All Forum Posts by: Sean Yang

@Derrick Dill If economy were really bad, why do you think renters would continue to pay rent? Government probably would have laws preventing you from eviction as well.. then what would you do?

@Michael Dumler @Charlene Placko Thank you for your input!

I am making an offer for a duplex in the state of Washington. I used an escalation clause and it's triggered. According to the contract, the listing agent is required to provide me with the highest competing offer in order to escalate the price; however, the competing offer he presented is an expired one (expired 2 days ago). Is that still valid? The house is located in King County, WA. Thank you a ton!

@John Mocker I dont think my lease has those terms, however, my feeling is that since tenants are displaced in a hotel while the repair work is being performed, they should not pay rent for this time window, and therefore I should get the lost rent from my insurance instead. But I was surprised that my adjuster denied it when I brought it up even though he agreed to pay for the repair and water mitigation. 

@Jason Bott @Alexandre Marques dos Santos Thank you for your answers! I tried claiming loss-of-use(rent) from my policy but the adjuster said he couldn't approve it because the hotel expense and ALE (additional living expense) was already paid by tenant's renter's policy.. Does that even make sense? I will elevate the issue to his supervisor but I wanted to be prepared for what they might possibly ask. 

Also, if I decide to fight for loss-of-use, what time period should it cover? During Dec-01 to Jan-04, the kitchen was fine and tenants were living in the unit. We were basically just waiting for inspection, asbestos test, approval, etc. but things were slow due to holidays and tenant's changing schedules. From Jan-04 to the end of the repair (expected to be done next week), the kitchen was gone and tenants were displaced into a hotel paid by their renter policy. Tenants haven't paid rent since Dec-01.

Hi All, 

We had a water damage (kitchen faucet leak) in my rental and opened a claim under my landlord policy. Tenants also opened a claim with their renter's policy. Tenants are currently staying in a hotel while the repair work is being done (hotel cost is paid by their renter's policy). The kitchen has been demolished but the rest of the house is fine. Tenants haven't paid me rent since the accident. Water leak happened on Dec-01, but the repair work didn't start until Jan-04, which was also the date that kitchen was demolished and tenants were displaced into a hotel. 

I was asking the adjuster for the loss-of-use (rent), but he denied it. He said as tenants were already covered for their living expenses by their renter's policy, they should pay me rent and therefore I don't get the loss-of-use from my side. However, I was told by the restoration company that usually in cases like this, I should waive the rent for the duration of the repair because tenants were not staying in the unit. Has anybody here had similar issues? and should I fight for loss-of-use(rent) with my adjuster? He did pay for the water mitigation and kitchen rebuilt by the way, but just not the loss-of-use portion. 

Thanks a ton!!

@Shiloh Lundahl Thank you so much for sharing your experience! Things like this really hurt new investors and I've not been looking for any deals since then... You did great by taking over the properties and I am glad that you recouped the majority of your losses. From a positive perspective, the lessons we learned are priceless and will sure save us more money later on. Good luck in your future career in real estate!

@Jay Hinrichs Thank you for your input and I always enjoy reading your comments. So what's the difference between a foreclosure started by the 1st lender and 2nd lender? I talked to some attorney and they suggest I send notice of default and start foreclosure as soon as I can, but isn't that something the 1st lender will do anyways? (and as far as I know they already started the process) So what's my benefit of starting another foreclosure process? Thank you

@Ian Walsh  Yea I spoke with more than one attorneys actually, but just like any professionals, not all attorneys are equal, and so are the advice they gave- meaning there is no single right answer of what's the best way to do. Real estate loans are more complicated than many people think and there are many ways to work with this- but it's still the client our-self who should be making the final decision. Without enough background knowledge, I feel like I am just pouring endless money and may or may not even collect anything. Attorneys don't really care at that point because they charge fees by hours and they are always the winner.