Into the foreclosed market…

May 1, 2010

We recently assumed management of a foreclosed apartment complex, our first. Working with the bank has been a pleasure and we have certainly learned a few things. We look forward to continue working with them as they seek a buyer.

My greatest disappointment has been trying to work with the 10% of residents who feel entitled to free housing because ownership changed and happened to also be a ‘foreclosure’, where a bank assumed ownership. Regardless of who owns the building, aren’t these residents still getting value by living there?

I suppose it’s always the people who choose not to pay or feel entitled to some windfall that make our job more difficult. Then again, there are challenges with every chosen profession…