DrowningThis afternoon I had an insurance agent I know well, and have worked for, call me to go look at some wind-damaged apartment buildings (the roofs); a total of 70 units. The buildings are all located in close proximity and are two stories in height. The current owner bought the units after managing them for many years. He now has many empty units after evicting many drug dealers and rent non-payers. He is hoping to get all the units rented and not spend a penny on any of the buildings for a year in order to build up a reserve fund. I think he bit off way more than he can chew ! He has insurance but he is already into a battle with the insurance adjuster. On one property the adjuster wrote him a check for $300 and never saw the damage. I will prepare him an estimate and he can battle it out with his agent and adjuster. I can tell that the owner is not too handy and will have to hire out most of the work. To me he got into something without seeing the whole picture. In my case I know a little about real estate and rental property and know precious little about the stock and bond markets. Goes back to 'know your subject well' and then hope for the best!


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