Frankfort Citizens for a Better Living
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Citizens of Frankfort
We would like to shed some lignt on how some of these Slumlords operate. Owners of run-
Some of these Slumlords, protecting themselves under an LLC (Limited Liability Corporation), simply files bankruptcy on the property and then that property sets in limbo bringing down the surrounding property values.
This seems to be their modus operandi. Buy rental properties, or convert existing properties into rentals, make is easy for tenants to get into these properties, put as little as possible back into the upkeep and then reap the benefits. Properties become unsightly, neighboring property values drop, and who suffers for it? You, the one living next to one of these eyesores.
Unpaid property taxes. Have you ever wondered how these Slumlords continue to operate? By protecting themselves under an LLC. This allows them to file bankruptcy on these property taxes or just walk away from these slum properties that may be so far gone to repair. Then they go back and start another LLC under another name, usually the name of another family member. A cycle that continues over and over again. The bad thing is it is perfectly legal.
In some cases these LLCs are passing these properties from one to another. Not as independent and valid real estate investments but controlled by people connected to one another.
Again, having multiple LLCs is perfectly legal. However the City of Frankfort needs to seriously look at this problem and stop the nonsense. There are steps that can be taken to crack down on the way these slumlords operate. It’s time to clean up this city from all the blight and the continuing devaluation of property.
Keep coming back to this site. We will continue to bring to light what they do not want you to know.