Rental Property Purchase

My partner and I purchased a brand new rental property in 2003. It was purchased through a 1031 Exchange from a property that we owned for a number of years in San Jose. We did our walk-through on our new property, but couldn’t turn the air-conditioner on because it was to cold outside. Our tenant moved in and didn’t move out until August of this year (2009). When our new tenant moved in during a very hot weekend, she tried the air-conditioner and guess what it didn’t work. After having a repair person out it was determined that the air-conditioning was never connected from day one. Can’t imagine the prevous tenant went through a number of “Hot” spells with no AC. Goes to show that Property Inspections are critical to have even on new homes.

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