When I purchased an apartment building in Jacksonville, Florida, I thought it would be a nice way to generate a monthly income.
After taking ownership of the building, I made considerable improvements.
I replaced light fixtures, upgraded the windows and painted the exterior of the building. I spent some time and effort beautifying the lawns and gardens, trimming shrubs and hauling away debris. Instead of being appreciative, the tenants began calling me with complaints. I received multiple calls a day. They wanted new appliances, were unhappy with water pressure and had issues with the drains, air conditioners, gutters and even the light switches. Plus, several of the renters reviewed to allow access to the HVAC technician I hired. I invested into a maintenance plan and was still required to pay, even though the service was not completed. Because the renters were not diligent about picking up and getting rid of garbage, there were problems with cockroaches and rats. I ended up paying for pest control. The stress of owning the apartment building was affecting my everyday life. I was spending more on repairs than I was taking in. There were also issues with tenants not paying their rent on time. Initially, I tried listing the building with a real estate agent. However, the tenants were uncooperative. It was impossible to schedule showings. There were also concerns with the home inspection. There was no way I was willing to put more time or money into the property. I simply wanted to be rid of it as quickly as possible. Eventually, I contacted a cash home buyer. I chose a company local to Jacksonville that is family-owned and has been around for quite a few years. Their experience and knowledge proved invaluable. The closing process was handled smoothly and without delays.
