Thursday, September 03, 2009

Giving Up The Ghost

The last time I wrote about Carlton Knight’s Dixie Highway property, the day to day operations had been taken over by a court appointed Receiver in December of 2007.

The Receiver really gave it a go.

Rents were collected and recommendations for repairs were made.

Some tenants were evicted, some were moved to other units and others continued to live in their current situation.

Make no mistake, the condition of the building was (and is) dismal.

But sometimes, no matter how much you want to make it happen, you’ve got to give up the ghost.

From the 13th report:
We had come to the conclusion that given the condition of the property and the limited income we were receiving, it was better to vacate the property rather than keeping only a handful of paying tenants, which would have resulted in an operating deficit of at least $4,000/month.”

Holy Crap.

Even with loads of money the Receiver and Inland Bank couldn’t make that dog hunt.

I guess you need to know when to throw in the towel.

But the scary part is that the property didn’t get that way overnight.

At least that what the Receiver’s first and second reports said.

Do not make me detail the contents of reports three through twelve.

It’s just too jaw dropping.

And to think, people had to live in those conditions.

It just makes you shake your head.

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