I was recently down in Florida with some of my mentorship students, and in the process of contacting some vacant homeowners, we came across a couple things that I wanted to share with you.
One of them is pretty funny (at least I got a good belly laugh from it) and the other is pretty important. If you plan on profiting with a vacant houses, then you need to hear this now:
I’d love to hear what you think too, leave a comment in the box below!
Wise tip re: vacant property insurance – thanks for sharing Cam.
This made me think of something that was brought up to me. Isn’t there language in a lot of mortgages that say you can’t leave your home vacant for a certain period of time? If so can they call a due of sales if they find out the home is vacant?
I think that could be a powerful motivation point.
Thanks for the heads up…I will check w/my insurance company.
Hi Cam, I’m in New Zealand , two of my kids have lived in the USA for over twenty years and I’m elligable for a green card. One lives in Colorado springs the other in Nashville. I have followed you and others on property for an age now and should have bitten the bullet and done something there some time ago. I’m in property here and have about 60 rental streams. We have a good equity growth in NZ and the rental returns are good. For me to buy USA would have to be largely hands off although there would be a tax break coming over and doing some.???? Where should I look, how, and what style of deals should I look at. I’m a builder by trade and have loads of equity here but little cash flow, the old story. I’d love your comments. If you are ever down our way , we’d love love you come and stay. We have 3 air BnB units. Kind regards. Russ
The where seems obvious to me. Either Colorado Springs or Nashville! Then you’ll (presumably) have a tax deductible reason to go there and bonus!… you’ll get to visit with your kid(s). The what also seems pretty obvious and that would be rentals. You’re already in the biz and whether your kids want to be or not, having them there will be to your advantage. I suggest you absolutely have a professional property manager in the equation.
Great info Cam! Thank you!!!
I am going to use this idea in my next postcard to educate them, build rapport, and motivate them to action.
Again Cam great information as always, Insurance is never really discussed with a vacant house and seller know very little once they leave. Also, they believe that the home owners ins is covering them if something happen , but they forget they are not living in the home.
thanks again Ray
Great info Cam
After all these years ins co have devised methods to rip people off its no surprise they hide within the policy such language. What I don’t understand is what the insurance policy has to do with whether there is someone in there or not the policy is on the building not the content perhaps u can shed some light on this
Thanks in advance
Vaughn C
The Affiliates For Veterans and Families L.L.C.
In NH
Hi Vaughn,
I believe the insurance companies have this stipulation because they recognize that the risk for a loss is higher if the property is vacant and no-one is there to keep an eye on it and intervene if there is a loss event.
Tim
I use the vacant house data feed and appreciate this tip when communicating with the owners. It does seem like a good talking point to increase motivation of the (potential) sellers. Thanks for sharing….Wendy