We Were Burglarized
My husband and I just bought our first investment property - a small condo in a walk-up building, and we're trying to rent it out. :-D
We went to property to show it to potential tenants in the past couple of days. Since it's empty, we always locked the door before we left. However, when we went there for a 6:30pm appointment today, we found the door was unlocked, closets were all open, and the air-conditioner was gone. :-?
We did talked with the live-in super, but she said she didn't give the key to anyone. So that means, we were burglarized. :-(
Both of us are pretty disoriented right now - don't know what to do. This is the first time we become a landlord, and it's pretty harsh to encounter this at the beginning. My husband even mentioned that he wanted to get rid of the condo right now. :cry:
I myself don't think it's a very good idea to do that under an impulse, but I don't have any idea either. What should we do about this right now: Call the police? File a complaint to the condo management company? And what should we do to avoid this from happening again? One air-conditioner itself is no big deal, but what if next time there is someone in? The tenant(s) would get hurt then. Would we get sued by the tenant(s) due to this? Thanks for the anwsers.
Hi,
First you need to file a report for (B&E&L) breaking or entetering and larceny. The police may be investigating B&E&L's in the area. When they solve the case you may get your items back. Most likely when you get someone in the condo. The people entering it will stop.
As far as investment questions I don't have a clue.
be safe,
Marty
I have a property in Indianapolis and I am told that air conditioners are a prime target. I put in security gratings to protect them and so far I have been OK.
I would not give up on your property!
Hey,
You said the door was unlocked, that means the person had a key. Did you change the locks after you bought the condo? You need to now.
The tenant COULD sue you if you do not change the locks.
An A/C unit is a very small thing to lose...wait till someone breaks in and has a party.
Thanks to gfpd311, edmeyer and Bruce for your warm answers!
We filed a police report, but according to the police officer who came, there will probably be no result. Anyhow, it's a good thing that we have this experience before someone moves in and something serious happens. We will change the lock after the tenant signs the lease, and we will then buy a new air-conditioner for him/her as well. Does having the property insurance help a little, do you guys think? BTW edmeyer, would you please explain to me what the security grating is? Thank you!
We just got burguled (if that is a word) a month ago.
Of all the stuff that they took was a bathroom sink?? and the refrigerator, etc.
We filed a police report, and since it really wasn't that much for the insurance, we coughed up the money ourselves.
But remember, tax wise, you don't just write off just what was stolen, I think you also write off the replacements as well. So if the value of the items were 600 dollars, and the replacements are worth 800. It is a 1400 tax deduction at the end of the year.
Correct me if I am wrong guys. This is the first year that this has happened to us also.
I think you write the appliances off over like 3 years, as far as taxes go.
As far as the burgled condo, make sure you change the locks, and perhaps add a deadbolt, if it don't already have one. And, if there's a neighbor or someone around you could give a few bucks to to keep an eye on it for you, it might be money well spent. When I get a house, I usually make a special effort to get to know the neighbors around there, and most times, they'll keep an eye on it for me, at least to the point of giving me a call if they see bad stuff going on around there. They don't want that type stuff in their neighborhoods, and an empty house is a magnet for bad people...
your more than likely going to capitalize and then depreciate these types of assets...
I'd say, change the lock, TODAY! Why wait til you have a tenant? Doesn't make much sense. They can still get into your unit, and cause damage, and take other items...
I'd change it today, buy a new A/C unit today, and start showing it again. Explain the no A/C unit to a tenant: "why is it so hot in here?" "Oh, somebody broke in and stole the A/C unit last week...." "Really!?!?!? I'm soooo excited about living HERE!"
Maggie:
Sorry to hear that! I have had the same house burglarized three times and they stripped everything! You name it, carpet,
fixtures, doors, appliances.
What I have found thru the school of hardknocks is as follows:
-Your cheapest insurance is your neighbors. I typically will pay a neighbor a $100.00 to keep an eye on the property.
-Make sure you change the code on the lockbox you are using. Most lockboxes are set-up with the standard SPI format and people know that. Reprogram it.
-The day you close escrow, have your locksmith go out to the property and rekey the place you Your key. I use a master key to all my rehabs. You could also give this key out to your contractors you work with as well as realtors.
-Keep a light on 24/7. I usually keep the porch light on and sometimes I will plug in a small radio to make it appear someone is home.
-I have even parked an older car that I had in the driveway to deter thieves.
Bottom line, you have to protect your investment.....
Best Riches,
Jeff Adam
_________________
"The only place success comes before work
is in the dictionary."[ Edited by JeffreyAdam on Date 08/06/2004 ]
Maggie,
I will need to talk to my contractor since I payed for it, but have not seen it! I live in CA and the property is in Indianapolis.
Regards,
Ed
Hey,
"...I will plug in a small radio to make it appear someone is home. "
This sounds like a great idea...doesn't it? I did this for years, until someone kicked in the door...and stole the RADIO!!!! A couple hundred dollars worth of damage for a radio I bought at a garage sale for $1.50. The handle actual came off when they were leaving the house.
You just never know what is going to work and what is going to cause problems!
First, Hang in there! Being a landlord takes a lot of perseverence sometimes. (OK, most of the time.)
Second, unfortunately much worse things could happen and probably will. As a landlord you have to expect anything and be glad when the worst doesn't happen.
As far as taxes, you've probably already written off the old A/C as an expense or depreciation. So, probably can't write that off again unless there's some depreciation not yet taken. If it was there when you bought the place, technically you can't write it off (separate from the rest of the building) unless it had a separate purchase price.
I usually don't use a locksmith. Just have several locksets that I change out. One lockset might be used every 5 years and not on the same unit.