Why sellers lose houses

[Brie Schmidt]

Sorry if this is a rant, but sometimes I can't believe some sellers!  I am under contract for a 6 unit that currently rents for $2,575 when market rents should be at $3,100.  They have no written leases, they are all oral and the owner still doesn't have a report on who paid rent this month.  They haven't paid taxes or water in 3 years and owe the city over $25k (I am under contract for $85k) so I am not sure if they will even walk away with a check at closing.

Bad management and not running this like a business will leave you with no profit and a hard time selling.   Good news for people like me is I get to come in and turn it around and make it a very profitable business.