Income producing real estate is one of the best ways to generate passive income. Places to live, work, and shop are all critical to our lives, so in the long run real estate in a desirable location will always have income potential.
Apart from fire, water is the biggest threat to your real estate investment. Obviously ensuring you have proper insurance is important, but active management of each and every instance of water damage is really important to the value of the property and the safety of its users.
Water damage that is not properly and professionally addressed can lead to:
- Rot in the floor boards and structure
- Collapse of the structure
- Toxic mold that makes occupents very sick
- Failure of flooring materials prematurely
- Liability from damage to condo properties below and beside
If you find out there is water damage, there are two calls you need to make ASAP. One call is to your insurance agent, and the other is to a water restoration company. Get the water restoration company out immediately to stop further damage and evaluate the situation.
Flood damage restoration is a very regional business, so you’ll need a contractor with a local presence, but if you are invested in property at all you should take a little time to familiarize yourself with the services of restoration companies BEFORE you need one.
For example, this Los Angeles water damage company has a good site that explains their services and what kinds of issues water damage can create. Success in real estate involves continuing to learn all you can for life.