Wow do I see this all the time when an investor gets sucked in to buying a property that is managed so poorly that the property ends up being an issue for them and their pocketbook.
There is a property that I am selling for a client and basically the property has been a bad deal for this client.
When they purchased it (not from me) there were a lot of issues that would have come up in an inspection if they would have had one. For example the home's basement was in need of major repair and cost the investor a lot to repair. They also had to repair the drain line which could have been paid for by the utility company if the buyer would have known about it.
After all that I actually sold the property and we are getting ready to close. The title company found there was a lien on from the city because of permits not being pulled before the work was done. Now I have to deal with getting the city to release the lien.
I should also mention that the property was purchased for income and did not do well there either.
This is a property that was not managed well and the original seller just left the investor to fend for themselves. They basically abandoned them and their property. I see this a lot and it's too bad this does not need to happen.
Our clients get full attention and inspections on each property they buy. We give our clients options when a tenants contract runs out. They can lease it or sell it and make good money. The key is their property is being managed in every aspect of the life of their investment.
You need a team of professionals that understand what income real estate means. Not just someone who sells the property to you and disappears.
Call me (Brett) 216-703-5740 Fathom Realty or text "success" to +12164555264
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Thank you