This podcast episode tells the story of Jay Gajavelli, a real estate investor who became successful by acquiring old apartment complexes, renovating them, and increasing the rent, often by double digits. However, his empire faced challenges due to neglected maintenance and poor living conditions in his properties, leading to tenant complaints and involvement from the city mayor. Rising interest rates, poor property maintenance, and a cooling housing market further exacerbated his financial difficulties, causing four of his properties to be foreclosed, leaving investors caught off guard and with potential losses.
