I had a new one yesterday.  It is the distressed real estate trifecta (did I spell that right?)

My New Properties - I was approached to take on management of 60 units of townhomes.  They are all 2 unit structures.  All are on separate parcels.  All are on residential mortgages.  There are at least 5 banks.  Each bank has sold some paper to another and is only servicing the loans, so there are probably 15 underlying lenders here.  Each strucutre is about 30k under water.  Within the "development" there are 5 owners.  My "client", his father, his friend, some guy that nobody can find and the last "owner" is some REO Department.

My New Employees - There is also an unlicensed leasing agent who was on payroll as an employee of the owner and her husband the maintenance guy, also as an employee of the owner.  Yesterday was their last day on his payroll.  We are looking into having them work for me, but only on this property.  Wife is tough due to no license.  There is a little that she can do in our office.  The office is about 20 minutes from the complex.  We offer wife a job and she asks to be paid from the time she leaves her house until the time she gets home.  She is not going to last long.

My New Tenants - One called yesterday while I was in the office with the owner.  She wanted her gutters cleaned and there was a little squeek in the ceiling fan.  No fixy, No payee says she.  Now she is in a $550/mo unit and only pays $380.  Nuff said on tenants.

The Overall Situation - In addition to just managing the properties, the owner wants to list them for short sale.  Not bad.  $80,000 each x 26 (the units belongto dad).  Sounds like a good month.  Here is the catch. CH 7 is coming.  There will be a trustee involved for a little while until she'he determines that there is no equity.  She/he might sieze all of my cash, so that could be bad.  Then there will be an abandonment and it will be just me, myself and I until either short sale completion or foreclosure completion.  Good news is that I sell REO for some of the banks involved.

I just realized that this blog could be about three times the length if I were to add in all of the details.

It is going to be a mess.  There are so many ways for it to go wrong I could not possibly list all of them.  This is going to be such an adventure that I can't possibly turn it down.