The leverage doesn't have to be high - the only reasonable conclusion you could make is that the owner doesn't have a lot of cash savings outside of his propert

The leverage doesn't have to be high - the only reasonable conclusion you could make is that the owner doesn't have a lot of cash savings outside of his properties and likely doesn't make that much money from his job (in relation to the losses incurred). Alternatively, he may just be cheap and also trying to make a point. Even if he owns his properties outright, tax and maintenance aren't free and not everyone can afford to lose money from their income-yielding properties.