What happens when a property management company implodes? Sadly, I’ve seen this many times in my real estate investing career.
How can buy & hold real estate investors protect themselves from companies that go from good to bad, seemingly overnight?
Mack Industries, a turnkey real estate company out of Chicago, filed for a Chapter 11 reorganization on March 24th of this year. But now it appears there will be no reorganization, but instead, a total shut down.
This news shocked the industry, as Mack had been a leader in the business, providing thousands of “turnkey” rental homes to institutional and individual investors.
What happened? Well, that is still under investigation.
Our guest today is a turnkey provider from Chicago as well, and has been instrumental in helping investors get stabilized after the meltdown of Mack Industries. He can give us his perspective on what went wrong, and how more investors could have been prepared for the fall out. He’ll share warnings signs and the things you should be expecting from your property manager.
And most importantly, if something seems wrong or smells fishy – it probably is. Check it out.