Multifamily real estate investors play many roles. One such role is that of an Asset Manager. Rob Rowsell presented a checklist for Asset Managers. Perhaps the most important task on the checklist was to “be prepared for anything”. Want an example of what could go wrong? How about a shocking rental property fire? How did Rob react, and what did his real estate team do when the incident occurred? Read on to find out!
Rental Property Fire Story – Moving On From Arson Damage
Rob was 30,000 feet up, on his way to visit one of his prized rental properties. After a long flight, he stepped off of the plane and turned off Airplane mode on his phone. Instantly, it started blowing up with notifications from his staff! The property investment he was about to check in on had gone up in flames!
Mike Tyson once said that “Everybody’s got a plan until they get punched in the face!” At that moment, Rob was reeling from a left hook out of nowhere. One message from his Property Manager, included a photo of one of the units on fire, with a promise that they were on their way to the 105-plex.
Rob arrived to the firefighters spraying down the crumbling apartments. Soon, he learned that the fire was the result of an arson. The building was beyond repair. Since the slab was no longer up to code, crews had to replace it, too. Thankfully today, the 16 units are almost completely rebuilt. The arsonist is in jail, paying for their crime. This is a prime example that anything can happen in the wild world of real estate investing.
Join Our Community
Do you own multifamily rental properties? If not, do you aspire to do so one day? Then you need to join our online property investors group, the ATL Inner Circle Community! Each month, Rob Rowsell will teach you what you must do in order to build wealth in the real estate business. It’s not as easy as it looks! Property taxes, liens, and legal fees can all be hard to navigate, so having a successful guide in your corner like Rob is a must! Sign up today!
