New investor....guidance needed

[Kimberly Wright]

I am a newer investor with one previous single family investment property. I just closed on a 4-plex yesterday and at the end of the day was notified by the sellers' realtor that one of the tenants had just reported that their in-unit dryer was inoperable. When I spoke to the tenant today, he stated that he reported it on Monday and the property manager had it checked on Tuesday. The service report stated that the repairs would be too expensive and it needed to be replaced. The property manager said she was waiting on authorization from the sellers to take action. Not only were there no plans made to replace the dryer by the owner, they failed to mention the issue prior to closing and tried to pass it off as having happened yesterday after escrow closed. At this point, it's less about replacing the dryer than it is the principle of the issue. I have a contract and inspection that depicts a working dryer that the sellers have failed to deliver. I'm mostly angry about the lack of integrity (new investor idealism?) than anything else. I've considered requesting a reimbursement of the expense to replace the dryer from the seller. What course of action would seasoned investors take in this scenario?

thanks for your thought-

Kimberly

[Stephen J Davis]

I would get a letter from your attorney. That may be all that you need because what they did was deceptive. However, I would not waste too much time or energy on it. Spend that energy on leasing it up and finding your next deal to get you to your cash flow goals.