What I learned on my first investment property (so far) Part 2...

[Wesley Thompson]

The Chattanooga Duplex Drama.... while my first investment property provided me with some great vibes...my my my how the turntables! I had high hopes for buy/hold-BRRRR hybrid but now after the first month of the tenants not paying rent, those hopes have been dashed. On top of that, shortly after closing my PM received a call from a city inspector informing us the property was 2 days away from having a lien put on it due to a safety issue caused by a sub-floor problem and is preventing a door from fully opening.

So before we all start to freak out man (insert Jim Brewer meme) we knew the floor was an issue from inspection. However, it's not a fix which can be remedied with a tenant still in place. The lien, that was a surprise. Since it wasn't "fully complete" there was no record of one existing. However the previous owner, agent, and PM never disclosed this bit of information to us. My agent got with her broker as this is not a situation they had ever encountered before. Luckily, my PM knew the inspector and has a good relationship with them. She explained it's under new ownership, we're aware of the issue, and have every intent of fixing it. Thanks to my stellar PM, there is no lien and life goes on. Doesn't appear to be any recourse from the previous seller. But man would I have liked to had that leverage.....

Since both tenants are on month to month and didn't pay their OCT rent, getting them out for the full rehab became the plan and the PM sent notification to vacate. Well, they don't want to. So we're onto eviction. Luckily, that's also another day at the office for my PM. I offered cash for keys but it doesn't look like they want to budge. So be it....

So many times have I heard on the BP podcast you'll learn a lot with your first property. I am....I'm learning just how critical your team is, and how a great one will instantly make an impression. I would be losing my non-existent hair over here in Africa if it wasn't for my team. My All-Stars taking great care of me and doing what needs done with little direction or input on my end. I only hope they enjoy working with me as much as I do with them.