One of my apartment buildings was partially burned creating a $1M insurance claim. In this video, you're going to discover what you can learn from this experience so that when disaster strikes (that's right, WHEN, no IF), you can be prepared. Here are the lessons learned from the fire that burned my apartment building:
Here is a summary of what you learned in the video above:
Fire Burns My Apartment Building
Teachable Moment: (1:20)
- One of my favorite shows is called “The Prophet”
- It is about an entrepreneur who partners with struggling businesses to bring them to the next level
- His business model for success is, “People, Process, and Product”.
People
- Your property management team
Process
- Represents your day to day operations
Product
- The Property itself
Every highly successful, profitable piece of commercial real estate is based off of the 3 Ps
- When you have a great team (People) running a great system with proper procedures (Process), combined with a nice looking property in a great area (Product) that is the formula of success.
- If you have an undertrained team (People) poorly running a property (Process), with a property that is in a poor neighborhood and in poor condition (Product), then it will fail.
I own a 14500 that was my families furniture store; back in 1987 part of the building caved in due to a monster of a rain and wind storm; a building so old that it had segregated bathroom facilities! At any rate and this post goes to insurance, our carrier paid for all the destroyed furniture in a timely manner and it looked like the company was being fine in building back to current Southern Building Code. At any rate, the company did not want to pay for loss of business income and loss of income while building was closed. Anyway, to be brief; before you suffer ANY loss get the name and phone number of a good public adjuster! I also like the “Prophet”, but when you dig into all the business endeavours of his that have failed I look at the show as good entertainment. In fairness to Marcus he takes concerns that probably should have filed BK anyway.
I would like to be educated in this knowledge !
I tell people all the time “this too shall pass” and it will. Just another speed bump. You and your asset will be better and stronger. You are unbreakable. God bless you.
Thank you for sharing. Btw I love that tv show Then Profit too.
Thank you Peter. Your information is not only valuable, your concepts are easy to and understand.
Thank you for the teachable moments!
Thanks for continually sharing your
knowledge of commercial real estate.
I appreciate it very much.
We had a fire in a single-family rental. Made out very well. Insurance totaled the house, then I sold the burned structure to an investor. I sold it because the City wanted us to bring the property up to modern code, which included a newly defined flood zone. This became impossible.
The house has since resold three times, as investors discover they can’t get past the new codes.
Insurance is a great tool.
Thank God no one got hurt great insight PH keep up the great work
Thanks Peter for share with us tremendous imformation. About your fire in your building .. That give to us more carefully in all. Hope heard from you next class. Thanks again , Bests Regards . Blessings, Delma Robalino.
Thanks, Peter, for sharing with all of us your experience with your burning building. I do like to hear more details on the insurance response to this tragic moment: type of insurance, what to look for in it, what must be included in the policy in order for us to be reimburse and protected as owner,etc. If you have a video on this subject I would like to see it.
Thank you for the valuable information you shared with us. I’m sorry you ran into the problem with the fire. I’d like to hear more about it in detail. But, from what you shared today, I can take with me for a future reference.