So when I moved into my apartment last year I thought my landlord was a decent guy. He mentioned he bought the property in 2012, and has renters in it since day 1. He emphasized how he’s never had to do a single repair since his previous renters were so good.
Fast forward a year and the washing machine/dryer combo is broken. He will only replace with a used machine if I pay $50/month extra.
The other day I got a letter in the mail. Turns out property taxes haven’t been paid in 3 years. Another letter – turns out his bank gave him a prime + 0.25% loan on 97% of the purchase price (dug up on HouseSigma) and he’s been paying just the interest every month.
A similar unit just sold for 750k in the building. He “paid” 230k. Why is this allowed.