It is easier to reach out to your investors when things are going good. But what happens when you have to break them the news of something bad? Like the news that their house is are on fire, for example. A fire, or any other freak incident, can happen to any one of our properties at any time and our guest on today’s show, knows firsthand just how difficult it is to deal with these situations!
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In this episode, multi-family investor, Randy Langenderfer, speaks about his experience in dealing with a massive property fire. Here, he offers some useful tips on insurance policies, ways you can help to ensure the protection of your tenants, how to break bad news to your investors, and how to handle the relocating and rebuilding process. In addition, Randy offers his wise insights on real estate education, the power of persistence, and the questions we all need to be asking before we invest with somebody.
Key Points from This Episode:
- Learn more about Randy’s experience starting out as a passive real estate investor.
- How to be an active-passive investor when there is no such thing as a passive investment.
- Tips for managing a property fire: The process, the investor conversations, the aftermath.
- The importance of breaking bad news early to investors and your action plan to rectify.
- The conversation you need to have with your insurance provider about fire coverage.
- Learn more about the value of making renter insurance protocol for a tenant’s profile.
- How having a reserve budget helped save Randy’s property from the effects of the fire.
- Why you need to know the relationship between the sponsorship and the property management group.
[bctt tweet=”You need to tell bad news early to investors… That’s not a fun conversation but it’s essential. — Randy Langenderfer” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Randy Langenderfer
Randy Langenderfer has been investing in real estate since his first primary residence purchase of a duplex. He owns and leases vacation property in Myrtle Beach, SC. Previously, he was a private money lender in the remodeling of single-family homes in Florida, Ohio and Texas with a combined market value in excess of $2.5M. His recent focus has been exclusively in multi-family properties. Randy has 30+ years of various corporate leadership experiences in multiple industries, primarily in the risk and governance areas. He currently serves as the Chief Compliance and Audit Officer for a large academic institution in Houston, TX.
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