I currently live in San Diego and the fires are pretty bad here. I had to evacuate early Monday morning, but luckily my home was saved. I cannot say the same for alot of people I know. On the other hand, about 6 weeks ago, I met a group of investors that deal mainly with fire damage. Is this a golden opportunity that I have before me, for those who didn’t have insurance, or there home wasn’t totally destroyed, just smoked out and some fire damage??
Get the addresses of the burned homes and start sending letters in about 1 month, it takes a while for insurance claims to be handled.
From my experience having lived in a post-hurricane disaster zone there are a few opportunities. There will be a short-med term spike in rental demand as those who have lost their homes seek alternate accommodation. Real estate prices will likewise go up as speculators will attempt to take advantage of people’s despair and buy property on the cheap then quickly flip to the next investor. Eventually both rents and prices will collapse back to pre-event levels as the market calms and more units come on line.
The real opportunity is in the reconstruction business. There will be a large inflow of insurance capital and a huge demand for construction labor and materials thus driving up prices. To qualify these observations were made in an environment where entire communities were destroyed. SoCal is a big place and what are we talking about 1,000-2,000 homes destroyed?
Wow, from who I’ve talked to so far, they have been way to skeptical. Insurance companies are running commercials that urge homeowners to be skeptical against any one trying to help them. I think I will pass unless someone contacts me…Thanks
Yeah, unfortunately in times like these, scammers seem to become active because of the desperation that can arise from losing a home. That’s good to hear that insurance companies are putting out those commercials to inform people of what could happen. Honestly, I would lay low from this from this opportunity for a little while. You don’t want people to develop stereotypes about you from these commercials…