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Updated over 9 years ago on . Most recent reply

Account Closed
  • Registered Nurse (ICU)
  • San Jose, CA
332
Votes |
496
Posts

My nightmare! Issue after issue!

Account Closed
  • Registered Nurse (ICU)
  • San Jose, CA
Posted
I thought it's about time I share this bad experience so others can learn from it. I bought a house from a turnkey provider that had a bad inspection. The provider sent me pictures of the things he said got fixed and everything seemed fine so I didn't get a re-inspection. (1st mistake). Months later the tenant reports mold in the basement to the health department. House was under warranty so he should fix it right? Wrong. Seller says it's the tenants fault from not installing a dryer properly. But according to my inspection report the mold was their when I bought it and the health department states it's from both a clogged drain and a dryer improperly installed. (2nd mistake. I missed it in the original report. Read those things line for line people). On the management side of things the providers PM evicted my tenant during this time without telling me and fails to take care of the mold issue which was time sensitive with the board of health. (3rd mistake. Stay involved with your manager). He also used my tenants damage deposit to make up for a shortage in her rent for a month (4th mistake. Review your statements regularly. Just because you see the money coming in does not mean she is paying). Now I got a new manager and she and 2 contractors inspected the property. The property needs $9,000 in repairs to bring it up to rental grade. This was suppose to be an already rehabbed turnkey property just months ago. I have no idea what condition it was in when I bought it because he wouldn't let me inside. He said he didn't want to disturb the tenant. (5th mistake. Never buy site unseen). I am optimistic that I can turn it around with a new manager and her teams help. Hopefully others out there will avoid my mistakes and find the right people to work with. This is why unsay "trust no one, trust is built over time"

Most Popular Reply

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92
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87
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Keith Anderson
  • Investor
  • Cambridge, MA
87
Votes |
92
Posts
Keith Anderson
  • Investor
  • Cambridge, MA
Replied

Great of you to share your experience Joey. Most people only post the good, and it's very helpful to hear from actual buyers -- especially with turnkeys.

It validates the need to read everything carefully; have independent professionals confirm what you're being told; and manage the manager.

Sorry to hear about this, but I agree that with persistence you can turn it around.

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