Millennials ain't all bad

My worst landlord experience so far: neighbor next door started a fire and burned down the entire building.

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Wait, so it burned down your place (too) or damaged your place? I have had tenants with kitchen fires.

Yes, it is an 8 unit building. I own one of the units. All of the units were badly damaged.

Wow, so did the neighbor end up paying or did the insurance cover it? Did you end up with a much nicer unit??? :slight_smile:

It is still under construction :slight_smile: Insurance pays for it all but timeframe is a year so one year without rent. Meanwhile the HOA dues have to be paid…

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(SMH) that is not right…for what??? Nothing’s there!!!

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That’s the nature of the beast…

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Get better insurance…Our project in Arizona burned down during construction. .We get the anticipated lost revenue we might have received…In other words we are better off after the fire, plus future rents are going up…Your attorney should have gone after the neighbors insurance with a vengeance. .

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Good suggestion, I never bothered to buy insurance for condos because the HOA master policy always covered the abatement, as in this case. So the only thing I missed out is the lost rent. Oh well, there’s a price for everything.

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Come on, @wuqijun, I didn’t think you drank the condo Kool-Aid as much as our Fearless Leader does…

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Condos can be great investments! All my condos have better cash flow and have appreciated more on value percentage wise than my SFHs. Hindsight is 20/20 but I should’ve bought more condos and less SFHs.

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We should get together and buy the whole complex…Ask your fellow owners to sell.I dont buy condos because I want total control…Buying the whole complex is a different matter…

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They will never sell! One owner’s unit has appreciated 6 times over since he bought it at the bottom in 2011. Total cash cow.

Why not buy a multi unit building? Keep it all under your control and under one roof…and no HOA (the best part)!!!

Except for the years lost revenue. .Make them offers they cant refuse…lol

Pros and Cons. Too much maintenance headache with this approach. Better to let the HOA take care of the most. Plus, multi units are harder to get rid of than individual condos. Then again, I never had the intention to get rid of anything anytime soon but still… rentals are supposed to be passive income streams so one should not have to put a lot of effort into them.

This whole fire thing is an exceptional situation in an otherwise smooth ride. Oh well.

Hard to find deals…My best friends father is selling 8 units in RWC for $3m in the worst part of town…4 cap…My friend is against the deal…Would rather it passes though to the him and other kids tax free. .Nobody wants to sell.

Children are always so greedy and needy. Always scheming after inheritance. If I were the father I would donate away that building after my death to teach them a lesson :slight_smile:

The kids are pissed because he is 90 and blowing off a $100k per year on unknowns. .maybe he has a girlfriend the wife doesn’t know about…He turned down $1.4m 4 years ago…I think he is a smart old fart…Maybe he will blow it all in Vegas…He is already going to blow about $1m in taxes…

I’ll go out on a limb on a Friday morning that it ain’t bubble gum and video games…