A consultation on the duplex (2 housing units) that was purchased and renovated in Makon-Georgia. The management company has ...
A consultation on the duplex (2 housing units) that was purchased and renovated in Makon-Georgia.
The management company advertised and found tenants for each of the units during the "hot" period of the Tax season and after about three months of signing the contract, they stopped paying on time.
The company started running a legal process against them (part of their procedure regarding late payment and the actions after it including eviction)
One of the tenants so far has not paid despite the initiation of the legal process, while the tenant came to pay and even paid the legal expenses. She wanted to pay a partial payment of an additional month that she is already late, but they did not agree to accept it from her and even initiated legal proceedings again.
I asked the management company to telephone the two tenants and give the tenant an opportunity to pay her request by the end of the month and to postpone the legal process.
In a conversation with the management company, I understood that the area is tough and that the tenant population will be with low income and I prefer to continue doing this as long as the tenants pay because it will be very difficult for me to find alternative tenants.
Is it still worth holding on to the property or trying to sell it and minimize damage?
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It seems that you are taking time to drop tokens so I will try to brief you without too much barbara: sell as quickly as possible - and it is better that there are other tenants so there is a chance for other investors who do not yet know what you are learning the hard way and it must be said a bit slow - and fly away.
Do not know the area, but if it is indeed characterized by a low income population then you need a lot of mood and take into account that there will probably be a lot of problems later on…. If it suits you, and the return embodies the risk, leave the assets. If you do not sleep well at night, get rid of them and beautiful one hour earlier
In Macon, the population is indeed challenging and I think the management company is right in that it shows zero patience for late payment. From my experience, if you find a little patience and flexibility with tenants it will only cause additional problems. Except for a case in which the tenant is initiated and asks for deferment for a reason.