All Forum Posts by: Johan Soto

Hello All,

I was just trying to get some other opinions to see if anyone else is dealing with what I'm dealing with.  

I bought one of the Duplexes in Lubbock.  I was able to travel down and see the property just before closing.  Basically completed just needed some clean up from construction, so to be expected.  Closing was pushed off until January as they said they were backed up.  

I was originally told I would have tenants in place before closing and I missed my commercial loan was partially based on this.  So when I was getting closing to signing on the loan it cost me %.5 extra in interest because the property wasn't occupied.  This was back in about August.  So basically there was no way that it could have been occupied as it didn't finish until late December(closed Jan22).

Moving on from there I closed in early January.  I keep getting the run around and saying oh it's just the slow months and things will be picking up soon.  It is now May 6th as I post today.  No tenants, I check up about every week, they say maybe a showing or so, but no tenants.  City Wide property mgt is who I deal with and honestly when I ask for real numbers and updates I get a lot of BS run around sales talk speech.  In my opinion the way they sell these I should have had tenants by December, so I'm going on about 6 months depending on how you start with no tenants in either side.  

I can't remember the exact amount of Duplexes on the street when I drove down but they say there about 8 to 9 units unoccupied.  Supposedly I'm on top of the priority list.  We'll see...

Is anyone else dealing with these same issues and or hearing other things?

My other concern is they are supposed to be building another round of these and they can't fill the ones on my street.  This is my first property so of course it's harder to keep my head in the game with %100 vacancy.  I planned for it financially, but it's a headache for sure.