We had a fire in one of units. What’s the next step?

Q. We had a fire in one of units. What’s the next step?

A. Remember: You can have an independent public appraiser (must have ACV [actual cash value] policy) – separate from your insurance company – appraise the damage.

Remember: that soot is incredibly greasy and smears everywhere do not get it wet because it can etch certain surfaces – it’s simply impossible to clean completely.

…and now on to the recovery effort!

1. Get a copy of the fire report from the Fire Marshall and ensure that the documentation is correct.

2. Get a notebook to record every detail – conversations, observations, and make sure that you take pictures of everything – nothing is too insignificant to photograph or  record in your notebook. Also, keep track of any receipts.

3. Do NOT begin any work until the claim has been settled.

4. Have the tenant get everything out of the unit and have it professionally cleaned otherwise the items will contaminate the unit. If your tenant has renter’s insurance, their underwriters can handle the cost of this coverage.

5. All food must be disposed of – including canned items – the heat from the fire compromises the canned goods.

Good Luck!

(For smaller fires, use chemical sponges, Greased Lightening or other good cleaner, Kilz, then paint. Make sure that you clean your vents as well. Furniture treatment can be handled by a cleanup & recovery specialist with ozone treatment.)

Renter’s Insurance

Jeeze, I feel like I’m in rerun mode…but, with the tropical storms and hurricanes swirling about, it’s probably time to re-emphasize the importance of renter’s insurance to your tenants. This may be a good time to include a note with their bill, receipt, or whatever method you use to discriminate info to your tenants. It’s cheap and covers loss from fire, theft, etc. And they can probably bundle their car insurance with their renter’s insurance for a discount.

Satellite dish installation

I don’t mind holes in the walls of my units nearly as much as I mind folks walking around on the roof boring holes and tearing up shingles to install satellite dish antennas. Granted, they are a lot smaller than used to be, but nevertheless there is someone climbing up on a ladder, schlepping equipment around on my roof!! So, tenants have to check with me for approval prior to installation – and approval means “the location” of said dish antenna. With cable deregulation, the maniacally controlling combination of landlord/property owner/HOA can no longer prohibit the installation of satellite dishes – however, they (errr we) can dictate where the dish is installed. And again, make sure this is included in your lease/rental agreement…for all the obvious reasons.

Roaches redux

Ahh yes, summer, a particular enticing time of year for our little creepy-friends. You really have to declare all-out war on these nasties, but whatever you do…DON’T nuke or spray ‘em! A colleague swears by Maxforce Gel and Maxforce Roach Traps, but says not to use any type of spray product because it repells the roaches rather than attracting them like Maxforce products…I have had good luck with Combat gel, but I’ve been lucky. The real trick is to make sure you eliminate their food source, take care of any dripping faucets (wood rot is a sure invitation for roaches, water bugs, silver fish, and major plumbing repairs), and get ‘em where they live…the stove, refrigerator, light fixtures, dishwasher, laundry room, etc. (See entry for April 11th – Lights, Scurry, Action). Any make sure that your tenants know what to look for and what to do.

LL Slapshots

Accepting rent after the expiration of the lease indicates a mutual willingness to continue the tenancy. The law presumes that when a lease expires, it becomes M2M unless renewed.

LL Slapshots

Keep your relationships healthy. Not just with your SO and the kids, but with your bankers, tenants, subcontractors, property managers, plumbers, CPA, financial planner, lenders, LL Association, and realtors. You need their support to run a successful, profitable business.

LL Slapshots

What about the security deposit. Again, this is state specific. Generally, deposit money is any money held by the LL, including, but not limited to, security for the duration of the agreement, damage deposits, advance rent deposits, pet deposits, or any contractual deposit agreed to between LL & tenant. A landlord can retain a tenant’s security deposit for physical (property damage beyond normal wear & tear, be it via willful or neglectful actions) or monetary damages (monetary can be tenant’s breach of the agreement prior to expiration of lease/agreement).

LL Slapshots

It is the landlord’s responsibility to ensure that all lease addenda comply with the state landlord/tenant laws. If your addenda contradict state law, then the addendum is considered invalid and tenants are not allowed waive any rights granted under a state statute.

LL Slapshots

Maintenance and damage repair to the common areas of a multi-family unit are the landlord’s responsibility…including light bulbs.

LL Slapshots

If you want to attract good, well-qualified tenants – you have to offer well-maintained properties. Quality tenants will not settle for substandard housing units.