Hi Neil, That was a bit scary. You didn't mention how much if any damage occurred from the flood on you side but glad you were able to close them out OK. Being a landlord is not for the weak of heart, :-). Seems when you least expect it, things can go very wrong. An interesting post.

HHHHmmm, That is a good question Neal. I personally do not know. I use to buy quite a bit of investment properties but mine were either SFR or I purchased the whole apartment building...so when something went wrong I was the only one responsible. I did own a condo on a second floor which had a water heater go bad and did some damage in the unit below, but I paid for the repairs since it originated fom my unit. I would think the the one responsible if the building gets condemned would be the property owne which cause the series of event to condemation.

Sean Allen

William,

Nothing happend to ours but it was a sign after we were just talking about the word:)

Sean and Pilar,

I'm sure even if it was the person who caused the problem to be responsible...but it didn't appear that person had the resources if they were responsible...also would the building insurance cover it...they were having issues with that as well.

Neal, looks like you got lucky.  I give a lot of credit to people who can deal with Renters, because I can't.

Neal - we haven't bought anything yet as an investment. have been so focused on building the biz, which has taken a lot, that we haven't branched out... and then with the market melt, we've been really rather hunkered down. But marketing starts again after the first as it always does.

hope your holiday season is a blast 

best

Neal:

I wonder what the HOA or condo docs say (if there is such a thing). Adn what about your lease with the tenants. As the owner I would think there would still be responbility on the parrt of the owner, no matter whose fault the flood was. And is there unit insurance vs. building insurance?

Jeff

Neal - Very interesting post. I will be interested in finding out the answer. I would have assumed it was the owner's responsibility. I would have also assumed the damage to the building would have been covered by the Association insurance. I hope one of the insurance agents pipes in on this.

George,

you wouldn't want the head ache.

Gary,

Don't rush...unless it's ten cents on the dollar...I'm picky.

Jeff,

It probably says the assoc. master insurance covers the exterior...but inside liability would come from our insurance.

Sandra,

I'm not sure since we sold there a few years ago. But I never inquired because I was able to get out without any damage.