Christian Osgood and his partners buy each other out to own rental properties individually, but every building gets hit with disasters right after the paperwork closes: non-payment, flooding, a fire that destroyed a unit. He calls it the real estate curse and wants to know if anyone has a fix.
Chapters
We cannot shake in real estate. Whenever my partners and I trade each other a building— our goal, by the way, is to own all the buildings ourselves. So when one person has some extra liquidity, we usually buy the other partner out so that you own real estate without any partners. People are variables. We don't like variables, so we trade buildings around. One of our buildings caught fire that I traded my business partner, uh, really recently. I'll pop a picture in here, uh, but quite bad. Like, it, it— they lit a fire in their unit and burned it down. Uh, last time we traded a building I had a fully occupied building, I had 2 non-pays immediately, same month. Whenever our properties trade to another partner, this happens. We've had vacancy issues, flooding issues, fire issues, every tenant issue you can have, and it doesn't happen until we sign the darn papers. Anyone has a fix for this, let me know. In barbecue, we call this well done.