Friend and fellow blogger Ann Streckfus has been keeping tabs on 1308 East Main Street, a formerly grand home turned shanty under the supervision of a series of unprincipled landlords. Neighbors know its dilapidated shell, overflowing dumpster, and often disruptive tenants all too well.
As detailed on Ann's Diggin' in the Dirt, the current Philistine in question just recently responded to a 1308 report published in March.
The Slummer is not gone, I am the owner of that property and I sold it on contract to a lady that did intend on converting back to single family and the fact that the "historic society" has rather strict rules to follow it is now back into the "slummers" hands! If any of you would like to tackle this project then please call me 502-773-8195 this property is rough but i dont see anyone stepping up to take the money out of there pockets to buy and renovate. When you have 5 units bringing in over 2600 a month what since would it make for me to spend $50k (conservativly!) in the exterior of this building! By the way this slummer is paying for most of this cities school renovations (10 homes x new albany's property taxes= THOUSANDS!) Everyone wants to rant and rave because they own nicer homes around this home but no one wants to fork up!
-Disappointed real estate investor
In asking for comments on the situation, Ann explains, "I don't understand the culture of the landlord who buys property, fails to maintain it, and shows no regard for the impact the condition of his property has on surrounding homes. It doesn't seem to be much of an investment if it isn't maintained."
We couldn't agree more, Ann, and intend to continue our practice of helping to bring public attention to the greed and inconsideration that have come to characterize so many landlords in our neighborhoods.
In NAC tradition, though, we don't allow anonymity. Since the slumlord commented on Diggin' as "REALpro" with a non-functioning profile, we feel it's only fair to level the playing field.
His name is Matt McMahan. He's an independent builder and broker associate with local real estate firm Real Living Right Now. McMahan's web site reveals that he's also the President of the Rental Property Association of Southern Indiana.
According to the site, he's "gained a lot of knowledge in investment property. From flipping and rehabbing properties to renting I've done it all." He further advises to "Build long lasting relationships that focus on the future, not just a short term profit."
We invite readers to comment on McMahan's performance in response to the original post at Diggin' in the Dirt and, most importantly, to the proper city authorities.
If he's legitimately perplexed as to why no one will give him $112,900 for his property, perhaps the city's incoming administration, who campaigned on cracking down on unscrupulous landlords, can help him figure it out.
11 comments:
And we're gona help!!!
blame the spelling on "jetlag"
Jetlag, my ***.
IAH,
Your memory is amiss. I no longer have...
In 1984 after a divorce from the first Mrs. P, I lived on 13th and looked at the back of said property then owned by the Lofton's whom were respectable landlords for NA. Since then this stucture has fallen and fallen and fallen. Please, someone give it a rebirth as a worthy place for all to see and live. What a wothy structure...
I checked out Mr McMansions website and he recommends himself in all sorts of ways, including as a licensed builder. Thus he possesses the perfect skill set for historic rehab work, AND he owns the perfect property to boot. Has he noticed the investments his neighbors have made in their properties? As a real estate pro, surely he understands how to maximize the value of his investments by upgrading the last slum property on a value packed street? I mean, this is all painfully obvious - right?
So how do such idiots as Mr McMahan come to own so many of the fine old homes in New Albany? How did rental property become the entry level position for so many who can't survive at anything else?
This guy sooooo stupid.
H-man,
But I do.
Touche, anyway.
It's simple to me.
I own a business, and we pay property taxes -- a fair amount, it seems to me.
We also are inspected regularly by the health department and must abide numerous regulations as the price of doing business.
So should a slumlord.
NAC,
Keep the faith. we're workimg on it!
Highway,
I may have found some more very interesting ordinances, I will digthrough them and forward an abridged version of what would be applicable
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