4 out of 5 new tenants evicted or arrested....

[Matthew Morrow]

Hey everyone,

We’re in a tough spot with a recent client purchase. They bought their first 5-unit property (and their first deal altogether) a few months back, and since then, all but one tenant has either been evicted for non-payment or arrested. It’s frustrating, especially because our due diligence came back clean, leases were solid, and the property had just been fully renovated. Unfortunately, the previous owner (who was also a licensed agent) didn’t accurately represent the tenant situation. We’ve since tightened up our due diligence process.

Has anyone else dealt with an unexpected 80% vacancy in what seemed like a stable property? Frustrating, to say the least!