Monday, August 31, 2009

the deal's off

We signed the official "no thank you" papers on the triplex today. The best the sellers came back with was to remediate the wiring rather than replace it. Unfortunately remediation, even when done well, is a half measure that only incrementally improves fire safety. It's too bad because the property is about as close to a complete package as I've seen over the last year. To add insult to injury, afterwards we heard back from an insurance broker that would've been able to lower our payments substantially and help the property cash flow significantly better. Argh!

Oh well. We'll keep our eyes open, our feelers out and stay open to the possibilities.

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