As a real estate investor you may have the best intentions in your heart when you take on a new project, but chances are there may be adverse affects that your project may have on a community and it’s people. Are you aware of them?
We just purchased a dilapidated apartment building which was fully occupied with long term tenants. When I acquired the building I figured, “ah these folks will be happy to leave. These unsanitary and unsafe conditions are putting them in harms way.”
I was wrong in my assumptions. In fact, the tenants formed a tenant union to act as a united voice to stop the vacation of this building. I met with them this week to negotiate a solution that would be less painful than what I originally sought out to do.
Your actions have consequences. And sometimes they can have a mix of good and bad affects. You must balance the interests of your business and the interest of your conscience; create solutions that minimize the adverse affects you can have on your community!
Matthew Drouin is a full time real estate investor and REALTOR with 12 years of acquisition, disposition, development and management experience in Rochester, NY.