While the imam behind the planned mosque near Ground Zero was jetting around the globe touting his project, a pair of dilapidated apartment buildings he owns in New Jersey fell into such disrepair that cops have to stand watch in the event of a fire.
ONE. I am NOT defending the flying Iman. BUT....
I have a long time friend who back in the mid 80's bought apartment buildings, not to 'flip', but as an investment. Well, these buildings were in less than stellar neighborhoods in Chicago. And with every new building he owned his COSTS rose on repairs by 104. It got that he was losing money.
Later on I worked with a guy who would buy houses on 'contract'. He'd do some repairs then sell for a tiny profit and repeat. Eventually this 'Cost x 104' happened to him too. His costs exceeded value and he was stuck with the contracts. These houses were in a suburb but also with less than stellar 'tenants'. Luckily he only had three houses and didn't lose 'too much' money.
People have to realize that things just don't 'break' by themselves. Not Sprinkler Pipes, Not Smoke Alarms, Not Wiring. Nor do Holes magically appear in walls and ceilings. Or storm doors and screens get ripped out by themselves. The fact of the matter is it's the PEOPLE who live in these buildings that turn them into Firetraps and 'slums'. Then they go cry that they live in a crappy place.
(I swear, these 'people' could have destroyed Hitler's Bunker in a week.)
Them’s the pitfalls off renting out property, still no excuse, if its in disrepair you have to have the money or insurance to keep the place up to code.
If you can’t afford to do that, don’t buy the building and rent it out.