In Nov. 2008 bought a 1 family house in York PA as well.
Bought 3 unit real estate in York, PA, was presented as being fully rehabbed and rented. Received couple of rent checks from a property manager the sellers used, then they stopped coming. Went to investigate in Sept./Oct that year and was blocked from seeing it by the property manager, at that time Advance property Management, located at 376 Market st in York, PA.
Advance went out of bus.in Mar right after turning management over to Key realty, owned and run by Micheal Key, who informed me there was still $45k of repairs needed in the place as repairs were not done that were detailed in a repair list given me at time of purchase. He said I needed them before I could get it rented, as it had been vacant the whole time despite Advance's "attempt" to rent it. I hired him both as property manager to start doing those repairs and it took over 1 month to get all statements, which totalled over $57,000!! As the job went I had a separate appraiser inspect it before sending checks as I live ~4hrs from there. Found out work was subpar and suspect the appraiser and contractor were in collusion. Got another one who said he could do it for less and failed to complete all of it, and terminated him as well. Currently have tenants in 3 unit house and 1 family, though looking to offload it, so far getting offers about 20-23% of purchase amounts. R/e depreciated about 10-15% in that market (NOT 75%) though tough to get higher as bank finance is limited.
Have an attorney suing the sellers and Michael Key. Also may have suit with last property manager for dereliction of duties as a small amount. Looking to make settlement with Advance for some of lost rent (s).
These are the biggest highlights of what happened. Appreciate any assistance, PA AG said I needed an attorney.
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