catching up

I know I haven't updated in awhile but I've been busy bringing in the next generation of our little dynasty. LOL! Corbin is the baby landlord and he arrived October 17. Yay!

And in the month between the last update and his arrival, I managed to (despite being forced off work by high blood pressure) get both vacancies filled with good tenants. The ship has been on a fairly even keel since then.

So what better thing to do than make an offer on a decrepit property? I mean, what do most people do when they have a 4-week-old infant, are on mat leave, and a month before Christmas? Ha!

It's a GIANT 5-plex we saw about 3 months ago. It's gorgeous and solid and has all the right updates (plumbing, electric, etc). It also has a busted roof, a flooded vacant unit, and 4 of the worst tenants the city has to offer. He bought it 3 years ago for $255K and is trying sell it for $279K. But he hired a property management company (he lives in toronto) and never visited his property to see what they were doing to the place. It is currently one small step above gang hangout and it is amazing how quickly people can wreck a place.

We need vacant possession (I don't want any of those tenants) and we offered $230K. Now we see how desperate he is.