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All Forum Posts by: Sarah Buchanan

Sarah Buchanan has started 30 posts and replied 99 times.

Post: Police damage property to extract burglar

Sarah BuchananPosted
  • Landlord
  • Sioux Falls, SD
  • Posts 99
  • Votes 58

@Jim K.thanks for the input!

Post: Police damage property to extract burglar

Sarah BuchananPosted
  • Landlord
  • Sioux Falls, SD
  • Posts 99
  • Votes 58

@Account Closed thanks so much!!

Post: Police damage property to extract burglar

Sarah BuchananPosted
  • Landlord
  • Sioux Falls, SD
  • Posts 99
  • Votes 58

@Fred Engh good point- solutions are not necessarily mutually exclusive.  Also - wow! What a story!! Thank you for sharing!

Post: Police damage property to extract burglar

Sarah BuchananPosted
  • Landlord
  • Sioux Falls, SD
  • Posts 99
  • Votes 58

@Michael Norris valid point.  I do agree that abandoning the property right now is probably hasty.  It's been a rough 2 months but prior to that was 8 smooth months so I don't think I will give up just yet.  

Tenant does have renter's insurance as I require it.  Agreed that the situation does seem fishy - but I spent time with the tenant and she was visibly shocked/shaken by the event. It was her elementary aged son who left the back door unlocked because he couldn't find the key.  Tenant is expecting a baby and the personal property that was damaged was crib, changing table, etc which was of sentimental value so I really can't imagine she had part in it - other than (her son) leaving the door unlocked.

We had 2 unlikely yet unfortunate events back to back with this property which is discouraging - but thank you all for your words of wisdom, experience and reassurance. REI isn't for the faint of heart but fortunately these learning opportunities have been useful in my REI education!

Post: Police damage property to extract burglar

Sarah BuchananPosted
  • Landlord
  • Sioux Falls, SD
  • Posts 99
  • Votes 58

@Jim K. sorry if my post wasn't clear. I self manage a class A from out of state. This Class C I'm managing is in my home town, but still a headache.

Post: Police damage property to extract burglar

Sarah BuchananPosted
  • Landlord
  • Sioux Falls, SD
  • Posts 99
  • Votes 58

This evening, a tenant of ours was notified by the police that a man they were pursuing had entered her home (our property).  He was of no relation to our tenant, just happened to be running through the neighborhood trying to escape the cops.  Our tenant rushed home but did not have her keys (she'd left them at her house with the door unlocked) so we took keys over to help the police enter.  After a long, drawn out process, the suspect was captured and thankfully no one was hurt.  However, in the process, the police did some damage (broken doors and broken door frames) and the suspect did damage (to A/C unit, as well as tenant's personal property).  

(Ironically, last month the tenant's dog (cane corso) attacked my husband so we required the tenant to remove him from the property for liability reasons.)

My questions:  Who is financially responsible for the damages?  The police handled things correctly, but even after we provided them with keys they were unable to enter as the suspect had created a barricade with personal property.  I am wondering if I should 1) ask police to pay, 2) have tenant file a claim on her renters insurance? and/Or 3) file a claim with my insurance.  

Also, for those of you with Class C Properties - are they worth it?  I've had this one just under a year and between the dog bite last month and now this, I'm ready to sell.  I have an A- I manage from out of state that's been great but this C is a major headache.  That said, I don't want to just give up....any advice from you seasoned Class C landlords? 

Post: South Dakota Real Estate Investors Meet up

Sarah BuchananPosted
  • Landlord
  • Sioux Falls, SD
  • Posts 99
  • Votes 58

The REI meeting will be held Jan 26th at 9am at the Zeal center this month. We hope you can make it!

Post: Return on Investment Goals (Buy and Hold rentals) 2019

Sarah BuchananPosted
  • Landlord
  • Sioux Falls, SD
  • Posts 99
  • Votes 58

@Dan H. wow! Daily off market offerings? You must be incredibly well connected!  How long have you been investing? Who is bringing you most of the deals? That's amazing.

I love the story of subdividing the lot!  Thinking outside the box is definitely key!

Post: Return on Investment Goals (Buy and Hold rentals) 2019

Sarah BuchananPosted
  • Landlord
  • Sioux Falls, SD
  • Posts 99
  • Votes 58

@Joe Splitrock thanks for the great info!! Yes - I know the 2% rule is super general and I always run numbers more specifically, that's just a general tool I use when looking a properties to know if it's worth even running the numbers on. I look mostly at cash on cash ROI and aim for a minimum of 10% - higher if it's going to be a lot of work like you said (I have a class C that's around 11.5% and I'm starting to wonder if it's worth it due to recent events with a tenant's dog). Thanks for weighing in, I wanted to get a feel for what others are doing/getting. I'd love to wait for a 15% ROI but feel like I'd be waiting for years for that....

Post: Return on Investment Goals (Buy and Hold rentals) 2019

Sarah BuchananPosted
  • Landlord
  • Sioux Falls, SD
  • Posts 99
  • Votes 58

@Dan H. if you've been visiting Crazy Horse since 1995 you must have seen quite a change since that time!  It is definitely cool to see!

Thank you for the great advice. I will admit I have not yet done the BRRRR strategy but would like to! May I ask, how do you find your properties to BRRR? I have gone to more county foreclosure auctions than I can count, without success (people are way overpaying, IMO) and to date I've only done MLS and it's difficult to find good deals there. I'd love to hear whe