FLASHBACK! In July 2020, I bought George’s rental property. The world was a crazy place back then, with a lot of uncertainty (amongst other things) about the housing market, renters’ rights, and what you were and weren’t allowed to do as a landlord.
George had a rental property that he had owned for a few decades. He had enjoyed nice cash flow for many years, but maintenance hadn’t been performed on it for a long time, and it was very run down. Additionally, it was rented for well below market rents.
George was mentally tired of being a landlord, and he wanted to sell the property and enjoy his retirement. Real estate agents didn’t want to list it due to the property being distressed and having a below-market renter, as well as the COVID precautions that were in place at the time preventing showings. But he didn’t want to give all of his equity away by selling to a flipper.
George worked with us to get us access one time to the property, and he was surprised at how much we were able to pay while taking it in as-is condition. So he agreed, and shortly after, he sold us his house. George’s son was even a real estate agent and told him that he got a good deal. It was a pleasure working with George!
