Before I start … I will never buy another rent roll EVER!!!
I bought this VERY small rent roll of 12. No problems, right?
In order for me not to go into a full rant I will just state one of the many issues we experienced.
During the due diligence period it was conducted in his home office. He controlled the computer and showed me the management agreements (many of which were incomplete or missing)
Anyway, I posed the question ‘was there anything else I needed to know about the management of these properties that was not obvious?’ He respond with an astonished look on his face, like, what a dumb questions and then said No.
Handover was atrocious and he gave us a USB with over 3,000 documents on it.
Within these documents was an Annexure to the MA of ‘when the tenant vacates the management ends. The marketing for a new tenancy is put out to the open market and whoever gets the tenant gets the management’
I am still in the retention period. Can I reject these for failure to disclose?
I know this is brief but as I type this I am furious because it was such a sh*t show.