Share your best slumlord story
So I know a guy... had at least 40 properties, built new homes, etc.
over the past 15 years since I’ve looked at the sheriff sale list in the paper, I always saw this one name. Well, about 4 years ago I met him. Became friendly with him, he likes to shoot the breeze over the phone once in a while. He had tons of rentals, expensive cars and trucks, etc.
His game was not paying any one. Taxes, mortgages, etc. Basically what he did since the early 90’s was buy cheap houses cash, fix them, rent them, then take out big mortgages on them and subsequently not pay loans/taxes etc while collecting as much rent as he possibly could. He is down to 1 4-unit. Has IRS Liens out the wazoo, pays cash for everything, drives around doing Cleanouts and scraps. Still makes good money, and who knows how much he has under his mattress from loans and rents from 40+ houses.
Not sure how he’s never been locked up for his scam, but I guess it worked for him.
If you have a good story, feel free to share!