A. Tenant car caught fire, the car was totally burned down. The fire went from my friend's garage to the neighbour's.
No instance, my friend paid the repair out of his pocket. $7000+
B. The whole building was burned down, HOA insurance covered structure and exterior.
No Insurance. My friend paid$11000 to put everthing back in, like Cabenets, carpet, etc.
C. A/C Compressor (the whole machine) was stolen. I had insurance. My cost: $250 deductable. Insurance: $1550.
Like I said, lack of adequate insurance is a big reason why lots of landlords got burned out.
You can not gurantee Lady Luck will be always with you.
This is something I always remind myself.
"No one can gurantee my success, not even myself. All I can do is do the right things to deserve it"
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