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Updated over 10 years ago,
Inheriting a hoarder tenant
I am making my first rental property investment on my own. After 8 months of searching and several almost deals, I found this FSBO as soon as it came on the market. Bank appraisal was higher than sale price. Home is in a community I am very familiar with. The city has a strict inspection policy and this place is up to code. The property in a nice community (Shaker Heights, OH) but certainly the less desirable section. The house has had the same tenant upstairs for 18 years, making it profitable, but she is there because moving would be a monumental task due to her mountains of possessions. Fortunatley, she has a couple nice cats who guard the perimeter.
Again, if I could have bought in a better neighborhood, I would have. But I had to get my foot in the door again somewhere. I can see the downsides, but I know there are always possible downsides in any property. I would appreciate any advice on managing a tenant like this. I must contain her somehow. Since hoarding is a protected disability, I must also be accommodating. Your input - especially encouragement if you can find any, will be treasured. It is a bit scary doing this alone, but that is exactly why I must forge ahead.