Rental War Stories – Part 2: Who’s Living There?

Rental War Stories – Part 2: Who’s Living There?  Loretto Properties LLC founder Lamar Hunt Jr. has seen all kinds of problems when buying homes and talking to other landlords.  He likes to pass these war stories on.  Recall in Part One of this story that a real estate investor received a call from a woman who wanted to sell a house.  The investor soon discovered that this woman had been paying property taxes for seven years on the property but had not received rent during that time period. The investor continued his investigation.  “Ma’m, who is living in there?” She replied, “We don’t know.  But we do know someone is living in there because they maintain the property.”

The investor got some more particulars and drove to the property.  There, he discovered a well-maintained property.  He approached the front door and knocked.  A man answered and identified himself as the tenant. The investor said he was sent by the owner to conduct an inspection.  The man allowed him in so he could check the property.  The investor discovered a well-maintained house with a nice family living there.  After establishing the confidence of the tenant, the tenant informed him he was paying $750 per month for rent.  The investor, knowing the owners lived out-of-town, asked who he was paying rent to.  The tenant replied, “A woman down the street who owns the place.”  The mystery deepened. For the rest of the story, stayed tuned.  And for more real estate tips on rental real estate property or other subjects, see our blog stories often.  You can also call us at 913-236-2902 if you have a property to sell.