A car CRASHED into my Vegas rental property
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- Опубліковано 22 тра 2024
- I never thought THIS would happen in a million years, but it did. Welcome to episode #1 of the Vegas disaster series 😭
TIMESTAMPS
00:00 - Intro
00:23 - The Backstory
01:53 - The Crash
06:01 - The Cost
06:57 - The Lessons
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DISCLAIMERS & DISCLOSURES ❤
This content is for education and entertainment purposes only. Rose does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
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Thanks for all your support in these comments! It means the world to me, and I feel so supported. I'll be sure to share all my learnings along the way and hopefully a beautifully renovated, profitable end result ❤
take the person who crashed into your house to court, their insurance will need to pay for it..
Hey Rose I'm a long time subscriber and I watch a video or two from time to time. I had no idea you had a rental property in Vegas but I wanted to say I feel like you did a great job handling the car crash.
Always remember to review your insurance coverages. Typically the insurance companies will cover ACV off the bat to get the repairs started. Once the repairs are done, the insurance companies cover RCV (replacement cost). The reason why they pay ACV initially is because some people refuse to fix their damages and just take the money and run. The insurance company is there to make you whole again less your deductible........IF you actually fix your damages. Try talking to your adjuster again. Plus they have subrogation rights to go after the car insurance company for your deductible too and your loss of rental income is covered up to your policy limits so make sure your contractor gets the repairs done in a timely fashion. DO NOT hire a public adjuster at all... if you hire them you'll end up paying at least 25% of the total amount (like hiring an attorney). Talk to your safeco adjuster about your ACV & RCV outcomes.
Have you heard of Minority Mindset here on UA-cam? He started out in real estate and might have some awesome tips for you.
I just saw your thread and reminded me of what I just went through with my property after I took it over after she passed in 2019. I commented down in the thread. You will do fine. I just subscribed to your channel. I guess we are in the same boat of insurance house repairs. A club we never wanted to be a part of. After my incident, I really will never use recommendations of contractors that ypu call out for emergencies.
Rose you must hire an insurance adjuster who will fight, negotiate, with the insurance company to get you a better more equitable settlement. Hire a lawyer to sue the driver, and his insurance company to make up for any losses. Good Luck. Wish you the best.
I'm pretty sure the driver has no money, the car they were driving was a piece of junk.
@@travisli-rufus1949 place a garnishment on future wages, and tax refunds
@@wb5817 lol you think thats gonna be enough? some people just stop working jobs after that shit anyways
100% Agree, get a Public Adjuster!
Her insurance company already has a lawyer to do that. She doesn't need to get her own. Trust, that insurance company is definitely filing a subrogation claim. It all depends in whether the driver had insurance.
This happened to us as well, where a drunk driver (uninsured) crashed into our property. We ended up having to sell the property because we couldn’t afford to fix it up. We were tapped out. It was stressful and upsetting, but like you said, you can’t dwell on things you can’t control. We had no one in our corner, you’re already 10 steps ahead with that. Keep your head up and Best of luck!
Did you have insurance? Did you go after the drunk driver?
To me, if you drive with no insurance and something like this happens, you should automatically have a lien attached to you, even if you don't own anything. I shouldn't have to go to courts to get that done. This lien should follow you EVERYWHERE!!
* Obviously, your wages should get garnished
* You're buying a new car? Hahahaha, that's funny, no, you've got to pay back that debt, remember?
* You got $7k in your tax returns this year? WONDERFUL! We'll just be sending that over to pay for your debt.
* You got married and bought a house??? That's FANTASTIC! Btw, a lien has automatically been put on it. You will NEVER be able to sell it until you pay off your debt. Even in death, know that your kids won't get the house until that debt is paid off.
Everything I'm describing can be done, but you have to pay a lawyer to do it for you. That means you have to constantly track the person down and find out if they bought a home and then pay to have a lien put on it. That should happen automatically.
This is the problem with this country, law abiding citizens just trying to live gets shafted by society, you did everything right and all it takes is one criminal who's got nothing to loose to ruining your whole life. basically if you are uninsured POS who's got nothing to loose can seriously harm someone's property, life, and health and get away with it, with maybe a slap on the wrist. this makes me angry.
So H~ see what I mean? I’m sorry to see anyone go thru this for I don’t wish it on myself. Her quote is on an outside visual once they gut it out where they can see, they will find hidden issues. Hence why the insurance only gave her so much? When you see the structure from just the skeleton frame and foundation, you best believe her damage is going to be more if it collapses after someone is liable. People don’t realize that half her home is damaged meaning her repairs can go up by more than double?
@@dontbanmebrodontbanme5403 The problem in this case is if they need a car to get to work to get wages to be garnered and or need to get a place to live. Obviously brand new no way. But the thing is alot of people that do crazy things like this very rarely are rich and generally lets say your middle class or poor and someone sues you for 150 k and you dont have that money might as well not work cant take less than nothing.
I'm sorry about your unfortunate story but I'm confused why you would need to pay to fix your home. Wouldn't any home insurance policy cover an uninsured drunk driver (minus your deductible)? Obviously their first offer will always be a lowball, as it should be to maximize profit for shareholders, but only a few homeowners will blindly accept the first offer so there's no harm or downside to fish for easy money. I realize it's usually not worth going after the uninsured drunk driver to reimburse your deductible.
I'm glad you posted this and show your vulnerability. It shows that you are human and go through ups and downs. I'm glad everyone is ok. I hope the passenger and driver have a fast recovery!!! Unfortunately, we learn the most from the things that hits hard. Again best of luck!! I hope everything goes well in rebuilding your home.
So well said
It is going to go well rebuilding your home, it never does. You will not turn a profit on this house for about 40 years.
Dear Rose, I’m so sorry to hear this. I’ve been a property manager for many years in Vegas, went through and knew many unforeseen and unfortunate things had and could have happened. You managed to maintain your planning, analyzing, negotiating skills and crisis control mood, you are definitely suitable for being a landlord investor. When crazy things happens, don’t panic and step by step, thing’s always get resolved. Most important, always get good insurance.👍🏻👍🏻🙏🏻🙏🏻Yo did great.
Rose this too will pass. You will one day look back at this and see all you learned. I had a friend who owned a house where a murder took place. It was a crime scene for months. I had a house fire and I was lucky to have good insurance. Life happens and this is life. Thank you for sharing.
Wow… that’s insane. Indeed, this is LIFE!! Thank you for your support 💙
Rose... YOU ARE AN INSPIRATION! You are definitely NOT out of your league you are now officially in a whole other league of experienced investors. You should be extremely PROUD and hold your head up lady! You PASSED THE TEST! Thank you for the reminder that to be who we aspire to be, we have to be willing to reach for ourselves, especially through the challenges. Thank you, Ms. Rose... Thank You!👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏
Rose, I lost my entire basement Airbnb rental back in 2019 in a 100-year flash flood, and had to rebuild for a cost of around $100,000. I did not unfortunately have flood insurance and my homeowners did NOT cover it. Airbnb were amazing and their insurance covered everything the tenant needed, all their property replacement and rehousing, everything! I rebuilt and put it back on the market and have never looked back. I wish you well and am sure you will go on to even greater success. Great video!
I really appreciate you sharing the tough parts of real estate investment. It gets way too glamorized as a way to print money for no effort. There can be great rewards, but it takes hard work and a high tolerance for these types of disasters.
Girl I’m a 42yrs old single mom who’s tired of it and really wants clear visions of what I want for me and my kids. Watching your videos and vulnerabilities gives me reality of what lies ahead but must have grit. Best wishes, you got this!
So sorry Rose. These are growing pains, it doesn't mean you're on the wrong path it means that youre learning. Property investing and management isn't easy and this makes people aware of that. Thanks for being transparent, we appreciate it. Shout put to your property manager, having good people around is worth their weight in gold.
Yes… HUGE shoutout to him for sure. After this experience, I would say finding a good property manager (and knowing how to measure that) is 50% of what it takes to be successful.
OWNING RENTAL PROPERTY IS ASS!...BUY REITS....SMH.
Sorry Rose. I just sold my 3 rental properties here in South Florida. Inflation and the rise in insurance and property tax made it not worth the time and aggravation of putting up with renters. Plus, everybody moved here and drove up the prices, so I sold them all for 3 or 4 times as much as I initially purchased them for. Rentals are such liabilities and stressful. I hope everything turns out for you. 😢😢
Smart.
Rose, you are real AF. Thanks for all you do. You've got this!
I feel for you Rose, what a horrible experience for all concerned - and clearly so upsetting for you.
You said you weren't sure about posting this .... well, I'm grateful that you did. Not only is it a powerful reminder that life isn't all happy and smiles, sometimes it puts big obstacles right in our path.
For me, your video shows your honesty, your vulnerability and your resilience - even though you're still hurting, you've already bounced back with new learnings, valuable experiences and plans for moving forward. Amazing!
So, thank you for posting. This is a powerful lesson in how to deal with setbacks ... this is just as valuable as all the brilliant investing and options trading lessons I've had from you 👍💖
rose i’ve been watching your videos for a few months now, so it was a definite shock to see not only the scale of the damage done to the house, but also as you said, to see this very different side of you. i’ve struggled my whole life with opening up to people about the battles i’ve fought in life, for years i just bottled it all up over and over again. that being said, for whatever it’s worth, there’s a 24 year old white boy from tennessee who thinks you’re a total badass. and honestly, you really inspired me here, the last couple of years for me have been a living hell, but i think if i can at least try to be like you more often, i might actually get somewhere. anyway, keep on keeping on
thank you, your comment made my day 😭 it's tough to bottle things up, i hope you try sharing your hardships with people you trust, i'm glad i did because the comments on this video have been nothing but supportive, which i'm so grateful for!! big hug!!! ❤💫
Wow!!! Omg Rose, I’m so sorry this happened. But what a trooper you are! You’re handling this life event with grace and a level of maturity that I could only hope to aspire to if ever faced with a similar catastrophe. Thank you so much for being open with your audience and showing a more vulnerable side to us. I’ve always enjoyed the real-world down to earth tone of your videos and this one just cemented your place as one of my personal heroes. The risks you’ve taken have propelled you into some wild adventures and I just want to say how grateful I am to be along for the ride. Thank you so much, and best of luck on your journey out of this mess and beyond! I know you’ll do well no matter what life brings you next.
Hang in there - this was a rare event, cars don’t crash into houses very often. Just got unlucky. Don’t let it deter you. Good luck!
Thank you Rose. Tears are important. The human body is designed to process these emotions and you’re not alone. This world often tells people that emotional expression is weakness, but in reality it’s a sign of strength because it means that the opinions of others don’t rattle you. That’s some real strength you have. More so, on the bright side of things…maybe it means that there’s content for you to share regarding THIS part of your journey with the house.
Rose, thank you for sharing this! I am in the same situation. A storm knocked down a tree in my backyard and did some damage to one my rental property. It’s been so hard to navigate through everything. Like you said, we gotta keep going and learn from the experience. You got this!! Sending you lots of positive energy!
I’m so sorry you’re going through this, Rose. I can only imagine the stress this is causing you. You will get through this.
Ohh Rose that’s so awful, I’m sorry this is happening… but hopefully this will get sorted sooner rather than later. Just keep holding on! You got this!
Hi Rose, you are amazing. I am so glad that you showed the pains of renting. It’s not just “passive income.” Anyone who says real estate investing is easy is not telling the truth. My own experience of working with construction cost me 4 years and hundreds and thousands of dollars. But now I know, what it feels like to fire someone; to find a lawyer to go after someone; to take out a HELOC; to refinance; to be doped by a realtor; to scope up fece and sewage; to see a rat running around in the basement; to have to make hundreds of decisions; to deal with code and complaints, etc. Good job on being transparent. Wish you all the best.
Rose, thank you for sharing this video and the lessons learned. Its honest, down to earth with everyday challenges and what we have to deal with in our daily lives. Your video is very informative and helpful to those like me that don't have exposure to rental properties and don't know the variables that comes with owning property. Like the total replacement insurance vs the Actual Cash value policy. I am glad your tenants weren't hurt and I hope the people in the car fully recovers and help you with insurance to rebuild your property. Stay strong and be well, good luck on your rental properties!
Rose, I’m so sorry this happened. Thankfully no one was seriously injured and you’ve prepared yourself to be able to handle this financially. Mentally it’s definitely tough but this will make you stronger and you’ll show yourself you can do anything! You will continue to be great - You’ve got this!
Hello Rose, I am a Vegas Local for the time being, I am sorry to hear about your unfortunate SHITuation, but at least you're learning from this, your also teaching all of us what not to do😅. Perhaps your 1st purchase is preparing you for a prosperous future in rental properties!!! I just subscribed to your channel after watching your Millionaire 6 Habits vid, and couldn't agree more. I am not a millionaire...yet, and my lifestyle is un-relatable to most society in a lot of ways, so THANK YOU for your knowledge, and the reassurance. I also couldn't agree more with others and their comments 💭 of your realness, your character shines and scream honesty✨ I am very hesitant these days on who I trust, and whom I want to learn from, so Keep it up!!! I personally feel comfortable so much so I was checking if you offer financial courses, and then I seen this vid. My inquiry is if that will ever be something coming in future? I am doing well with finances atm, but I feel the need to educate myself, and where I intent to allocate my money. Hence!!!! Further more, I'm intentionally seeking a guidance/mentor, one I feel that can relate to my intended lifestyle.I also travel, camped in Sedona, AZ for a year and loved it. Ironically I am going to Guatemala for my next trip , and will be exploring surrounding areas such as TULUM, so any recommendations for ease of digital nomads spots, that would also be great too!
I’m sorry Rose! You’re such a strong woman and I love that you chose to see this as a learning experience. Always always get an RCV policy. I work in property claims so I understand how stressful this is!
Glad no one was home when that happened. Thank you for showing your true self as that is the reality. You are a motivation to so many. Thank you for sharing.
I’m so sorry you had to go through this, Rose! This was eye opening to know for future. Don’t give up! You’ve come a long way to be where you are at. You’ll get through this!
Hi Rose, I appreciate your vulnerability, your heart, your honesty and your wisdom. Thank you for sharing what you have learned
Thank you so much for being vulnerable, Rose. I'm so glad you're being transparent about this. It makes me believe that sh*t happens to everyone, but I can still do it. Just like you
Wow Rose. What an experience for you to go through. As they say, bad things do happen to good people, but it's not the number of times that you are knocked down that counts. It is the number of times that you get back up that really matters. It won't be an easy road, but with your strength and intelligence, you will make it through this. And be better for it in the end. I love that attitude of using this experience as a learning moment on so many levels.
As always, thank you for sharing. You are incredibly strong. You'll get through this.
I really appreciate all your videos Rose. As a single woman making a go at many things- including real estate, investing and living on my own I really felt tender watching this video in particular. I so know how you feel on all fronts going through this, including an insurance claim from a home disaster. Been there, ugh. Your honest vulnerability made me feel less alone and gave me strength to keep on keeping on. You rock Rose, thanks for sharing and being an inspiration. I look forward to your videos each week.
I never thought about incidents that could lead to potential loss of life of tennants; kids, or a family in a rental situation. This close call was the most eye-opening aspect for me. Thanks for always choosing to be so bravely authentic and open.... grateful and appreciative for you.💕🙏💯
Rose your a toughie who does what has to be done and moves on .Your positive attitude is why you are a success and why I enjoy and learn from your videos.
Rose, I can't imagine the level of stress, upset and overwhelm you are probably feeling. Thank you so much for making this video anyway. There are forms of investing I have only heard about from you. You are such an impressive, smart and capable Woman! This shows how complicated and confusing insurance can be. I'm so sorry this happened but now, so many people will be able to avoid that insurance mistake because you shared your experience. I'm so glad you and your tenants are ok. Keep sharing. We love you and would love to help anyway we can!
I saw a black Tahoe with California plates driving reckless in this neighborhood. I live nearby and he couldn't negotiate that turn😢
Rose, I was truly saddened to see you crying and upset like that. I’ve always admired and appreciated how driven you are. But things like this are always tough to go through but after all is said and done, there’s a blessing from it all. Praying for you and everyone involved in this situation.
Rose, Sending you a HUGE hug! Remember, life isn't a destination but a trip as you get to where you are going!!! You have learned a lot through this issue! You will look back at this and laugh. Think of the amazing stories you will have for your kids! Take care. Nothing will get handed to you that you can't handle, always have faith!
Thank youuu I feel so supported by your comments!! This means the world to me!
I'm so happy you have a great team to lean on. Chin up and you will get through this. Thank you so much for sharing this with us.
❤ I think by showing that you can be vulnerable sometimes it just making you more human so people can relate, it was really important to share it. Thank you for being you 🌸
As someone who recently became an insurance adjuster this is the type of estimate I’d write up for you. Everything is a learning experience. You’ll be fine. A lot of people who experience hurricanes to their homes is a terrible thing to go through but with a solid insurance policy you have an opportunity to put your life together. Shout out to your property manager too 👏👏
You people are in denial. Insurance never wants to pay when it comes time to. Her home possibly has 200 grand in total damage do to the problem they will find when they tear out the old. Sometimes being greedy doesn’t pay off. Pretty soon her money will go to the doctor any little bump in the road and people go upside down.
So glad your tenants and you are all OK. Thank you for sharing!
You are awesome and just brilliant! I found your channel while searching for another youtuber similiar to you. I have been binge watching your videos of living in the van; buying in Mexico, getting out of debt this past week. OMG girl-where have you been in my life? This whole car crash situation will happen as other calamites will also occur. I recall a car crashed into my house at 6 yrs old and I was also almost kidnapped too, and my house caught on fire at age 9,etc. We survive but make sure you have good insurance or take appropriate measures to try to make yourself whole. You are my superhero! I need to get back to binge watching your videos! And I subscribed too!
Thank you for sharing your story. It was very brave of you to be vuleranble and also share this so that others may be aware of the nuances of owning a rental property. Future videos covering the nuances of Home Insurances would be super helpful!
I am very sorry this happened to you. I live in Vegas, and I can't believe how often I see this type of idiotic thing happen. Seems like every single week I see some more on scar plow through a wall, and sticking out of somebody's house. I can't believe more people haven't been hurt, and killed by this.
We are all here for you Rose. You are strong talent and smart and nothing can hold you down for long. Keep us updated on the situation and find out what happened with the drivers
Also…single family rentals and (mfr) and renovations ARE within my comfort zone and this would definitely have sent me for a loop! This video finds me at a time when I’m about to step out of MY comfort zone and move into commercial investing and thanks to this video I’m that much closer to pulling the trigger on commercial rentals (not b/c of what happened to you) but b/c you’ve encouraged me to step out of my comfort zone and be prepared for the unexpected risks that lie ahead and Yes! I will get good people on my corner too!! Best of luck to you and pls keep posting!!
This is super helpful for rookies! Thank you so much for sharing the story. Hope everything goes well with the repair!
I've come to realize that money is a tool. I’ve worked so hard over the years to realize that if you don’t make money work for you, you can’t experience true freedom. fully retired with over $3.5million, my dividends is supplementing my retirement at the moment. started saving and investing in 2010 in growth, No regrets and financially free
You're really doing well for yourself, my retirement plans are going down the drain, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
Will recommend you speak with *Jenny Pamogas Canaya,* she will assist you
thanks for sharing, hope to speak with her soon. I've known I've wanted to start investing for a few months but just haven't been brave enough to start due to the market so far this year. but its hard to bite the bullet and do it.
I recently had the pleasure of watching * Jenny Pamogas Canaya* on television, and I must say she is an exceptional speaker. However, I'm curious to know if you have experienced any financial gains while working with her?
Wow, I'm glad nobody got hurt. Thank God you got insurance. Total Replacement Insurance Cost is needed is my big takeaway this vlog. We got to keep pressing forward. Thanks 4 the 411.
Yes… if there’s one takeaway from this video, that would be it!!!
Maybe not, she needs to look at what it would have cost to pay the extra premium for full replacement vs what she had. What did she save with the cheaper insurance? How often do you EVER have a claim on your homeowners. In my 43 years of home ownership, I have had one claim for hail damage to a roof.
@@itsrosehan I backed into my airbnb's garage door and then 4 days later someone side swiped my brand new car. I'm a TRAVELING NURSE, I need my car to travel in DENVER SNOW. Haven't had to use my insurance in 14 years. Not the same thing but your video spoke to me about dealing with insurance. I got a crash course in dealing with them. I lucked out and found that my insurance was amazing. They had me in a new rental car in 16 hours but it took nearly my whole 3 month assignment for them to repair my car. I learned about filing two claims at once, had to call them multiple times on multiple days to get things clarified. Its was a learning experience. I guess I just want to say you aren't alone and I really appreciate the gems you shared from your experience they are price less. I'm not invested in real estate b/c its out of my comfort zone. The way you processed your feelings made me think huh, maybe I could do this too? Sending love your way, stay vulnerable be brave!
thank you for your vulnerability, realness, and everything you do for us in general. I definitely will keep you in my prayers that this too shall pass faster than you could imagine. I just wanna say I really like this video because it shows the RAW with your life and the problems that come in our life that are beyond our control sometimes. I def learned a lot from this video alone even tho I'm not in real estate yet seeing what can happen and how you are dealing with it is something to proud of and I'm glad you share your truth with us and I look forward to seeing the process and your growth in knowledge when it comes to real estate and renovation.
Mad respect for you! This is a major upset and not for the faint of heart! Love that you share your learning journey and vulnerability!! 🙏🙏
Glad you are ok and your tenants are ok. Always get replacement value insurance. Little consolation after the fact however hopefully of help to your viewers. When investing, patience is key. Patience to wait for an investment that gives a great return at a price that covers all sensible costs needed to protect that investment. 🤪
The comeback is greater than the setback. Stay strong
Rose, I completely understand what you're going through and the value of having competent professionals on your side - I know because I had kinda the opposite experience. I had a derelict property manager who let tenants trash the house, run up huge arrears and couldn't get them evicted. Although it was utter hell at the time, I learned several valuable life lessons and it hasn't dissuaded me from real estate investing, even if my interest is fairly modest. Keep going and moving forward. You have right on your side and even although you got stung with an ACV policy, other forces will work to minimise these setbacks. That's what worked for me - knowing that somehow the right thing would prevail with me pushing for it. Stay strong.
I'm very happy I found your videos! I can totally relate, nobody in my family even has enough to think about a rental property, so I've been very scared to step out and build my wealth. But your videos give me hope that I can do it too!! Thank you and I hope things work out and you get some money from the people who crashed into the house. :)
I think you should plant a tree there to create a natural barrier. I saw a post on Reddit of a house being saved by a tree from a drunk driver.
Thank you Rose for sharing an incredibly painful period in your life. You will prevail. We have no doubt.
Thank you so much for being vulnerable and sharing your journey. So many people share their wins; I find there's, not enough people sharing their loses!
dude i've been watching your videos for the last couple hours and I LOVE SO MUCH the fact that you are one of the very very few channels that is transparent honest and direct. You actually give the information you mention on your titles and not just that, you explain everything, and give away very precious and useful information, from my perspective, and I am so happy I found your channel
I’m so glad your tenants weren’t there. Thank you for sharing this.
Yes, as bad as it is, it could’ve been a LOT worse. Thank you for watching and following my journey! 🫶🏼
Any news on the idiot who crashed into it? You should go after him as well to the fullest extent of the law, no mercy.
Working on it! 😤😤😤
Sending you so much love. Tragedies do happpen, sadly, but you have hope and love. 💕 All will be fine.💛
Thank you so much for sharing this. I invested in my first property in Vegas in Jan 2022 (same month you bought your property!) and it was an extremely challenging and stressful process to get it fixed up and rent it out (though nothing like having a random car crash into your house!) But I got through it and now its doing great, and I'm sure the house will get fixed up great and you will end up stronger and wiser about real estate than you were before. Best of luck with the repairs and feel free to contact me if/when you're in Vegas as I'd love to meet you in real life instead of just through UA-cam 🙂
I am at start of my financial journey (getting rid of destructive habits and knowing where to put my money for optimal growth). I am not on your level but you have helped me start to get to it with your courses. As much as I am learning, you are learning too. You made me confident to not look or go back to my stupid habits that left me poor. Forward and up is the only way we all need to go especially after these situations that will only make us more prepared in the future. Take care and stay strong Rose, you will get through this.
Thanks for sharing this, rose!! It must have been so difficult in your position and you took it on like a champ and shared insightful lessons. Wishing a smooth construction process!
Hey Rose I am so sorry you had to go through this I don’t worry I know you will come out on top Take care be safe
Thank you for sharing this terrible experience. I learned several things on many levels. Things will only get better!
I am so sorry with what happened. I am going through the same feelings with my 3 properties. I can do relate! Thank you for sharing and I hope everyone is ok!
Two tips of hundreds:
1. All our rental properties rent due goes to our law office. Never had a renter not pay their rent.
2. All our rental agreements rewards renters for paying their rent before the 1st of the month, 12 noon. We give a 10% rent due discount vs. penalizes renters for paying their rent five days late. Ninety nine percent of our renters pay their rent before or on the 1st of the month. If a renters pay their rent before the 1st, we hold their payment until the 1st of the month.
Thank you so much for sharing. People who aren't homeowners yet needs to know that these types of things can happen. I don't have one myself but I seen first hand the stress my mother went through owning a 2 family house for 20 years. Homeownership is no joke!!!
I'm so happy see you're not giving up! This is actually a huge win for you because everything will be 100% brand new for only $13K and if the driver's insurance company covers that $13K you'll have a newer house for nothing. The ins co will pay the rent too! I'm a CA landlord with 9 apartment properties totaling 92 units and I've experienced a fire, flood damage,,, a lot of stressful events but as long as you're insured you'll be fine. I started at age 26 with a large home where I rented out 5 of the bedrooms and I lived in the master. It was pretty awful living among tenants sometimes but now, 10 years later I'm on top of the world. I only spend about 15hours per week managing the properties and enjoying time with friends and family.
Rose, I just want to point out one thing, even though your insurance company is only paying you what they think the depreciated value of everything is, you can absolutely fight everything they're paying you. What do I mean?
We know a couple around the corner from us that during hurricane Sandy had a tree go right through their property. I mean right down the middle. The insurance company tried to lowball them for everything. "Ok, the roof should cost $1,500 to repair and we'll give you that much for that...", when in reality, the roof would have cost ten times as much to fix. Every step of the way, the insurance company was low-balling them in terms of how much they said they'd pay for each thing. And each time, they simply wouldn't accept the low-ball bid. They stood in a hotel FOR A YEAR (paid for by insurance) until insurance finally agreed to pay them a decent amount to cover the damage. If they're low-balling you, don't just accept that. Good luck and glad you're showing us the reality of things.
Rose, you’re amazing! I am praying for your situation. You are killing it out here and I know you can get through this! Xoxo
Wow, Rose! What a crazy thing! Thanks for sharing the good, the bad, and the ugly!
Love that you’re looking at the opportunities this is creating for you! But, I’m so sorry this happened to you! Stay strong!
Stay Strong Rose! Have learnt a lot from you and you have been an inspiration. These things are outside of your control and I am glad things worked out for you. Thanks for sharing this with us. 👏👏
I love your videos! And yes im glad you posted this video, it part of the learning experience. I know about home insurance, but i know something thanks to you. And keep us posted with all the updates!
Wow, just found your channel and I find you so inspiring. How you handled this is such an inspiration. Glad you made the video. Can't wait to see the end result.
I’m sorry you had to go through all of this 🥺 you will definitely come out of it stronger and you are an amazing person for sharing this and being vulnerable with your audience. That in and of itself is inspiring, thank you for showing us the highs as well as the lows, stay safe Rose 💕
Thank you for making this video and sharing what you're going thru so others can learn from this experience. I know it sucks for you now but think about how confident you'll feel coming out of this.
Sorry you are going through this. Keep your head up. Everything will work out. Peace and strength. I appreciate you sharing and I know the rest of the community does. Rooting for you!
Thanks for sharing this real view of the potential ups and downs of real estate investing. You are not out of your league just low in luck at this time. I believe that you will learn a lot from the rehab and be empowered!!🤩
I can't imagine how I would handle this, thank you for sharing. You've given me a lot to think about. I believe you will come out on top of this experience!
You obviously need a hug.
Also I owned a rental property when I was young (20s) and it didn't go well. I eventually concluded that it was probably something I could make work ... but it wasn't "passive income" and it was more important for me to focus on my career than it was to focus on rental properties.
The other lesson I took away from that was that owning a single rental property was a huge risk. I'm not necessarily talking about the amount of money I had invested - I mean that owning a single rental property is like having a bunch of money in a single stock issue. The risk to your portfolio is all concentrated in that single property. It occurred to me that until I had a lot of properties or at least a large investment portfolio, that I was one disaster (or one really bad tenant) away from starting over from scratch.
I ultimately decided that direct ownership of rentals was not for me. All of my investing is in the stock market and is mostly index funds. It's pretty safe and secure and I don't have to deal with the headaches of being a landlord. But I'm sure you will make it work, assuming the numbers work and you're persistent...
thank you for sharing your story and being vulnerable with us and honest about the ups and downs.
Rose, I have been following you a bit before the pandemic started and I share your videos with my wife , young adults kids and even my teenagers ( but I don’t know if they listening 😂😂. The whole reason I am telling you this is because what you do matter. It’s easy to relate to you , my Latinos roots and your Korean roots are very similar and we don’t like to take risk. I will share what my grandmother would tell me where hardship or huge life storms would come my way . “Mijo todo tiene solución menos la muerte” everything in life has a solution except death” thanks for sharing and I learn something new about home insurance. God bless !
Aaah I love that quote from your grandmother! Wise woman. I’ll remember that :) And thank you for your encouraging words 💙💫
Rose: Thanks for sharing! Please, don't forget that you are great, strong, persistent, risk-taker, and always improving. However, it doesn't mean everything will be easy. Nothing lasts forever and you will leave from this painful situation stronger and with useful experience. Be assure that, along with me, many other people will send you wonderful vibe! Wish you the best!
Lots of love Rose. Being a property investor I know how stressful this could be when something like this happens. You will get through this. God bless
Really sorry for what happened to your house!! Glad that everyone is safe... everything else is only materials and money, but in the long run, you will be fine. Good luck and thank you for sharing your story !
Hi Rose. I can totally relate to this disaster. In 2021, a car crashed into my home at 3 AM. Luckily, nobody in the house was injured, but it could have been a lot worse. Thankfully, it sounds like your tenants were uninjured too. When this happened, I had the same reaction. I was totally at a loss on what to do and I couldn't fully process what was happening at the time. All I remember were the sirens from the police and fire truck and seeing this large hole in the side of my house. If you decide to keep the home, you should urge your city council to implement speed bumps or other traffic modifications to the street(s) leading up to the house. For my home, I also had to install bollards within the block wall facing the street. You'll get through this!
Rose, you are going to get thru this....that's easy to say, but, the comments on here are bs.....your going to have to get down and dirty with everyone involved. Everyone involved is going to try and screw you.....especially, the contractor you hire.
Rose, thank you so much for sharing this. It definitely is useful information! Many blessing to you.
Rose, please do not cry. You will get through this. It sucks but it will be okay. Hugs
Hi Rose. I took over my mom's property after she passed in 2019. Never been a property owner before. Finding out quickly about land lord tenant stuff. Just had a waterline break because of the hard water here in vegas. And being an old property built in 85. I did not know about Lotta things. I did learn the hardway is to not to rely on old business cards, that I had from previous work. Or recommendations from contractors to other contractors. Little did I know that the water remediation company and the reconstruction company were one and the same. They were so pushy to get the insurance check that they even knew when the final depreciation check was cashed or not. You get that after the work is done. I should have gone to Lowes or ange fir contractors.
Rose, you are such an inspiration to me! Praying for you! I am glad no one was hurt!
Thanks for sharing this video! Real estate is definitely hard and lots of good lesson learned in your video. Please keep showing us more as as you rebuild the home!
I actually value these 'learning experience' type of videos the MOST. Seeing your struggles and how you overcome them makes me feel like I can overcome MY struggles. Hang in there! If this stuff was easy, everyone would do it. That said, though, having your house literally demolished by a car is a pretty big slice of bad luck. I think even an experienced landlord would have struggled dealing with that. Hopefully the future is smoother sailing!! 🍀
Stories like this are not all that out of the ordinary. I had a condo rental years ago, got a call from my property manager the unit got flooded from the unit above it. What a nightmare. So I do feel your pain having been there before. In the end the condo was fixed and I sold it a few years later for over a %50 profit. Hang in there...
When you cried, I cried. This seems so stressful! But you’ve learned so much and so did I. Thanks for the inspiration despite all the shit you just went through. Hope those people are ok.
Hi Rose, thank you for sharing this. It was so valuable to me to learn from your experience. I wish you the best of luck with everything going forward.
You are awesome Rose! Thank you for sharing and being real about it! You are an inspiration to me who looks up to an amazing You!
Oh it broke my heart when you broke down- but how could you not break down. Rose 🌹 You are not out of your league. Do not give up. This is how every real estate mogul learned. You had insurance that covered most of the damages. You are going to have a completely renovated house that you can flip and sell at above market at some point. You learned an important thing about property insurance that will be GOLDEN going forward. I am so sorry this happened to you, to your tenant, and to the drivers of the car. But you will get through this and be a better investor for it. Big Hugs. And ball your eyes out and cry. It relieves stress. Big hugs.