Today’s REI Classroom Lesson
Today, Jason Lucchesi talks to us today about how many investors shy away from fire damaged properties and how he has found many deals that have some degree of fire damage.
REI Classroom Summary
There’s various sources to talk to when trying to find fire damaged properties. Most importantly, you want to talk to those with reliable information about the property.
Listen to this REI Classroom Lesson
Real Estate Investing Classroom Show Transcripts:
Mike: Welcome back to the flipnerd.com REI Classroom, where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Jason: Hey there, everyone. It’s Jason Lucchesi with jasonlucchesi.com. I am your host today with the REI Classroom and on today’s episode, we’re going to be talking about how to find and flip fire damaged properties.
Mike: This show is sponsored by passiverental.com.
Jason: Now, right off the bat, a lot of people, they decide not to go after fire damaged properties mainly because they have no idea on what to look for when they’re going through a fire damaged property. Now, I will tell you this, most of the time, the bones, the structure of the property are just fine and you could still go in there, you could still either wholesale it, fix and flip it, and you could possibly, even if you want to from a long-term play, keep the property for your own rental income-producing portfolio.
Now, I will tell you this, we still find a lot of these properties, a lot of fire-damaged properties. Now, it’s not going to be a source that you’re going to be able to count on for multiple properties every single month, just thank God there’s not a lot of fires that are going on.
Well, besides that, you could find them through your fire department, believe it or not. Those are the guys that are putting things out. The men and women that put the fires out do have the knowledge on what properties that they just took care of, either the night before or just a few hours ago. They’re going to be the ones you could just give a call, they’re going to have information on what properties have just had some fire damage, so, I would look out for those individuals.
Also, I would reach out to insurance agents. Insurance agents are going to be a huge key for you with this and you’re going to be able to contact them. The main reason why you would want to have an insurance agent is because they’re the ones that are taking care of any type of damage that has happened from a fire. So it is huge that you get in contact and have at least three to five solid insurance agents. You want to have active agents that are going to be doing quite a bit of business, so that’s another source.
My final source that I’m going to give you for today’s REI Classroom is a real estate agent. So you could get in contact with real estate agents. They know of the properties that have had fire damage, they could check in the agents, the agent remark section to see exactly what happened to the property and if the original owners of record are planning to keep it or sell it.
So that is my tip for you today. A part of the REI Classroom is going out and finding properties that have had fire damage to them. With that being said, thanks for joining me on this REI Classroom and I will talk to you later. Take care. Have a great day.
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Please note, the views and opinions expressed by the individuals in this program do not necessarily reflect those of flipnerd.com or any of its partners, advertisers, or affiliates. Please consult professionals before making any investment or tax decisions as real estate investing can be risky.
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