Yes, you read that right. Two out of four of my Flips this year had a break in…

One thing that isn’t talked about enough is the process of protecting your asset in the midst of a renovation.

There are many steps to the renovation process and security should be a top priority.

I have unfortunately had to learn this the hard way.

Here are my experiences:

Break in #1

Earlier this year, I hired a contractor to renovate a property, which was an eyesore on my street. Shortly after installing electrical wiring, someone kicked in the door and stole all the copper. Despite the tight timeline, I was fortunate to have builders risk insurance, which reimbursed me a week.

Break in #2

With our two most recent flips they were quick 2 week renovations with minor cosmetic updates. Even though the renovations were completed quickly, one of the homes sat on the market for 60 days before going under contract.

With an assumption of safety due to the neighborhood, we skipped our usual alarm installation system. This decision proved costly when 90% of the staging furniture disappeared, and the back door was kicked in. 😱

Complicating matters, our liability insurance didn’t cover the stolen staging items, resulting in a $10,000 bill. 😭😭

As you could imagine I was to through!!!! I went to sleep and started over the next day…

Seeking legal advice from my business attorney and relying on a solid team played a pivotal role in managing the situation.

This is the part of Real Estate that can make or break a person. Having the right knowledge and support to navigate these types of situations is super important.

When I contacted my business attorney and sent him the staging contract and he said that because I didn’t opt in for the additional insurance with the stager, I was responsible for the cost of the stolen items….

He sent the stager an official notice requesting her to send receipts for all items that she wanted to be compensated for along with the depreciation value of each item, OR she could save herself time and money and just file a claim with her insurance and I would pay her insurance deductible for her.

She eventually agreed to file the claim with her insurance and I paid her $1,000 deductible instead of the $10,000 cost for all of the stolen items 🙌🏾🙌🏾

Having access to a solid team turned a financial tragedy into a small financial blip.

This is why in my programs I teach about the power of having a solid team. Having a team saved me $9000 and a lot of heartache and time!

Moral of the story, incorporate security into your renovation process and invest in support that teaches you how to build a rock solid team to handle the unexpected when it comes!