Her Tenants Set Up A Meth Lab - She Lost Everything With Kathi McCarty (Ep 477)

Rental Income Podcast With Dan Lane

Rental Income Podcast

Business, Investing, Entrepreneurship

4.9 • 805 Ratings

🗓️ 9 July 2024

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

Kathi rented a property to tenants that were cooking meth in her rental.

The toxins from the manufacturing of the meth were so bad that she was not able to remediate the property, and she lost everything.

On this episode, we'll figure out what happened, how Kathi discovered it, and why her insurance policy didn't pay for the damage.

We'll also figure out if Kathi could have done anything to avoid this situation and what investors can do to minimize the risk of this happening to them.

https://rentalincomepodcast.com/episode477

Transcript

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0:00.0	inspiring interviews with today's top landlords.
0:04.7	This is the rental income podcast.
0:07.6	And now, Dan Lane.
0:09.6	There's a lot of great things about owning rental properties, and we talk about them all the time here on the podcast.
0:15.2	But I'd like to keep things real and share bad stories every now and then.
0:20.6	And Kathy, unfortunately, you have one of
0:24.2	those bad stories. Tell me what happened. Well, Dan, I rented out my home and the tenant
0:30.7	set up a meth lab and destroyed my home costing me literally hundreds of thousands of dollars.
0:38.3	That is so devastating. You're investing in rental properties to make money not to lose hundreds
0:44.6	of thousands of dollars. Well, on the show today, we're going to figure out what happened.
0:49.2	We'll hear Kathy's story and see if we can figure out if maybe she missed something or if there's something she
0:54.8	could have done to avoid having this happen to her. First, let's take a quick break. We'll thank
0:59.7	our sponsors. We'll come right back and we'll talk to Kathy McCarty from Denver. It's a lot of work
1:05.3	to find a really good rental property. And when you actually find that property, you want to make
1:09.7	sure you're working with a lender that can get that loan closed. The lender that I recommend is Chaley Ridge from Ridge Lending
1:17.0	Group. She's a nationwide lender, and her specialty is helping investors finance rental
1:22.6	properties. She has a ton of loan programs, and she can find something customized to you for your situation.
1:29.4	If you want to find out more or you're ready to get started today, just go to ridgelendinggroup.com.
1:35.2	That's R-I-D-G-E lending group.com.
1:39.0	NMLS 42056.
1:41.9	AI might be the most important innovation ever.
1:44.9	It's storming every industry with literally billions being invested.
	...

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