Trying to buy first property next door to me

Trying to buy first property next door to me

Florence, AL · Member since 2020 · 2 posts · 0 votes

My neighbor put his home up for sale a few years ago, for sale by owner, and got no bites. It has not been for sale for a couple years now. When he had it for sale, we asked to buy the vacant lot between us that he owns, but he didn’t think his house could sell without it. Recently, I have become interested in owning rental property. My mother and I have discussed approaching them to see if they are willing to sell now. She has the idea to flip it, after taking off the land that we want. But I would rather keep it for a rental, as I don’t think we could sell it for a profit. It has 2 undesirable Section 8 rental trailers across the road, but the rest of the neighbors are brick homes and great neighbors. I was just wondering if anyone had thoughts about renting out a house next door to your own. And taking a chance on keeping it rented with sometimes crazy people living across the street. The crazies don’t bother us, but they are loud sometimes. We really, really want the empty lot next to us to spread out, as we plan to live here for the long haul.

0Reply
18 views

3 Replies

Jump to latestLatest
  • Andy EakesPro Member
    Property Manager · San Diego, CA · Member since 2020 · 205 posts · 162 votes
    5y

    @Christy Henson There are definitely pros and cons to owning the property next door. The pros are that it is a property that you can be close to and maintain, and making improvements to the home which add value benefits your entire neighborhood, including your primary residence too! So what you do to either property can potentially have double benefit. Plus having an empty lot to work with sounds really nice. And you understand the neighborhood and its potential future. 

    The downside to having a neighbor rental property is that it is right there. So if you don't like something they do (noise, decorations, smell), you are hyperaware of it. And if what they do annoys you on a daily basis, even the smallest thing, that will build and this pent-up anger could lead to bad landlord practices. But if all of that doesn't bother you, then I would say that you have some great potential! 

  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    5y

    As long as the numbers make sense, I wouldn't have a problem.  Longer term, you might want to look at buying the places across the street.  You could knock them down, build new homes and sell them.

  • Florence, AL · Member since 2020 · 2 posts · 0 votes
    5y

    Thank you for the responses.  The kids and I are home all day, so I'll have to think about the possible annoyances.  And the neighbor on the other side of this house has been trying to buy those trailers for 20 years, I think just to bulldoze them, haha.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.