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All Forum Posts by: Yusuke Koike

Yusuke Koike has started 15 posts and replied 42 times.

Quote from @Chris Seveney:
Quote from @Yusuke Koike:

Hello,

My name is Leo
One of my investor friend has an issue with his rental property (2 story townhome with HOA)

What was happened to him and the unit is
1) the drain pipe on 2nd floor bathroom was broken
2) water leaked in the 1st floor ceiling and walls
3) in contractors opinion, this problem was caused by just normal wear and tear (already 40 year building)
4) Those pipes are not shared wish other units (service the unit only) and HOA won't do anything or take care of it.
5) it will take 1-2 months for everything to be fixed up
6) Tenant will need to evacuate to a hotel or shelter 

I have two questions,

#1 In this case, whose insurance should cover the fee of tenant's hotel while the damages are fixed up? (owner's insurance should cover?)
#2 If the pipes were shared with others, does HOA have to take care of the issue?

Leo


 1. Tenants insurance should pay as that is what renters insurance is for. 

2. Not an HOA issue if its considered part of the unit and not common area. Can check the docs but if its a townhome typically HOA does not cover anything on the property iteself.

3. 1-2 months? For what? I would get a second opinion.

Again, if the place burned down, would you pay the tenant a place to live for a year? If they do not have insurance, that is on your friend, we will not allow move in without tenant insurance in place. 


Hi, Chris

Thank you for your professional advice.

Regards

Quote from @Scott Mac:

One to two months to fix???

For some piping and drywall work.???

Might be intelligent to get a couple more bids not just for price but for time to completion.

Since it's the ceiling, when your plaster man is finished with the repair you can bank on it it's going to need special primer to hide the water stain and a respray of the ceiling color. Make sure to put that in your budget for time frame also.

I say that because the primer to cover the water stain may have to have your renters And their pets out of the unit for so many hours while they do it and then it dries because it may gas off. Maybe your painters have some other solution for it though.

Good Luck!


 Hi, Scott

Thank you for your professional advice.

Regards,

Quote from @Nathan Gesner:

Owner should file an insurance claim. If the tenant's belongings were damaged and they have renter's insurance, then they should file a claim.

I agree with the others that you should find a contract that can fix this much faster. Drain repair can be done in a day. Sheetrock may take several days to a week.


 Hi, Nathan

Thank you for your opinion.
And I also appreciated for others as well

Thank you

Quote from @Lynn McGeein:

@Yusuke Koike if damage was that extensive where the unit is not habitable, check your state/local landlord tenant laws as some just require you let them out of lease, return deposit and refund rent for any time they’ve paid that they can’t live there. Others may require you to furnish lodging during repairs unless it was their fault. Your insurance or their renters insurance may also cover costs of lodging during repairs. If contractor is saying this was slow long term extensive damage then it may not be covered by insurance. Hard to imagine a sudden leak that was discovered quickly causing a 2-month repair.


Hi, Lynn

Thank you for your professional advice.
I didn't pay attention to local/state tenants and landlords laws.
I will check them.

Thank you

Quote from @Diego A.:

I had a similar issue at one of my houses and even though we detected on time it took 2 days to fix it. It is insane that the contractor is telling you 1 / 2 months. 

I had done big work and it only took that long when we need to wait for dry cement which won't be more than 2 to 3 weeks.

I believe the delay could be because of a claim to the insurance, right?

Regarding the insurance you will need to review your documents and talk to them, but most of those won't cover residents to go to a hotel when they are tenants.

Hi, Diego

Thank you for your advice.
I will have my friend review his policy and contact the insurance company.

Quote from @Theresa Harris:

I agree with Lynn and Diego.  If the damage is that bad, they should be replacing the dry wall in the ceiling; if it is a small stain it is an easy cover up with primer/spray paint and repainting it.  It shouldn't take 1-2 months even if they are gutting the entire bathroom.  Talk to the insurance company and they can walk you through it.


 Hi, Harris

thank you for your advice.
I will have my friend contact his insurance company.

Thank you!

Quote from @Bruce Woodruff:

In my opinion: 1) This was not necessarily caused just by normal 'wear and tear'... 40 yrs is not that old. 2) Owner should pay for tenants lodging etc. 3) 1 -2 months is absolutely ludicrous. Find another Contractor today. This should be a 1 week job especially seeing it is an occupied unit and time is of the essence. Have you tried one those 'home restoration companies' ?

Thank you for your recommendation and professional advice.
Yes, I also thought 1-2 months is ludicrous.
I highly recommended my friend change the contractor or get another quotes with other contractors

I don't know the "home restoration companies"

Hello,

My name is Leo
One of my investor friend has an issue with his rental property (2 story townhome with HOA)

What was happened to him and the unit is
1) the drain pipe on 2nd floor bathroom was broken
2) water leaked in the 1st floor ceiling and walls
3) in contractors opinion, this problem was caused by just normal wear and tear (already 40 year building)
4) Those pipes are not shared wish other units (service the unit only) and HOA won't do anything or take care of it.
5) it will take 1-2 months for everything to be fixed up
6) Tenant will need to evacuate to a hotel or shelter 

I have two questions,

#1 In this case, whose insurance should cover the fee of tenant's hotel while the damages are fixed up? (owner's insurance should cover?)
#2 If the pipes were shared with others, does HOA have to take care of the issue?

Leo

Post: Investment Club in Chicago Suburbs

Yusuke KoikePosted
  • Posts 42
  • Votes 19

Hi,
 
I am a newbie for real estate investment and looking to an investment club in Chicago Suburbs for networking and looking for private lenders.
Someone know any club or meeting?

Leo

Post: I am looking for a HELOC

Yusuke KoikePosted
  • Posts 42
  • Votes 19
Quote from @Harjeet Bhatti:
Quote from @Yusuke Koike:

Hi, Busey

Sounds great!
The investment property that I have is located in Cook County.

Yusuke


 Yes, we can work in this county. 


Great.

DM please at [email protected]
I want to know more about the product.