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Oh dear! Thanks to Rikky, Alistair and Qlds007 It seems even with the due diligence that we thought was thorough it was far from adequate, I guess never assume that the buyers agent knows how the U.S business alliance will conduct their affairs .The lesson I have learned from this would be don’t hire someone to learn their business on your money. With a family background in real estate it we expected a learning curve and knew there would be bumps along the way.
Thank you both for your information I will follow these contacts up tomorrow
Best of luck and happy investing
Andy gHiya Alistair
Yes the pipes frezzing was the reason we were given, what about the water pipes wouldn’t they freeze quicker? and $385 per month plus rent would make it more than I earn in a month at my job, to tennants.hmm
I’m heading in the direction of cutting my losses at this point which is a shame.
Have you prop. in other areas that are a little less stressfull for first timers seeking pos. cash flow prop.?
many thanks
AndyWARNING ON US PROPERTIES
Hi fellow invertors, I have a little heads up for all of you intending to invest in Rochester N.Y.
PLEASE DO NOT USE GENISIS Real Estate Company for any of your properties
We got the contact through Australian house hunters, GENISIS have been incompetent to say the least, and the only process that went smooth was the removal of our cash for the purchase of the property.
We closed back in September 2005, the “rehab” which was “only minor two weeks at most” has just finished, there was a break-in and theft over two days during Christmas. What was stolen : new kitchen cupboards the water meter and 60 feet of copper tubing.
I only found this out by email after calling them and asking how the rehab was progressing, just fine was the answer.
According to GENISIS we were to cover the cost of this, we brought this to the attention of Australian house hunters, as they referred GENISIS to us. The matter was solved after a month of email tennis.
We also have just managed to get all the rental receipts we have been after since the beginning, only to discover that there was a monthly deduction for gas of ,,,,$385.90
No this is not a typo. There is no tenant as yet.
Again we queried this ( we’re guessing this is another way to recoup the cost of the “no cost Reno and theft”) Australian house hunters were again called to rectify. this is still in the email tennis scenario as I type.
All of our correspondence is ignored, the tax person who we have employed has had no luck with getting information from them, and even Australian house hunters are have issues.
So again I implore you to STAY AWAY FROM GENISIS.
If anyone has a great management team in N.Y, could you please forward their details to me.
[email protected]
