Investor · Saint Augustine, FL · Member since 2014 · 35 posts · 7 votes
The rental market here is hot...usually can rent out a good property in less than 7 days...that said I am looking at a potential investment that has 2 "cottages" old frame houses in a B neighborhood...they share well and septic and a common driveway...but electric is separate... I think the numbers work but I just do not know how to market this as a rental...the "cottages" are really too close to be 2 different tenants who do not know each other...it almost has to be a family type situation...if I can figure out potential tenants I will make an offer...anyone else had this situation and how did it work out
It is not like a duplex at all...it is fenced in and everything is shared...so what if one tenant parks 5 cars in the driveway or opens and shuts the gate at all hours...most folks don't want to be fenced in with a complete stranger...
Amazingly enough it went under contract 30 minutes before I was supposed to see it even though it has been on the market for months. It is contingent on financing which as I understand it the buyer can not get a conventional mortgage since it has 2 houses on it and the buyer will have to get a commercial loan...the agent will call me back in a few days if the deal falls through...I think she is trying to act like there is a bidding war or that all these other buyers are interested in it...whatever I'm walking
Like you said, good luck to the buyer on getting financing. After the seller wastes their time with this buyer maybe they'll be more motivated.
If the properties provide the proper value for the area, I doubt you'll have a problem getting them rented. Regarding the car parking situation, all that is regulated contractually in your lease.
Update : The property is back on the market... guess the potential buyers could not get financing...big surprise...even more surprising the agent raised the price by $14,000 ! The agent also never bothered to call me back. The sellers are probably wondering why everything else is selling but their property. I wish I could tell them get a new agent !!!!