All Forum Posts by: Bridget Smith-Osbourne

I agree. It does not sit well with me to continue to rent to such a character. I am concerned about any health concerns. I was told by the daughter that it was pretty bad in there. She did open all the windows to circulate fresh air in the house.

Also I did not mention that today is the 8th of the month and I have not received rent for this month as of yet. I have already sent out papers to commence eviction proceedings for non rent payments,

Wishing you the best as you jump abroad real estate investing!!!

Here is my situation;

 70 year old Tenant(s) has been renting for past 16 months . One year lease which turned into a month to month. Received a call from neighbors of Tenant, that wife passed away... inside house and according to coroner.......... body has been there for a few days.

   Husband was home at time but did not report death. Wife's body was discovered by her son who was adamant about getting into premises after being unable to reach mom for past week. Husband who is not father of wife's children was sent to Hosp Psych Ward soon to be release. Word is he is planning on returning to unit. Thoughts on contiuning with his tenancy....?????

I welcome you to the BP Family , wishing you continued success!

Welcome abroad Jordan!!! Sounds like you & I may have the same addiction.....REAL ESTATE. I can't seem to stop those pondering thoughts. It is sooo  exciting  closing a deal.... with solid returns. Much success and congratulations.

Bob, as per the tax card, the assesed taxable value is $262,307. The GRM I calculated for this property is $190,000 (price of property) / $34,800 (gross rent) = 5.45, correct me if I am wrong.

Will see if realtor can pull some comps. Don't think there are many in the area of this size/unit mix. Keep in mind I am hoping to get asking price down since property has been on market for some time. This along with 30% vacancy rate should present a great opportunity to negotiate price. I anticipate 1-2% appreciation due to improvements/ upgrades. Once stabilized units should command $500/month. The uncertainty overshadowing me is at what price point would make this deal a home run?

Chris that is a great starting point.  A 12% return is not the greatest but it is better than having my money parked in a low bearing interest account. According to the rent roll, rents are averaging $450 - 475/month. This proves to be in line with the market, but I like to err on the side of caution and use lower numbers. My perspective is if the lower rents are doable then going forward should be favorable.  

Hello BP Family, I was hoping to get some sort of response to my post. Is there additional information needed ?

Hello BP Family,

This is the deal I am currently looking at. The seller is offerring owner financing. It has been on market since last year. Ask price is $189,900. Two brick buildings consisting of six - 1 bds & one 2 bds. New roofs w/i two years. All units occupied except two. Units in pretty decent shape. HVACs working but old. Property also has spacious 2 car garage that could possibily bring in additional income. As per seller gross potential rent 3,150. I would put it at $400/month to be on conservative side, $2,800. Tenant paid utilities. Yayee!! Taxes 3,609.88/year. Insurance $4000/year. I was wondering what would be a good offering price? I know there are other expenses such as pest control, yard maintenace, etc that I have not mention. Just looking for some guidance. Any input is truely appreciated.

I guess your right. This is my first time experiencing such in my 6 years of investing. I know insurance companies can be punitive because of claims. My belief is if damages are not too costly it may be better to deal with them without the insurance company. It is difficult for me to wrap my head around the issue of neglect that caused the fire. Thanks for the feed back.