Hmm...where to begin with this nightmare....
Hmm...where to begin with this nightmare. My experience with most brokers is they are all talk and bad action: as long as they get their commission, it's all good, if there is only a dime left over you after the deal is done, well, that's your fault. I just lost over a million dollars on an admittedly older (70 year) vintage 51 unit multi-family property after busting my a** on it for 7 years. Everybody made money on it but me. The ironic part is 2025 was my best year grossing almost$490,000. How does one make half a million a year and can't pay the mortgage and utility bills? As it turns out pretty damn easy. First get a broker to sell you on the property in the first place with a 3 year "Pro Forma" that shows you will be surpassing Elon Musk in wealth before you can say "Hey much would it cost to put a digital wrap of my face if I buy this cybertruck?" Second, welcome a global pandemic that halts the momentum you had going in year 2 in a heart beat. Third, try to find as many irresponsible tenants as you can who refuse to pay their rent IN FULL, ON TIME every month, listen to their unending sob stories month after month while you go broke, watch them tear up in your office or in court over the threat of being evicted (that only happens the first couple times) listen to them blame you for not making repairs in their apartment when they don't pay rent for you to afford to make repairs. Then watch them stare at you like deer in the headlight when you try to explain the basic laws of economics & commerce. (They won't care) What THEY want is to live for free WITH free utilities. That works out best for them. Then be sure to submit to county authorities who want to keep raising property tax on your property even when tenants don't pay. Go to town hall meetings and city hall meetings and listen to the clueless demands they make on you to follow irrational requirements under outrageous fines sanctioned by politicians who NEVER have to be subject to their ridiculous ordinances. Oh don't forget to allow the homeless to kick in the front door (because it's only fair) of your vacant apartments & leave trash everywhere including drug needles, feces and urine wherever the feel like relieving themselves. Listen to the city make excuses for these "salt of the earth" criminal-predators' time after time knowing it's not politically savvy to put the homeless and vulnerable in jail. Homeless people who can kick down locked doors and jump out 2nd story windows don't sound "vulnerable" to me, but maybe my dictionary is outdated. Since when does being homeless give a person the right to come onto private property and kick in doors and leave trash behind? If I did that at McDonald's or Burger King you could be sure the police would haul my a** off to jail. Why aren't minimum 6 month prison sentences mandatory for the predators and those tenants who repeatedly STEAL from me by not paying rent? The PREDATORS call themselves homeless to get your sympathy and to keep out of trouble by getting a nice long prison sentence. Finally, after all that misery, allow yourself to be talked into an auction sale with a "national" company with "national" reach and let them make promises they have no intention of keeping, each new "promise" or "strategy" being worse than the last...and maybe you could see where I'm coming from. T.R.