{"id":2512,"date":"2008-01-18T10:00:32","date_gmt":"2008-01-18T17:00:32","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=2512"},"modified":"2008-01-18T10:00:32","modified_gmt":"2008-01-18T17:00:32","slug":"tuition-is-expensive-at-the-school-of-hard-knocks","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2512\/tuition-is-expensive-at-the-school-of-hard-knocks\/","title":{"rendered":"Tuition Is Expensive At The School Of Hard Knocks"},"content":{"rendered":"

Another Episode Of “It Doesn’t Pay To Be A Cheap Bastard”<\/strong><\/p>\n

In times like these, real estate investors often search for the corners to be cut. While many of the corners should<\/em> be cut – others should not.<\/p>\n

Such is the case of adequate insurance.<\/p>\n

Many sellers are having to resort to leasing out their properties. Some of these properties are leased out under a lease-purchase agreement… while others are simply rented out. Their goal is to simply stop the red ink.<\/p>\n

When I list a vacant property for sale, one of my areas of discussion with the seller is adequate insurance coverage.<\/em> And let me tell you – it ain’t cheap. Vacant homes are not only more susceptible to vandalism, but when something like a pipe breaks or some bad wiring starts a fire – the damage is usually far greater than a home which is occupied.<\/p>\n

This increase in premium can triple your insurance costs… or more.<\/strong><\/p>\n

But a vacant property is not the only concern. If you rent or lease your property, you would be well-advised to report this to your insurance company so that they can ensure your policy will maintain its coverage under that particular scenario.<\/p>\n

Case in point is a recent tale of woe told to me by a lender who was about to fund a new investment property for one of her clients. This client had a property in Florida that he had lease-purchased to a tenant who had been paying their rent in a timely manner. But shortly before closing on his new property – the neighbors of his lease-purchase tenants called him up to inform him that the tenants left in the middle of the night.<\/p>\n

At first blush, this only seemed to be a big nuisance to her client, as the tenants had posted a $10K non-refundable deposit… so he went down to Florida to check it out.<\/p>\n

And this is where the other shoe drops.<\/strong><\/p>\n

The tenants had torn the place up. With a vengeance. Stole all the fixtures… even the cabinets in the kitchen. The damage was so extensive – it made that $10K deposit pale in comparison.<\/p>\n

My Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Another Episode Of “It Doesn’t Pay To Be A Cheap Bastard” In times like these, real estate investors often search for the corners to be cut. While many of the corners should be cut – others should not. Such is the case of adequate insurance. Many sellers are having to resort to leasing out their […]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2,8,5],"tags":[],"class_list":{"0":"post-2512","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-general","7":"category-investment","8":"category-real-estate","10":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2524,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2524\/the-odysseus-medal-its-not-just-about-the-lender-escrow-officer-and-agent-doing-their-job-its-about-them-doing-their-job-as-a-team\/","url_meta":{"origin":2512,"position":0},"title":"The Odysseus Medal: “It’s not just about the lender, escrow officer, and agent doing their job; its about them doing their job as a team.”","author":"Greg Swann","date":"January 21, 2008","format":false,"excerpt":"The Odysseus Medal this week goes to Trevor Smith for Theology, Postmodernism, and a Different Kind of Buyer:- Postmodernism places value on the journey. Many of my clients are very interested in learning about the process of real estate. They don\u2019t want\u00a0somebody to\u00a0do it for them. They want to be\u2026","rel":"","context":"In "Blog Carnivals"","block_context":{"text":"Blog Carnivals","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blog-carnivals\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9809,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/9809\/whats-the-downside-to-investing-today\/","url_meta":{"origin":2512,"position":1},"title":"Whats the Downside to Investing Today?","author":"Cooksquared","date":"September 21, 2009","format":false,"excerpt":"My previous article suggesting today was the right time to start getting back to real estate investing was met with expected cynicism. Investors make money by going against the crowd, not with it, right? By the time everyone agrees that you should be getting back into real estate, you really\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":430,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/430\/blogoff-post-53-vacant-property-requires-attention\/","url_meta":{"origin":2512,"position":2},"title":"Blogoff Post #53: Vacant property requires attention . . .","author":"Greg Swann","date":"September 26, 2006","format":false,"excerpt":"This is a favorite from my Arizona Republic column:I will walk into a vacant house and immediately the odor hits my nose. Worse than cat urine in the carpet or cigarette smoke in the walls. \"That's just sewer gas,\" I'll say quickly, trying to take away the objection before it\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13136,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/13136\/those-who-can-not-learn-from-history-are-doomed-to-repeat-it\/","url_meta":{"origin":2512,"position":3},"title":"Those Who Can Not Learn From History Are Doomed To Repeat It","author":"Brian Brady","date":"September 2, 2010","format":false,"excerpt":"HUD announces it's \"First Look\" program today: The National First Look Program is a first-ever public-private partnership agreement between HUD and the National Community Stabilization Trust (Stabilization Trust). In collaboration with national servicers, Fannie Mae, and Freddie Mac, the First Look program is intended to give communities participating in HUD's\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2000,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2000\/we-have-not-seen-the-bottom-yet\/","url_meta":{"origin":2512,"position":4},"title":"We Have Not Seen The Bottom, Yet!","author":"Doug Quance","date":"October 3, 2007","format":false,"excerpt":"Watching How Lenders Deal With Short Sales When lenders start to deal with foreclosures and pre-foreclosures in a manner consistent with reality, we might see the bottom of this market. Recently, my experience with these lenders has been less than heartening. In one case, I represent a seller who paid\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3107,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3107\/are-you-an-investor-looking-for-a-rental-home-that-will-stay-rented-buy-a-home-thats-worth-living-in\/","url_meta":{"origin":2512,"position":5},"title":"Are you an investor looking for a rental home that will stay rented? Buy a home that’s worth living in","author":"Greg Swann","date":"May 12, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). I wrote this last Tuesday, but it coincides nicely with Barry's post this morning. \u00a0Are you an investor looking for a rental home that will stay rented? Buy a home that's worth living in I represented tenants\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=2512"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2512\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=2512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=2512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=2512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}