BK and Foreclosure of Investment Property

[jonance]

Just let them rot back into the ground like I am....several have been stripped bare by vagrants. It's amazing what the poor trash of this nation will do when they realize a property is abandoned. it should be legal to set grenades next to the HVAC, etc and send these people to their rightful place in hell.

[DecentHuman]

I don't thin yo uo have to maintain the properites...

I'm still maintaining the properties because I have tenants in them. In fact, I had one property that was totally destroyed by the previous tenants. It had a broken window, busted cabinets, counter, and bathroom sink, the filth of legends and was teeming with roaches, to the point my maintenance man refused to repair the window til I subdued the roaches.

I didn't want to spend thousands on cleaning, painting, fixing, and pest control, on the chance I might be able to get new tenants before foreclosure, so I advertised it as a fixer-upper with cheap rent. I had people coming out of the woodwork, and selected a guy who owned a maintenance company and his family.

I paid for the materials and they contributed $2k of labor in kind. I took before and after pics and included their in-kind contribution on the lease as part of their rent to ensure their rent was market-rate so they'd be protected by the Protecting Tenants at Foreclosure Act. And I feel good about the whole thing because I am giving a property back to the bank that is in lovely condition, clean with fresh paint, new cabinet, counter top and vanity, and not a filthy roach-infested broke-down pit.

[jonance]

I guess i've just more walked away from mine...considering i've already decded the BK route is how i'm going (in two weeks)...it really doens't matter. My tenants haven't paid, so im' not concerned about what happens to them. they are the reason i'm in this mess....

[DecentHuman]

My tenants haven't paid, so im' not concerned about what happens to them. they are the reason i'm in this mess....

I wouldn't be in this mess if it weren't for a Bernie Madoff type story whose protagonist is currently behind bars.