| Day 42, in the event of this catastrophe fire loss.... |
2010-07-27 13:37:44 |
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of this fire incident, there are actually 3 separate claims, lost of business income, structure lost, and liability claim.
as of right now, insurance is paying the claim on business income, base on avg of last 18 month profit and lost statement.
when we can reach a settlement number on the structure claim, if ever, haha, the check will come in the form of both mortgagee and mortgagor's name, so, the bank must release the money before we can even start the rebuild.
today, the city issued the rebuild permit to us, both my architect and the city building departments been working closely together on it.
since most the smoke damage is upstair floor, the building department is going to allow us spot check the lower floor, instead of completely gutting the walls, we going to cut 3 fts up from the floor along the outside wall, for them to check if any water damage and/or mold exist inside these walls, if everything ok, we maybe able to save 80% of the lower level.
plus if we don't need to gut all the downstair drywall, city is not going to require a complete rewire lower level, since they already grounded circuits.
everything is going smooth, bids are coming in from my sub-contractors, many bids come in under my original estimate, because some of these contractors been with me over 10 years, basically they doing us a huge favor, since this is my complex.
as of now, I estimate we going to have a surplus bit over 100k, up from previously estimate of 65k... |
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| June Rent Update, Collected 93.4% rent, 2 opens as 06/30/10. |
2010-07-14 17:19:10 |
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June Rent Update, Collected 93.4% rent, 2 opens as 06/30/10.
June is a heart breaking month, the worst nightmare just happen to us, one of the 8-plex building caught on fire, complete burn down, and took away a valuable life, she was a good lady, been with us over 4 years.
the building can be rebuild, but the life can not be reclaimed, heart breaking...
Rent Collected by the Month:
07/09 97.5%
08/09 95.4%
09/09 88.7%
10/09 91.6%
11/09 95.1%
12/09 92.5%
01/10 97.6%
02/10 104.6%
03/10 94.55%
04/10 90.3%
05/10 106.8%
06/10 93.4%
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| So you want to be a landlord? 法律篇 July 2010 update.. |
2010-07-11 17:51:48 |
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So you want to be a landlord? 法律篇 July 2010 update.
haha, the basic course of landlord101 is eviction, so here is what you going to get as a landlord..
currently Under Eviction 3
waiting on judgment on back rent/damage 2
on collection ( pursuing collection ) 11
on collection ( garnishment ) 3
civil warrant ( dead beats, hopefully policy will pick the up for up to 6 month jail time ) 10
Case dismissed due to serviceable address 1
Case dismissed due to death 1
Case dismissed due to bankruptcy 2
Case paid or settled 33
Eviction count by year
10 6 out of 94 Units (so far)
09 9 out of 94 Units
08 8 out of 93 units
07 9 out of 78 units
06 8 out of 72 units
05 3 out of 28 units
04 4 out of 16 units |
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| Day 24, in the event of this catastrophe fire loss.... |
2010-07-09 21:44:33 |
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Day 24, in the event of this catastrophe fire loss....
Today, we spend most of the time talking to effected tenants, as they moving out their furniture and other personally belonging.
3pm, we had a meeting with my architect on the blue print, basically we want to convert some of the 2bedroom units into 3bedroom and 1bedroom units. we try to keep exterior the same, mainly to escape the state approval on the building permit.
now, to some of the questions MrsKwok and RE8888 ask below...
1. we have the option of rebuild or not, but since the complex has a mortgage lien, if we decide not to rebuild this building, we must pay the mortgage holder first for a partial release on the mortgage, meaning we not going to get much out of the whole settlement.
2. commercial mortgage is hard to obtain, at least now, for us almost impossible, we not gaining any if we not rebuild.
3. the policy covers 12 month of business income from the date of fire, the insurance company hire an outside CPA firm to audit the lost, we had already summit the 6 month profit and lost state for 2010, and last 2 years financial statements and tax return for their review. I believe their pay out is base on average rentroll and expenses on the whole complex, I will update these later.
4. base on preliminary estimates, we can convert this 8 unit building from 7 two-bedroom, 1 one-bedroom units to 3 three-bedroom, 1 two-bedroom, and 4 one-bedroom units, this will improve out cash flow about 3k a year.
5. we expect after completion, we have a surplus about 65-75k on the rebuild.
6. regarding property tax, the indiana property tax system is base on the market value on March 1 of every year, not the time of buy or sell, meaning if the building is half way done at March 1, you only pay tax base on 50% of property value for that year.
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| Day 23, in the event of this catastrophe fire loss.... |
2010-07-09 09:09:43 |
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Day 22, in the event of this catastrophe fire loss....
Today, the attorney hired by my insurance company that handles the liability claim arrived on site, along with an outside fire investigation company, fire department, policy department, agent from Allstate Insurance representing the deceased tenant, deceased tenant's ex-husband with their attorney, agent from StateFarm representing 2 other tenants, did the final walk through.
all the on site investigation is done, policy department send their evidences to state CSI lab for further study on what cause the fire.
The building now is released, tenants are allow to move out furnitures and other personal items, and my maintenance crew begin to clean up all the trash inside the building.
more to come as we begin to rebuild.... |
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