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Commercial Real Estate Pro Network

Commercial Real Estate Professionals who work with Investors, Buyers and Sellers of Commercial Real Estate. We discuss todays opportunities, problems & solutions in Commercial Real Estate.
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Now displaying: Page 1
Aug 11, 2020

Darrin Gross:

I'd like to ask you, Hamza Ali. What is the BIGGEST RISK?

 

Hamza Ali:

Well, it's funny, you bring that up, then I know this is not supposed to be an insurance related answer, but I do have a little bit of a story here that I'd like to share. So very recently, I was I was under contract to buy this property, great deal, great location, you know, just I mean, it checked all the boxes. And, and I put it on a contract. So I, you know, sign the contract, we put on a contract and the next day I get a call from the guy and he's like, I need to talk to you right away and I'm like, okay, and this is the seller directly. So it's buyer and seller. Usually there's a there's a broker in between. But this seller was so panicked that he called me. And he's like, I want to meet you at the property and Okay, I was like, okay, sure, let's go at the property. And then so we walk the property and one building has been completely burned down. And I'm talking completely like it's gone. And it was 114 unit deal when it became 100 unit deal. And he was like, What do I do? I'm like, What do you mean what do you do you know, this is a, this is exactly what you what you carry the right insurance for. And so to answer your question, insurance is the biggest component that will save save us in the time when we need to save you just need to have the right coverage. So talking about risk, this gentleman did not have the right coverage did not have the right dollar amount covered towards this fire damage and I will tell you he lost close to a million dollars because of that.

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