Friday, October 12, 2007

General Update

My tenants in Rental #1 have opted to not renew their lease. On Monday, my property was not yet listed on my property manager's website, so I emailed her to ask if they put it up as soon as the tenants give notice, or if they wait until they have moved out and they have cleaned the place. I never got a response, but my property is now listed on their website. And the PM must have felt rents could be increased, because it is listed for $775 a month, a $25 per month increase. There are no pictures on the website, and the link to a map of where the property is located doesn't work, so there is still some work to be done.

The Louisiana project I am a mortgage investor in has gone to foreclosure. According to those dealing with him, "Joe" is pissed and is threatening lawsuits left and right. Why is he pissed? Because the rent checks ($15,000 a month on one building alone) are no longer going to him! As per the terms of our mortgage, we can step in and collect the rents directly sholud Joe default. The existing property manager has been named the "keeper" of the property, which means he is responsible for the upkeep, holding all the foreclosure documents, collecting rent, etc. Since Joe never paid this guy and we did, I think he's happy to perform this duty :-)

It's still possible that Joe will file bankruptcy and delay this further. We shall see how it goes..

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