GibbonsGroup

Helping people make sense of Real Estate

[GibbonsGroup @GibbonsGroupRE]

@BillSimmons Why aren’t you live yet?

[GibbonsGroup @GibbonsGroupRE]

The lesson: If you are listing your home, call your insurance company first. Confirm what their vacancy rules are and what coverage you will have while it is on the market. A two-minute phone call can save you thousands of dollars and a lot of stress.

[GibbonsGroup @GibbonsGroupRE]

We got hit with a $12,000 insurance bill just for trying to sell a house…

[GibbonsGroup @GibbonsGroupRE]

I had to call our agent and argue. Eventually they lowered the bill, but the warning was clear. If you are selling your house, your coverage may change the moment it is no longer occupied. Many policies trigger vacancy rules after 30 to 60 days.

[GibbonsGroup @GibbonsGroupRE]

Here is what happened. Once the house was empty, our insurance company reclassified it as vacant. Vacant homes are considered higher risk, and insurers often reduce or remove coverage for things like theft, vandalism, or water damage. In our case, they treated the property like it was abandoned, not like a nicely staged home ready for showings.

[GibbonsGroup @GibbonsGroupRE]

The rule was simple: Never let your overhead outrun your income.

[GibbonsGroup @GibbonsGroupRE]

You will not believe where we lived while building our real estate business… 🏚️

[GibbonsGroup @GibbonsGroupRE]

Not glamorous. Definitely not fun. But it kept our overhead low while we built something bigger.

[GibbonsGroup @GibbonsGroupRE]

That meant:
• Living in the basement of my parents’ house
• My brother living in the basement while renting the upstairs to his friends
• Me living in the basement of my father-in-law’s house while we tried to sell ours
• Even staying in the basement of homes we rented to tenants

[GibbonsGroup @GibbonsGroupRE]

We almost made the same mistake. But instead of taking on another mortgage, we chose survival.

[GibbonsGroup @GibbonsGroupRE]

Most people lose money in real estate because their overhead gets way ahead of their income.

[GibbonsGroup @GibbonsGroupRE]

@nickgerli1 It’s been 14 straight weeks of positive prints on y-o-y mortgage application data. What are you even talking about?

[GibbonsGroup @GibbonsGroupRE]

@nickgerli1 Have you ever been right about the market ever? Lol. Give it up already with the home price crash stuff. Goodness.

[GibbonsGroup @GibbonsGroupRE]

Is @DOGE actually crashing the DC Housing Market? Find out.

@elonmusk

[GibbonsGroup @GibbonsGroupRE]

The WORST things to put in Your Home to AVOID

[GibbonsGroup @GibbonsGroupRE]

@ryanuffens @buzzsprout Yup

[GibbonsGroup @GibbonsGroupRE]

@LoganMohtashami Love everything you do. Your stuff is awesome. 👍👍

[GibbonsGroup @GibbonsGroupRE]

@ResidentialClub Incredible

[GibbonsGroup @GibbonsGroupRE]

@GeorgeBlackman_ Signed up. Pumped to read.