Poor sods - ruined house and on a 3.5 % return

Close by, a couple bought a house helping out a family member, they are not rolling in money, anyway, cutting a long story short, the poor buggers somehow went to a PM (known brand I am told) and in about 18 months now have a ruined house.

Obviously no inspections, it was a drug house.

Inside is a total write off, not inhabitable at all, basically only the brickwork outside, roofing and framing inside seem ok, so a shell of a house.

No insurance (I do not know all the details yet, they paid for something but of course wont cover)

Too top it off, they were getting 3.5% return.

 

Are you sure insurance won't cover it?

Edit: just checked my policy and it does say not covered for any illegal activity by tenants or owner...so chemical damage caused by a drug lab wouldn't be covered.

Was it a drug lab?

 

The druggies have gutted there house for them. The dirtiest part of the job. Now they have a nice she'll for a major reno project.

 

Dabbler, is it possible to get a DA on it and sell it for a bit of a premium (assuming it's in Sydney...)?

 

Sue the PM.

Ensure property inspections are carried out. Even if you don't attend have a sniff around some other time..........

.........grab a clip board with some paper on it. Knock on the front door and with a foreign accent ask if you can look at their latest electricity bill with a promise to beat it by 10%.

Thence, start sniffing for evidence.

 

Re Insurance, not sure, but nil inspections I believe.

Don't think it is suitable for DA, odd block & they are out either way, they are losing money quickly and prob do not realise how long it is going to take to fix either trying to organise each separate trade.

Re the PM, I am told they faked doing inspections, if true, they will be in a bit of bother I would say.

 

Hey Datto, how many agents have said to you....

Mate, this place is Set and Forget......lol

 

Silliness aside - the PM should be in A LOT of hot water. If they were doing regular inspections (and signing off that they were done, and everything was fine), should be enough for some legal action.

 

Without naming the suburb, was it a known drug area? Or did it come as a complete surprise?

 

This area would be a family friendly area, it is not full of down and outs, generally all places well kept.

I guess what your asking is, yes, you would probably be surprised, but it does not surprise me as they want things to appear that way. The ones doing this sort of thing are not likely to want to set up near druggies or down and out, they would be given up or robbed every few days

 

Makes sense. Setup in a place where no one would suspect a thing.

 

Does the PM have a drug habit?

 

lol.....should not laugh though as anything is possible.....maybe not a habit but a share or knowledge, that would not be totally out of the question.