A vacant property in Detroit won't make it through the night without being broken into and stripped of the furnace, water tank, copper, electrical wiring and anything else of value.
I work as a rehab project manager for investors and property managers and I have had boarded up homes broken into more times than I can count. Honestly its almost a waste of money to board them up in the first place. Not to mention that every time you do a board up your buying new materials, it really starts to add up$$$
<moderator: delete advertising>
David
I think another way to avoid break-ins for your property investments, it helps to try and prevent it from happening in the first place. For example, when researching properties, aim to invest in areas that are safe, and have a low history of break ins and crime. To check up local criminal activity, you can typically get free reports from the different levels of government, and also even the local police can give you some ideas about the levels of crime.
Also, it helps to have insurance. This helps to minimise your risks as well just in case of any theft or damage to your property.
I agree though that adding security systems can also improve your property's security.
Mate,
Seriously ?
On the opposite end of the spectrum – our neighbours have not locked there house for 8 years and dont know where the keys are !
The last post was in response to David's post, not Matthew's.
Cheers.
This is Detroit we are talking about…
Insurance is a waste of energy in US, you need it, however only really any good if the house burns down, the excesses on these policies are around $1600-2000.
Trying to minimise your risk can help, but I guess when investing in US it will come down to buying in the right subdivision/State.
I know a couple of investors who unfortunately purchased in the "hood" and they have not been able to rent properties, just lemons really.
Cheers WI
SOLUTION!! Sadly, I've done this before on my property. On the plus side, IT WORKED! Even had s red blinking light on it to appear real.
http://www.adorama.com/SVISC300.html?gclid=
CheevesFinancial | Cushman & Wakefield - Commercial Property SW FL
http://www.CommercialRealEstateVoice.com
Email Me | Phone MeInsurance will work once,,, And if your house is vacant more than 2 months insurance will not cover anything even fire ( read the small print)…
If you take the train from DC to New York you pass through parts of Philly,
You will see large buildings that have been blocked in.. by that I mean cinder blocks cemented into the windows and doors that will keep most of the riff raft out.
heres were it gets tricky for most. Even in non ghetto areas houses will get hit frequently for their Air condioning units and other easy to remove items.
What most in the know rehabbers do is wait until the tenant is moving in and literally the day they move in, in comes all the mechanicals, condenser, appliances..
again its why I do not recommend or advise that any out of area be it state or country investors invest in these areas. Just a train wreck waiting to happen. Those that live there and know the tricks of the trade can make these work.. If your trusting a PM and rehabber from 6k miles away its caveat emptor to the 5th degree
You must be logged in to reply to this topic. If you don't have an account, you can register here.
