Posted by Bruce-NE on December 09, 2000 at 09:26:19:
Rich,
I can certainly identify with that. We had a regular house burned down by a demented renter after he found out the house had been sold. We were out of state owners and had trusted the rental of the house to an agency. Bad choice. Fortunately, the insurance company paid the max amount allowed for the property and we were able also to sell the lot at a nice price. This enabled us to put a down payment on the ranchette of our dreams.
Sometimes you can turn a smoldering wreck into a real nest egg!
Posted by Rich Blecher on December 08, 2000 at 19:44:11:
I recently purchased 11 mobile homes in a fairly decent park. The homes wern’t very well kept, but 9 of them had tenants. After a month I found which ones were able to pay rent and which ones could not. One tenant avoided me like the plague. I met her once and she played the avoidance game for about 5 weeks. I finally went to the magistrate court where she was served with a 7 day notice to respond or vacate. Sure enough on day 7 I got a call from the park manager telling me my mobile home was on fire. Although I expected her to trash it a bit, I never expected this. The insurance should cover it, but the lesson learned is you should always get all information from tenants, because now we can’t seem to find her. Hope no one else goes through this
Rich, GA