What should we do?
A friend and I were scammed by a property manager. He let our properties go to the point where the repairs are going to be very expensive. The tenents are moving out because some are so bad and others are not rentable. I do not want to short sell, deed in lieu of foreclosure, or foreclose. I would like to make this work. I am seeking honest advice. There are 20 properties in question. We are on the brink of being corned with the payments. What can we do? We are pursuing legal help but it will take time.
In Ohio your property manager has to be a licensed agent it is not mandatory for them to be a REALTOR®. You are doing the right thing in pursuing legal help. The best thing to do is to is to focus on getting one property at a time up to standards and get it rented to help with cash flow. Investigate if your manager was licensed as the state has been laying some heavy fines on unlicensed management activities.
Hello,
I think what I am getting out of your message is that you would like to keep the properties but due to the condition you can't keep tenants and you don't have the cash resources to get the properties back up to code before you ultimately go to court?
Well, if you would like to keep the properties my suggestion would be to find another investor to come in with cash to get these units back in shape. Another idea would be to see if you can locate some grant money that you could use to repair the units.
What county in Ohio are you in?
Please email me at andrea@andreatrobinson.com to discuss in more detail.
Thanks, Andrea
Contact the Attorney General of your state . If your property manager was a licensed realtor, also contact your local real estate commision for help.
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