Stephanie Collett sighed as she tried hard to concentrate on her laptop gadget. Shortly before Christmas in 2012, late at night, she spent several hours trying to workout math figures on a struggling apartment complex. Her husband's grandma had just passed away, leaving the family a portfolio of low end rented properties that were widespread throughout Los Angeles, California.
One property specifically, an apartment complex found at West 92nd/94th Street, was behind on its maintenance schedule, payments on taxes and the mortgage. Collett's brother in law, had been trying to bring the property out of losses, and the bank was threatening to confiscate the property. Now Colletts must make a decision regarding future plan of action. Should they pay off loan and continue to rent the property, it will necessitate taking out a mortgage on the family home? Should they sell the property and use the proceedings to pay off loan?
Or should they only hand over the keys? Stephanie Collett was not in any way certain on the valuation of the property. But she knew a few thing: the West 92nd/94th Street complex was losing a lot of money and foreclosure paperwork was being prepared by the bank. Whatever they decide they need to do it as soon as possible.
PUBLICATION DATE: March 08, 2015 PRODUCT #: RE139-PDF-ENG
This is just an excerpt. This case is about LEADERSHIP & MANAGING PEOPLE
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