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Sorry to hear Geoff, hope it works out.
Good reminder here for all of us to use the appropriate advisor. A BA which specialises in mainly residential properties based around yield properly isn't the most suited to source a CIP which brings with it a totally different set of criteria and issues to be considered.
I lay no blame on the BA. The decision to buy was mine. I based the decision on a solid lease- which is still enforceable. The matter is with my lawyer.
Starter- you seem quite determined to blame the BA. It's not the BA's fault that the tenant decided to pack up. And it's not the BA's responsibility to hold my hand. The fault is entirely mine.
If anything, I was a bit dazzled by those who had done well in CPs- however I wanted to put my toes in the water on a small scale first.
I've got a friend who had a similar situation so I knew the risks.
Accountant and financial advisor were happy with the purchase- at least when it was going well.
Thats a very respectful and noble outlook, kudos to you
Too many people these days take absolutely no responsibility for their actions. No different to those that blame McDonalds for being obese and try to sue
It's been a long path but this appears to have been resolved, at least for now.It is a very rough area.
I have posted on this property specifically because I bought it. I knew what the area was like- but the business seemed to be running quite well when I was there, and the yields appeared very good. And it was within my budget.
I would not have bought a resi in that area, but I thought that it was a solid enough proposition as a comm.
It hasn't turned out that well.
The business wasn't what it had appeared and the owner has closed shop. She knows she owes money for rent and is paying in dribs and drabs, but is getting a long way behind. If the debt gets too big there is a guarantor on the lease, but I'd prefer not to go there.
There's a few vague possibilities but nothing much.
She would love for me to lock her out but it's not worth my while to do so.