Asset Management & Recovery: Up to my Butt in Alligators --- Literally

Gryphon USA, Ltd services clients through Gryphon Asset Management, Gryphon Realty Advisors and Gryphon Auction Group. Gryphon Asset Management manages operating entities and undertakes liquidation management in numerous business lines. Gryphon Realty Advisors is comprised of three divisions all working together; Residential, Commercial and Management. Projects range from single family investments and owner occupant reresentation to apartments and commercial complex disposition. Gryphon Auction Group assists clients with the sale of real property as well as commercial equipment.

Up to my Butt in Alligators --- Literally

February 20, 2007 was interesting to say the least.  If this were a game, I think I would have won.

If you have been following along, I have just taken control of an apartment building.  Yes, the one wrapped in hay.

Let's see if I can properly lay this out. 

  1. Braking and entering - I started my day planning to break and enter about 15 units at the "new" complex.  A large knife is used to pry the plastic pieces off of the glass pane near the latch.  Once off, you can unhook the latch and open the window.  The pane is re-inserted and then the plastic is re-attached using the butt end of the knife to repair.  Someone thought installing these windows was a good and safe idea.  I think the window guy is a burglar.
  2. Locksmith - Once I was in, the locks needed to be re-keyed.  He had a ponytail and looked like he really wanted to meet my new employee.
  3. Rasta Man - This is my new employee.  He was working for the former owner as a maintenance guy until they stopped paying him.  He still lives at the complex.  I found out about him from one of the tenants.  Since I needed help, I hired him on the spot.  At the end of the day, I went over to his unit to talk with him about the next day.  Inside were about 8 guys.  All of them had dreadlocks longer than the other.  Bob Marley posters and Jamaican flags were hung everywhere.  A cursory review of everyone's hand revealed something about 3 inches long, white and smoking.  They were all happy.  The place smelled funny. I didn't investigate further.  I also left before the locksmith did, so I don't know if he finally met Rasta or not.  Please Rasta Man, don't cut your thumb off with the Sawz-All, ok?
  4. Humane Society - They arrived unannounced to pick up what had been reported to them as an abandoned pit bull.  I didn't have a key, so the locksmith picked the lock and let them in.  They fed the dog, but didn't take it with them.  Apparently there needs to be a notice posted for at least 24 hours before a removal.  I now have a pit bull that is full of dog food in the apartment where someone may or may not be coming back.  That's going to smell GREAT.
  5. PoPo (AKA the Cops, the Po-lice, the MAN) - According to Rasta, the lady renting the unit with the pit bull was wanted by the police.  I figured we could kill 2 birds with one stone here, so I invited the PoPo to the shin-dig.  I was hoping to get rid of everything at once.  I'm not that lucky.  Amazingly, Rasta was not around for this part???
  6. Dan - Dan is a tenant that lives next door to the "convict in training" with the pit bull.  Nice guy.  He introduced himself and told me that if I see a short girl, about 20, that was kind of cute and not that fat, that I should say hi to his wife, Sally.  Dan wanted to know two things.  First, he wanted to know what to do since he didn't have a lease.  Second he wanted to know if I was planning to crack down on tenants with exotic pets.  Dan has an alligator.  It, according to him, is about 2 feet long and nicer than any dog he has ever had.  Dan had two questions and so did I.  I wanted to know (a) if Dan paid his rent on time and (b) if he was taking the ‘gator with him when he moved out.
  7. Indoor swimming pools - This is what a lovingly call the 2 units that most recently had the pipes burst.  I found them while breaking and entering.  In front of the units is where I met Dan.  Since I am not one to take a risk on the sophistication of my fellow man, I made a point to tell Dan that while this looked like an indoor swimming pool, he needed to keep his ‘gator out of it.  I figured there was no sense in taking the risk that he would decide on his own not to do this.  Good thing I did.  His response..."I was just thinking about that".
  8. No Heat - In Franklin County a tenant that is in a dispute with the landlord can pay rent into an escrow account.  If they do, the landlord can not evict for non-payment.  (Side Note Reminder - I am not the owner and did not create these problems.  I am here to fix them.)  If you also pay your gas and electric bills to the escrow, the county figured you are an idiot and overpaid.  They do not bring this up to you and they do not forward the money to the utility companies.  If you now have no gas and your furnace, hot water heater and range do not work this is not my fault.  Pay your bill and they will start to work again.  Problem solved.
  9. Snow Removal - The hillbilly snow removal guy plowed the parking lot and put all of the snow ON TOP of the sewer drain.  Everything is melting and the parking lot is...you guessed it....an OUTDOOR swimming pool.  I probably need to have an updated talk with Dan.
  10. Explosion - At about 3pm a large BOOM was heard.  It sounded like about 10 shotguns all went off at once.  Dan, Rasta, Locksmith and I were all talking when we heard it.  Nobody flinched.  I don't know if that is a good thing or a bad thing.
  11. Giant Cockroaches - Big enough to carry away a baby.  I was thinking of calling an exterminator, but think I need the Marines.
  12. Babies & Children - I was there from 11am-4pm on a weekday.  What are all the kids doing at home?  Is this spring break already?  Maybe the adults are using them to bait the roaches.  I did hear a bunch of screaming.  Someone was yelling "I'm not going to let you get away this time."  Maybe I don't need the Marines.

 I think I need to just sit down and shake my head for a few minutes.  Whew !

The story you have just heard is true.  None of the names have been changed to protect the innocent.

 

Do you have questions about distressed assets, receivership or bankruptcy sales, auctions?  Email me at rfk@gryphonusa.com and I'll try to answer it in an upcoming post.

Richard F. Kruse is the President of Columbus, Ohio based Gryphon USA, Ltd. (www.gryphonusa.com).  The Gryphon Organization includes Gryphon Asset Management providing receivership and consulting services in the distressed marketplace, United Country Gryphon Realty & Auction Group (www.ucohiorealty.com & www.ucohioauctions.com) providing real estate brokerage and auction services throughout Ohio and OnlineAuctionUSA.com (www.onlineauctionusa.com) providing commercial asset liquidations from the Midwest to East Coast. 

United Country Gryphon Realty & Auction Career Opportunities Available.  Call 614-885-0020 x 17

19 commentsRich Kruse • February 21 2007 02:51PM

Comments

Woooooow.  It's insane enough to be an episode of "My Name is Earl".  Thanks for the entertaining post!
Posted by Sarah Cooper (Real Estate Shows) over 3 years ago
What have you gotten us into this time!!! You'd better not bring home any baby alligators. i don't care how cute they are.
Posted by Melissa Kruse (Gryphon ) over 3 years ago
I just took a break from creating a flyer - and thought well let's see what others have to say today - you know if you ever want out of property management - I truly think you could make a very nice living doing stand up - just telling stories like these... Realtor Conventions would be perfect.
Posted by Central Oregon Real Estate | Broker Thesa Chambers, Licensed in Oregon (Prudential NW Properties Sunriver) over 3 years ago
Rich, that sounds like quite the property you have there. I think Melissa really would like to have a pet gaotr. And when it gets bigger you can throw it on the grill. Um Um good. Good luck with this property I think you are going to need it. Maybe you should just join in with rasta man.
Posted by Bryant Tutas-Tutas Towne Realty, Inc over 3 years ago
Wow, I didn't think of grilled gator. Sounds tasty. Maybe you should bring one home.
Posted by Melissa Kruse (Gryphon ) over 3 years ago

Thesa - Creating a flyer?  Boy, I wish I could have spent the day doing that!!  Stand up?   Oh boy, do I have material about crackheads !!!!!!!

B - I would like to have a pet gator.  He can live in our pond in back.  In the winter I can pawn him off on one of our tenants in exchange for a rent reduction.  If Rasta makes it the rest of the week without cutting off a body part or blowing something up, I might celebrate with him a little.

M - Why grill it when you can turn it into a handbag.  If we let it grow, maybe a pair of boots.

Sarah - Earl lives in another of our complexes.  He has been pretty good lately, but I'm sure this is temporary.

Posted by Rich Kruse (Gryphon USA, Ltd.) over 3 years ago

Hey Rich, if you don't drink now would be the time to start. If you do drink now would be the time to stop. hanging around Rasta Man sounds like fun. LOL 

Hey best of luck to you.. 

Posted by Jay McGillicuddy~Real Estate Broker (Prudential Verani Realty) over 3 years ago
Handbag --- sounds even better than grilling. Why didn't I think of that. Guess that's why they pay you the big bucks! SVW Maybe we can use the indoor swimming pool to start raising gators. purses, boots, grilled. this could be a profitable venture.
Posted by Melissa Kruse (Gryphon ) over 3 years ago

Jay - I drink.  It brings me closer to my peeps.  I am an import beer and high end booze guy though.  This is viewed as snobby.  I can't stop.  Tried once and it was bad.  I took everything seriously and couldn't handle life.  I am better with a buzz to look forward to.  It also levels out the 3 pots of coffee I drink a day.  Did I say pot?

Posted by Rich Kruse (Gryphon USA, Ltd.) over 3 years ago
M - Don't forget that there is also a 1 acre lot attached to this building.  Gators, water, land, Rasta.  Hmmm.  Crazy Richie's Gator Emporium and Bud Farm.  Nice ring.
Posted by Rich Kruse (Gryphon USA, Ltd.) over 3 years ago
Hmmm. I'd forgotten about the lot. I think Mel's exotic boot and purse boutique has a better ring though.
Posted by Melissa Kruse (Gryphon ) over 3 years ago
I think I'd like to hang out with Rasta Man for a few days; keep him on the payroll.
Posted by VA Mortgage Broker in California/858-777-9751 over 3 years ago
This was too good not to feature!  You are featured in property management!
Posted by Diane Rice, Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL over 3 years ago

I agree. If this whole real estate thing goes south, you have got a great career ahead of you in comedy. 

We also had a tenant with a pet alligator (not mentioned in the lease agreement). Did any of your tenants relocate to Bend by chance?

Posted by Bend Oregon REALTOR ® Kelli Fronabarger (Bend River Realty Inc.) over 3 years ago
Rich, this one is a gem.  I agree with Sarah that it's worthy of prime time, but I'd take it to live theatre.  I can see people packing in each night to laugh at the shenanigans going on at The Hay House.  Thanks for a most enjoyable read.
Posted by Pinecrest | Coral Gables| Maggie Dokic, SFR (Prudential Florida Realty) over 3 years ago
Next time I have to go into a REO, I will think of this one and keep saying "this isn't so bad, this isn't so bad" in my head.
Posted by Phyllis Mathouser, GRI, CBR (Re/Max Coast to Coast) over 3 years ago
.....and ALL of the above goes with property management.  Rich - i've seen and now i've heard it all.
Posted by Diane Rice, Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL over 3 years ago
I'll occasionally list a bank owned single family, maybe a small apartment building.  I've seen some whacked out, spooky stuff but wow, this post takes the cake.  All in a day's work huh?  Don't forget to lively up yourself and good luck getting Trenchtown back into positive earnings.
Posted by Joe Peffer - Columbus Homes Blog (Delicious Real Estate) over 3 years ago

Geez, is this all in one day! I think you need therapy after a day like that! That is pretty insane! Thank you for sharing such an amusing story with all of us.

Posted by Golden Estate Management (Golden Estate Property Management) about 1 year ago

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