All Forum Posts by: Timothy W.

I don't think it's a pump and dump scheme as in it's a 1 time pump and dump.  I think it's a pump and dump and pump and dump repeatedly machine.  How many people do you know now are suddenly buying cryptocurrency now?  They've got people buying high and selling low.  It's kind of brilliant.

"Oh and you can invest quite nicely closer to Chicagoland than some people believe. It is POSSIBLE and happens on a daily basis. There is never a reason to have to drive all the way to say SOUTH BEND, Indiana just to get a couple hundred bucks of cashflow for a property."

Hah!  Someone just voted for my post on this old thread.  South Bend.  Those were the days.  Ryan was mad I figured it out first and didn't cut him in.  Ended up selling my properties to an Israeli hedge fund and moved to Florida.  Looking at it now it's unbelievable the stuff I was buying for about 5-8k a pop is selling in the 50s - 60s.

How did Springfield, MO get so violent?  That was such a chilled out place to live when I was there.

Opens a beer with you, I'll be darned there's another mail in vote for Biden in there.

Here's the plus side.  You're going to have buying opportunities to offset the tax liabilities.  The downside is you need to watch your cashflow in the economically vulnerable markets.  It's going to be bad there.

Now's the time to think about cash, not real estate. Get a degree in something that makes money. Doesn't matter what your passion is, do that on the side. You should look at a college degree like an investment property. Get the highest ROI. Develop that into a business you can do independently with no overhead - at least a couple hundred bucks an hour kind of business. That's your cash business, your fortress of solitude, the thing that puts you in a position to pass on overpriced properties or an overpriced market. You get cash going you can look at the market in 5 or 6 years and see what it's doing then to make a decision. This market now is not the same thing 5 years ago and was completely unrecognizable 10 years ago. It won't be the same thing in 5 years again.

Reach out to a broker and get some more competitive bids.

You're probably thinking a public adjuster or maybe even a lawyer.  For Chubb you probably won't need it.  They have a great claims payment reputation in the industry.  Nationwide I'm honestly not sure but I'd be less worried in a fire situation.  Insurance has a thing about fire where it's kind of prioritized to the top as a type of loss.  It probably is because all insurance has its origins in fire insurance (technically it originated with marine insurance, but when they started insuring on land the focus was fire).

Just review your policies.  Look for debris removal coverage over your limit of insurance.  Look for loss of rents coverage.  See if you have any contents coverage for appliances and whatnot you may have had in there that were yours.  

Unfortunately it's more like I'm telling you that you won't know the impact until renewal.  Underwriters will only make a determination at that point, however you have already filed a claim.  That is the greatest impact on premium.  A supplement to that claim won't matter as much.  Still, will the renewal premium increase be the $24,000 in rental income you lost?  If it is, it's time to shop the policy to competitors.

If the insurance company already covered the claim for physical damage to the property the lost rent is not another claim.  It is loss of rents coverage for this claim.   Might be under Coverage D depending on your policy.  The effect on premium is reliant on underwriting.  No one can give a definitive answer on that who isn't the underwriter on the renewal.