5th Case Study: Income Property, Out of Town Seller
The Iskus Group
The Situation: Elderly owner, lived out of state, building with deferred maintenance
The Outcome: Facilitated repairs, scheduled work with tenants so seller didn’t have to be in town during sale, rented units and sold the building $100,000 more than expected!
We noticed an income property that seemed to always have for lease signs in front of the property and a lot of deferred maintenance. It was a very cool building with a lot of character, but just didn’t seem like it was being taken care of.
We looked up the title and wrote a letter to the seller. He was elderly, living out of state so he wasn’t able to care of the property and couldn’t keep tenants long term and always had vacancies. He was having a difficult time trusting a property manager to take care of things and was too overwhelmed.
We were concerned that if it was sold in the current condition, an investor may offer much less than what the building could potentially go for if a couple of things were done. So we hired a contractor to do some minor repairs and coordinated the work around the current tenants, so they were bothered as little as possible. We then got the 2 vacant units rented and put the property on the market. He was so thrilled that we were able to facilitate everything for him and felt confident that we had his best interest at heart. We listed the property for sale and got him $100,000 more than he expected.