My worst landlord experience so far: neighbor next door started a fire and burned down the entire building.
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???
It is still under construction Insurance pays for it all but timeframe is a year so one year without rent. Meanwhile the HOA dues have to be paidâŚ
Meanwhile the HOA dues have to be paidâŚ
(SMH) that is not rightâŚfor what??? Nothingâs there!!!
Thatâs the nature of the beastâŚ
Get better insuranceâŚOur project in Arizona burned down during construction. .We get the anticipated lost revenue we might have receivedâŚIn other words we are better off after the fire, plus future rents are going upâŚYour attorney should have gone after the neighbors insurance with a vengeance. .
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, thereâs a price for everything.
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, thereâs a price for everything.
Come on, @wuqijun, I didnât think you drank the condo Kool-Aid as much as our Fearless Leader doesâŚ
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 shouldâve bought more condos and less SFHs.
We should get together and buy the whole complexâŚAsk your fellow owners to sell.I dont buy condos because I want total controlâŚBuying the whole complex is a different matterâŚ
They will never sell! One ownerâs 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 roofâŚand no HOA (the best part)!!!
Except for the years lost revenue. .Make them offers they cant refuseâŚlol
Why not buy a multi unit building? Keep it all under your control and under one roofâŚand no HOA (the best part)!!!
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 dealsâŚMy best friends father is selling 8 units in RWC for $3m in the worst part of townâŚ4 capâŚMy friend is against the dealâŚWould rather it passes though to the him and other kids tax free. .Nobody wants to sell.
Hard to find dealsâŚMy best friends father is selling 8 units in RWC for $3m in the worst part of townâŚ4 capâŚMy friend is against the dealâŚWould 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
The kids are pissed because he is 90 and blowing off a $100k per year on unknowns. .maybe he has a girlfriend the wife doesnât know aboutâŚHe turned down $1.4m 4 years agoâŚI think he is a smart old fartâŚMaybe he will blow it all in VegasâŚHe is already going to blow about $1m in taxesâŚ
he is 90 and blowing off a $100k per year on unknowns.
Iâll go out on a limb on a Friday morning that it ainât bubble gum and video gamesâŚ