After three months, we fired them. That's when the woman told us that the prior owner only required them to collect enough to pay the mortgage. Well, we wondered, then where did those fantastic numbers disclosed in the due diligence come from? Hmmm.
We hired a new professional management company, which came with glowing references. The man who runs the company is very nice and knows the rental market. We worked with him for one year and nine months--and the experience of having this complex was a nightmare. Again, all details in future posts. I'm sorry to do that, but, if I tell you everything now 1) I'll have to type for 48 hours straight and 2) it'll be a case of too much information and no one will learn anything.
Anyway, I tell you all of this because, after we sold the apartment complex on August 31, 2007, for $2,670,000 (yes, do the math by subtracting this number from the one above, then get the tissue out and start bawling---that's only the loss on the sale and doesn't include the tons of money that we threw into it trying to make it work), our now ex-PM sent us this shirt:
Well, as much as we love this shirt and hate to part with it--and we do, really--we are going to have to auction it off to try to compensate for some of the money that was lost to us under this PM's watch. So, as soon as I can figure out how to do it, I'm slapping this puppy on E-bay. I don't want all of you to bid at once because I don't want E-bay's system to crash, so just one at a time, please.
Ok, you eager beavers, I will post a link to the E-bay auction as soon as I have it up and running. I plan to model the shirt myself to give you something to really laugh at.