water damage when the roof was being replaced, they don't have renter's insurance (which we require in the renter's agreement they sign), water damage has been remedied and is cosmetically minimally affected and still very much in a liveable state.

They've only paid 800 of 2300 rent for October. We've been in communication about getting everything repaired until they found out the contractor said it would take approximately 4 to 6 weeks to fix the spots of drywall that have been removed and to repaint, etc, and now their responses to my texts are less and less. They've mentioned they have asthma and allergies and that's why they're upset about have to live in a place that's being repaired, so I've offered to both hold off on the repairs and reduce rent to make up for the condition of the property, I've offered to have a contractor just rough in the drywall so that the studs aren't visible and to encapsulate everything, even though everything in the cavity was removed during the remediation, but they now aren't responding to my texts whatsoever.

It's very frustrating bc the situation isn't anything I caused. The roof had to be repaired bc a tree fell on it during a storm and the roofing contractor's tarp blew off during another storm and that's how water got in, which the tenant has acknowledged. I've done everything I can think of to help them, but they're no longer willing to cooperate, seemingly. I feel like I'm at the point of have to give a 5 day notice (Illinois), but I'm also wanting to notify their nursing placement agency as they're not paying rent, and they've been late on rent 2 other months now. Am I allowed to contact their agency to notify them of this, or serve the 5 day notice to them at work in order to try and get them to pay? I'm new to being a landlord, and it's a little disheartening as this is my first tenant and I thought I was minimizing the risk of a bad tenant by renting to traveling professionals.

@Owen Rosen

I did when the damage first happened, but I'm thinking maybe I should again to see what they think about how to proceed with the 2 bids.

So I'm in a pretty undesirable situation right now.

About a month ago I had a contractor replace a roof that got damaged from a storm but when they had the shingles off another storm blew through overnight and blew the tarp off and a lot of water got in the house. I'm currently renting the house month to month to a traveling nurse who's supposed to stay through November.

A water mitigation crew came in and tore out some drywall and dried everything out and then a sister company then came out and gave me a quote. I sent the quote to the contractor who did the roof bc he opened a claim with his insurance to pay for the damages. The adjuster has reached out to ask some questions, so I know he actually opened a claim. However, the initial contractor can't start work for about 4 to 6 weeks. So, I had another company out to give me a quote bc they said they could get to work right away. Trouble is, this quote is over 10k more than the initial quote.

Since there's a renter in the house I want this to be fixed as soon as possible, but I don't really know what to do bc the other company's quote already got sent to contractor's insurance.

Does anyone have any advice? The renter doesn't have renter's insurance to cover a hotel stay, but the house isn't in bad shape and very livable. Should I reach out to the adjuster and submit this other quote, or is it pointless since the first already got submitted and is less money?

If the renter leaves, do I have any way of recouping the lost rent due to this issue since it's a month to month setup?

I'm really confused on what to do. It's a very stressful situation.

We are having our roof replaced due to storm damage, however, when the shingles were removed another storm came through the area and caused a significant amount of water damage inside the house. Currently, we have a traveling nurse staying at our property until the end of November. I have absolutely no idea how to navigate this situation.

The contractor has stated that they'll fix any damage, but some of the damage is to drywall that has kitchen cabinets hung on them. I feel like there's no way the renter could be expected to stay in the house while this is being repaired, but I don't know how this all gets remedied. Does the contractor's insurance pay to have the renter's stay elsewhere while it's being fixed? Do they wait until the renter is gone in November to do the repairs, and if so, do they pay for the loss of income while it's unable to be rented? I feel like the first option would likely occur, but I also feel like that's bad business for me and would be worried the renter would leave a bad review because of it, and thus possibly make it harder to rent. Idon't even know if I have any say in the scenario. This is an overwhelming situation and I'm not really sure how to navigate it.

Has anyone been through anything like this or have any suggestions on how to proceed?

Thanks in advance

I received an insurance payout for a damaged roof on a rental property and the contractor doing the work is offering a discount for cash payment. Does this make sense financially? If the payment is considered a business expense, then obviously it doesn't make sense, but I'm not sure if the payment is a tax write off since 1, I don't have an LLC, and 2 bc I don't even know if an insurance payout qualifies as a write off expense. Sorry, I'm new to rentals, so this might be a dumb question.

@Jonathan Weinberger

How do you get section 8 tenants? Just advertise as accepts section 8 vouchers?

What kinda hurdles do you have to overcome to get approval, and how long is that process?

@Jonathan Weinberger

1500/mo. Is current section 8 payout for a 3 1 in Detroit!??