Walking away from the problems of a rental property

At one time, I owned a rental property in Jacksonville, Florida. When I purchased the building, all four units were rented. The amount of the rent covered the mortgage. It seemed like a smart investment and easy way to make a bit of money. Unfortunately, there were problems right away. The one tenant complained constantly. She was unhappy with everything from water pressure and light fixtures to security and temperature control. Another tenant was slovenly. There was an awful smell coming from the apartment, garbage left in the stairwell and cigarette butts tossed in the yard. Despite a no-pet policy, I quickly realized that one tenant had at least six cats inside the apartment. There were issues with a leaking roof, AC refrigerant leak, ruptured water heater and termites. Keeping up with repairs and maintenance was costing me a fortune. One of the tenants eventually quit paying rent altogether. The eviction process was tedious and stressful. When I finally got the renter out of the apartment, I discovered that they had poured cement down the drains. They totally destroyed the plumbing system. The cost to fix the damage would have been astronomical. I couldn’t rent the unit and couldn’t sell the building in its condition. I just wanted to get out from under the responsibility. A friend of mine recommended a cash home buyer. I hadn’t realized that a cash home buyer will purchase properties in any state of disrepair. They don’t require an inspection, renovations or even cleaning. It didn’t matter if the units were rented or not. Once I filled out the online contact form, the cash home buyer supplied a fair offer. I was under no obligation to accept. I was delighted with the offer and accepted right away.

 

cash for hoarder property