27 Dec The Worst Investors

Our company is well known for bringing properties that are not performing well or not performing at all into tip top shape. We have built a reputation of turning the absolutely worst properties into the best on the block and with that we receive a lot of referrals. One of these groups came to us and let us know that they had just purchased a 45+ unit portfolio right in Syracuse for just $450,000. I don’t know the exact amount of the purchase, but I do recall how many times they excitedly told us that they purchased this portfolio for less than “$12,000 a door”. This is one of the worst types of investors you can deal with, and it is a horrendous mind set to have as a real estate investor.

This investor was from NYC and we invited them up to walk us through their properties to see if we would be a good fit for them. As we spoke with these potential clients, they were ecstatic to have finally found the answer to their nightmares but as soon as they thought they had us hired, they treated us like crap!  We powered through however and toured many of these properties. There were properties where tenants were living in the hallways, some tenants were just switching their unit whenever they felt fit, backed up sewers, no water, electrical meters missing, etc. When we tried to tell our potential clients that they had some serious investment necessary to get these properties livable, they scoffed. They asked us to rent units for $200-$300 each just to get some money coming in. Needless to say, we did not provide any service for these guys. If you’re looking to invest in the Syracuse market, please be prepared to value-add.