All Forum Posts by: Tiffani Baggett

I can definitely understand the frustration. I think the problem is one of proximity. If they're not seeing the house, being told by a property manager (Everything is going great!) and the rent is coming in... You've got a perfect recipe for an "accidental" slumlord. 

At the same time... You're probably not going to sell someone who bought an income generating asset that they should sell because they're bad for the neighborhood. I would work on either... Finding ways to buy them out... or....

If property maintenance is "on your heart" for you community launch a property management company. It's thankless hard work. But if you're managing their properties you're typically their first call when they are ready to sell. 

I hope you have an awesome rest of your week @Tiffani Baggett

@Tiffani Baggett

Hi Tiffani. Personally, I have seen how Investors ruin neighborhoods by doing exactly what you are complaining about.

In NYC in the 70s, there were so many houses that were not rented, not because they couldn't get rented, but because the Investors just didn't want to deal with "Tenants."

By keeping the property dilapidated, the property taxes were kept down because the assessed value of that property was low because of the condition of the property.

For decades, neighborhoods suffered because of this "Strategy" and it is a Strategy. It's not one I would condone because it affects other people's lives that did no wrong to these Investors.

After decades had passed, many of these Investors made a killing as NYC had tremendous appreciation. They did not deserve to have their properties. Countless lives were affected, especially during the "Crack" years when a lot of these properties were shelter for addicts.

I grew up in NYC from the late 60s and know how bad it got.

I personally believe that Property Taxes need to skyrocket on individual houses if it is left unrented or unoccupied by the owner. This would speed up the process of rehab and re-renting. It would make Investors think twice about the Strategy of leaving it vacant.

But I'm not an economist and I have not fully thought it out as the other side may say that if you increase the Property Tax on vacant property that should be rented, it may wind up reverting back to the local Government. But that may not be a bad thing.

Anyway, who knows. I'm really sympathetic of your situation and I personally would never buy properties only to have it sit without a renter. Better to take the loss and sell it for the better of the neighbors. Have some compassion for people who should not be affected in that way please!

Anyway, I said my peace and I hope that your Community can do something about it.

@Tiffani Baggett - have you reached out to the investors? Seems like if they are dilapidated they might just sell it to you for super cheap, like a capitulation situation or something.

There is monthly meeting this Monday Homewood  Senior Center with State Senator Jabo Wagnor speaking with about 50 to 100 local real estate investors attending. Its worth joining.

Good Luck JP
 

Alabama Real Estate Investors Association
Monthly Meeting

Next Regular Meeting
Monday October 23 2017–5PM

@Tiffani Baggett  It pains me to hear about what you are seeing of the care given by some OOS investors.  Have you considered starting your own PM company then contacting these owners and offering them your services?  While I totally get why you'd do what you can to help in these neighborhoods where you also invest, it doesn't seem right that you'd not be paid for your time and energy.  With your own PM Co, you could be fixing a problem both for yourself and others who invest in the same area.  

@Tiffani Baggett Well, in fairness, lawns are different that burned houses.  If I flew out, checked in on my investments, and saw that there were a few burned out houses on the street, well, I might tell my PM to send the landscaping guy once a month instead of once every 2 weeks.  I hate to say it but there are just practical implications when it comes to this kind of thing.  What doesn't make sense is how you'd have a city not collect property taxes (I think that's what you're saying) and allow massive urban blight.  There's a good chance that it might not be a mayoral issue, but rather a City Council and City Manager issue.  Depending on the municipality, there office of the mayor can often me a semi-ceremonial position.  But that's probably another discussion altogether.  

Anyway, I'd say your beef is with:

• Sheila Tyson, Councilor, District 6 (Committee Chair)
• Steven Hoyt, Councilor, District 8
• Lashunda Scales, Councilor, District 1

They will care when they lose the majority of their investment dollars