All Forum Posts by: Cortie Wetherill III

Thank you everyone! I've begun the process of filing with the Township and plan on taking further steps if nothing comes of the complaints. Greatly appreciate everyone's input.

Hello all, 

This constitutes my first post on BP despite listening to the awesome podcasts for a few months now. I am seeking some advice regarding a rental property in my portfolio. Here is the scenario, 

The property is a great 3 bed/ 1 bath townhouse rental in suburban Philadelphia with a shared wall to the townhouse next door. The neighboring property is the epitome of deferred maintenance and the tenants are pretty awful. They operate an unofficial mechanical shop out of their driveway which results in a junkyard looking backyard and all sorts of unsettling characters arriving throughout the day. Furthermore, our last tenants requested a lease break because of a bed bug issue. The professional we hired to handle the issue said that the bugs were coming from next door.

We've attempted to purchase the property from the owner, an older gentleman, but the price he placed on the property is roughly 175% more than it's worth. Due to this dilemma, we have been unsuccessful renting the property for the market number we are seeking and are at a loss in terms of options. 

Could anyone offer some advice on next steps? I've considered getting out of the property on a 1031 exchange, but the area is bound for growth with retail coming in the next year, so feel that that might be unwise.  

Thank you in advance for any and all advice,

Cortie