One of the bigger Slumlords in Salisbury has filed Chapter 11. Looks like what we said a few weeks ago about Landlords filing and possibly buying back their own properties at tax sales or auction has started.
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
39 comments:
Who is Captains Investments?
On eastsern shore drive
are these block busters?
Joe, can you give me a link to your previous posting on this. I am interested in learning more. Thanks
Isn't that what the fire station bog owner did? Defaulted, then joined an LLC to buy it back, double the price and sell it to the city?
There oughta be a law against anybody defaulting and buying their own property back.
Why would they buy back their own properties. Are they trying to screw over other shareholders?
They started out renting to only college students but soon saw the almighty dollar and joined the rest of the slum lords. Tim and Mitch were SU grads and I believe football team captains, which is where the name came from.
I went to Seagull Village several years ago for a problem with a certain life safety system. I fixed that and told the management there was a HUGE deficiency looming in the unit I had been in. I told them if it was as bad in that unit you could almost be guaranteed it was in all 4 buildings. They corrected it-about 3 years later.
Names????
I've crossed paths with them somewhere or somehow...immediate reaction was bad upon hearing that name;Captains Investments.
Captain Investments LLC is a Limited Liability Corporation, which owns several rental properties. One of the investors in this group is Rod Flowers, head of Sun Trust Mortgage on West Carroll Street.
This is the group that tried to develop a rental complex for college students on a vacant lot in a residential neighborhood between S. Pinehurst and Somerset Avenues.
I believe Rod Flowers from Sun Trust Bank is a partner in Captain Unvestments
Captains Investments were the guys who wanted to build a rental in the back yards of the residents on Camden Ave. because they owned a long piece of property on Camden with an illegally converted house/apts on the front of the property.
captain Investmnts are 2 30ish punks that were captains of the Salisbury University football team --hence the name. They live in Berlin/Ocean Pines and also own The Globe in Berlin. Funny how the slumlords always live out of city limits.
It doesnt really matter what the names are.
Is that Rod Flowers a partner?
Go here for more on those slimeballs --
http://sbynews.blogspot.com/2008/04/who-ya-gonna-call-banking-regulators.html
They had a long list of properties in their name published in the paper for outstanding taxes....
A number of their properties are listed for sale next week for unpaid taxes.
This is what happens when tenants don't pay rent...everyone thinks landlords are made of gold. The majority owe a good deal of money and when tenants don't pay....well they can't fullfill there obligations. Don't think this is a scandal to buy there own properties....last time I checked your credit is screwed after you file chapter 11 so how would they get loans to buy back their properties? and they can't just buy them back for taxes owed anyway..banks have interest in these properties and they won't let them go for $800. Wise up....
steve said...
I went to Seagull Village several years ago for a problem with a certain life safety system. I fixed that and told the management there was a HUGE deficiency looming in the unit I had been in. I told them if it was as bad in that unit you could almost be guaranteed it was in all 4 buildings. They corrected it-about 3 years later.
8:10 PM
Who is responsible for inspecting the life safety systems and enforcing the code? What kind of code violations were there? Is that something that code compliance should be enforcing? Why did it take 3 years to fix? Is the city of Salisbury going to wait until numerous people die before they fix long standing problems? I thought the new mayor said Help Is On The Way?
Yes names do matter a$$whole. Quit trying to protect your friends or is it you? Or maybe your on the verge of bankruptcy and Mr. Albero hit a soft spot because you don't like to pay your bill.
I rented a house from them. CI kept our security deposit. Never did the repairs and moved in the next tenant. They didn’t know the new tenants were a friend of mine and we tried to take them to court to get the security deposit back because they never used it to make repairs.
nuthin' to stop 'em from having a buy back done for them, by someone else.
This shows the value of a degree from S(urfer)U --
If you can't make it into the NFL, become a slumlord!
The houses should be siezed for back taxes before they are allowed to proceed with chapter 11.
The owner of Watermen's Cove couldn't get a liquor license without paying his taxes and forced him out of business.
Banks are robbing us blind, I just discovered that I am now being charged $0.50 for using my own bank's ATM~! M & T is about to loose my business.
As far as landlords calling foul on non paying tenants that's BS, that's what "Security" deposits and months rent in advance are for, F'um. That's what contracts are for also.
Your not allowed to purchase any tax sale properties if you are in tax sale already. Expecially buying your own property back. Doesn't work that way!
12:33, they more likely got in trouble trying to become developers than tenants not paying. Seen that before.
But someone can purchase them for you. Doesn't Rod Flowers work for a mortgage firm? But they can't pay their mortgages? Doesn't make sense, smells fishy.Flowers has the reputation of overlending to the rental property market anyway--Karma?
Joe, I'm still waiting for link to your previous article on this subject. I've done a search on your blog and can't find it.
What is it with landlords and security deposits?
Ironically,when I left Salisbury,I got most of my deposit back but about two years after I moved I get a call from the secretary(this particular landlord had a new secretary every month) and she informs me that during an audit of their books they "discovered" I never paid my last months rent.Bullcrap! I pointed out to her that A) I moved on the 15th so I only had partial rent anyway and I DID pay it and B) they would NEVER release a security deposit to someone who owed rent.I then informed her to tell her boss(who runs other businesses out of his rental office) that if they ever called me again I would sic a lawyer on them.My concern is this-how many people did they call like this who did not have rent recepits and were bullied into paying rent they already payed?Amazingly,this company has alot of rentals in town and still is in business.They own half of Doverdale.
Looks like the rest of the housing market just went boom! The rental housing market that is. Hahahhaaa
What did they expect when all the college people leave town? Don't be looking for my tax dollars to bail your slimy scum buckets out.
Shouldn't have spent so much on Gary Comegys campaign, that's where all your money went, supporting a loser.
Once again, we won, you lost.
Hopefully they will be forced to sell off stock at affordable prices and good interest rates for first time home buyers.
Until we make a dramatic change in the ratio of rentals to home ownership it's always going to haunt us.
Nothing against renters, however there is pride of ownership.
im so glad my landlord is not a slum lord!! thanks for being a great land lord bill west!!!
The issue with buying tax property is that the default person (The person that owes the taxes) has up to 6 months to regain the property for the taxes.
Basically,they are saving their cash for another six months, The person that buys the property becomes the finance company, now they will get their money back with a small amount of interest, but there is no way into todays economy, that they let those properties go for taxes.
By the way, the bank can't do anything about it, except bid on the property also, the government has propority. It's Maryland Law
Anon 7:22, if it took 3 years to fix and it is already fixed, this problem occurred during Barrie's reign and has nothing to do with Mayor Ireton's tenure in office which has only been around 100 days so far. Nice try.
No you are missing something. The bank that holds a mortgage for someone who goes into default the bank can do a "deed in leiu of forclosure". The person in default signs the deed over to the bank and it's over. If there is a second mortgage on the property, the bank is better off letting it go to foreclosure and the subsequent auction on the steps of the courthouse. When it goes to auction, the motgages are eliminated and the purchaser gets a clear deed without incumberances. You'll find that the bank who is the original first mortgage holder often buys the property at auction just to get rid of the second mortgage incumberance. The second mortgage holder gets screwed. Also the landlords who are getting into trouble right now are landlords who are just starting out (within the past 5 - 10 years). The reason is that the properties have mortgages on them. People on the Eastern Shore are losing their jobs at an alarming rate and they can't afford their rent. Newer investors are finding themselves with a large percentage of vacant homes with mortgages to pay. No one has the money needed to move in. I have many customers who are new investors and are finding themselves in this situation. These are not slumlords like some. If they lower the rent they won't be able to pay the mortgages. We will see many fall very soon. If you think this will open these homes up for owner occupied housing think again. Interest rates are rising and people are losing their jobs. The real fall of our economy hasn't taken place yet.
Well let them sit vacant then, be a nice home for the homeless in the winter. Greed and Money are the roots of all evil today.
No they won't. The pipes will freeze and break. Rats will set up shop and will affect surrounding homes. Crack whores will break in and turn tricks there. Drug addicts will crash there and shoot their dope. Not good at all.
If anyone takes the time to look at the couthouse you will see that they have NOT filed bankruptcy.
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