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Don’t Let This Happen to You…!!! You and Your Property Could Be on the Evening News and the Front Page of the Local “Fishwrap”

I’ve been in the Property Management business for a while now.  You know,  it never ceases to amaze me how some owners of Residential Income Property fail to properly maintain their investments.

Over the years local governments have been taking on more and more responsibility of regulating Apartments and other Residential Rental properties, because of consumer complaints

If you are a “seasoned” investor or someone that is thinking about getting into the business, don’t do what these owners are alleged to have done.

• Don’t cover up a potential “mold” issue
• Don’t ignore leaking roofs or other “water” intrusions
• Don’t ignore vermin such as cockroaches, mice/rats and now “bedbugs” that have made a comeback

The Owners of this apartment complex in Rancho Cordova may have thought that because some of these tenants are “low income” they could ignore or postpone these maintenance issues.    They have,  as we say “received a rude awakening”.

The Owners have come under fire from a group of tenants that are suing them for $10,000,000.   To make matters worse, the lawyer they hired is an attorney that is well known in the State of California for bringing these kinds of lawsuits against landlords.   It was bad enough that the City of Rancho Cordova got involved, but they now face this big storm of a lawsuit.

So if you don’t want to be the lead story on the local Fox 40 News Station,( Click here for that video) or on the front page of the Sacramento Bee (Click here for that story) then I hope you will take to heart what I’m saying here.

While the bottom line may hopefully result in the Insurance Company settling this for a lot less than $10 Million,  do you want to go through the hassle and have your name smeared in the news just to save a couple of bucks on something you should have known better..? Because if you weren’t aware of it before, there are lawyers out there just itching to take a case like this against you,  ”the landlord”.

Are you catching my drift here…?

Now….In the Mean Time…?

Make it a Great Day…

Related articles

• Guidelines for landlords – Managing your rental business (choiceofhomes.com)
• What you need to ask a property manager/ management firm before hiring (choiceofhomes.com)
• The best way to Ensure Tenants Take care of Your Property (tfollowers.com)

This question was raised on Trulia by a Buyer confronted with this “Dilemma” on the purchase of a home.

Even in the “best” of times or a “normal” real estate market, this situation is always a bit stressful for a buyer.  If I was a buyer in this situation I would also have some “angst”.

If you’d like to see what I and other Real Estate professionals had to say about it…  I’ve provided the link to all of our answers below.

By the way… this question was from a local person here in the Sacrament area, but this buyer got answers from all around the country.

ENJOY THE READ BY CLICKING HERE

In the Mean Time…?

Make it a Great Day…!

Ed Favinger, Broker, CRS, GRI, SFR        favinger@rwnetwork.com     916-203-1260

Related articles

• Possession of Property by the Buyer Before Closing (choiceofhomes.com)
• 14 Post-Recession Real Estate Terms, Translated (forbes.com)
• Can Tenant “Move In Videos” Save an owner money.. (TheyCallMeMrEd.com)

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• Motivational Quote of the Day – 16 Nov 2011 – Making A Decision – Ralph Waldo Emerson (shyra.wordpress.com)