All Forum Posts by: Alan Ouellette

@William Coet

I would say a sudden drop in the local economy, like a major employer closing/ moving away. If the local population drops or people just can't afford what they used to then the market would be more competitive to fill vacancies (rents would drop). Note, if the national economy slowed, it would NOT have this effect since it would not necessarily cause people to leave the area but rents could still drop depending on how bad things get.

Just my two cents.

@Mel S.

It sounds like they may have done this before. They are serious. I am sorry to hear especially with having a family myself how much love anger on their lease? If you're being sued, yes talk with your lawyer if you haven't already.

Once they're out, I would separate the utilities and put something like Apt. A/B for the mail boxes.

Please let us know how this progresses.

-Alan

@Mark Berge

Hi Mark. I am shopping around for funding too. I am running into where lenders are on a loan to cost basis. This prevents me from having loaned money to do the reno. Plan is to use credit cards to float that and then refi in 6 months. That's the timeframe they've been giving me. Hopefully closing next week.

Good Luck!

Alan

@Tammy Harper

@Tammy Harper

I wish I had the sewer ling scoped. Would have saved me $17,000 or so for the new sewer line. Do it. Don't be cheap when it comes to inspections. They will always help you. If they Do find something, great! That will be a big bargain chip in negotiation. It's only $250!!!

@Mike Hern Yes her title is misleading. Both listings are over the 90 mark.

@Kris L. Wow, that's a great point.  While my unit is 1 of only 8, so the large numbers might not apply in my specific case, your point on the potential to limit non-owner occupancy is something that never crossed my mind.  This is why I LOVE BP.  Will consult with my lawyer to get their thoughts next time we meet.  Thank You!

@Tyler D. I am in the process of buying a condo to rent out. I am alright with the condo fees because it means I won't need to plow it out in the winter or mow the lawn for the other parts of the year. The fact that my tenants won't need to do that themselves is part of what makes it a premium rental in my eyes vs. a small SFH. I am working in a clause in the rental agreement that the tenant will be responsible for any fees associated with breaking of the rules. I am looking at single year leases so if the fee goes up, it won't bug me for long as I will adjust the rent accordingly.

What are your thoughts? Put you at ease or raise more concerns?

I am actually considering a condo for my first property. I always hated the idea of condo fees on top property taxes. Starting to feel different now that I'm thinking from the benefits. How is it going?

Hi Ken, 

I'm going to a foreclosure auction in a couple of weeks and we're having a similar conversation in this post from a few days ago, Going to the Auction. We have a running list of researchable things that will also probably apply to your situation too.

~Alan

Wow, great thoughts!  It's a town house/condo in a GREAT area of my city.  Quiet and surrounded by expensive $700K houses and up.  In addition to taxes I am going to assume back condo fees.  I will check in with the local utilities on if I could be responsible for any of the prior owner's balances, Thank you for that idea.  Here's my thoughts on a max bid:

Turnkey value (low estimate): $185,000

70%: $130,000

Assumed Reno: $20,000

Back Taxes: $20,000

Assumed Condo Fees: $10,000 (private info, can’t find)

Estimated max bid of property: A) $80,000

Auction is in two weeks so I still have time to research or adjust the number.

~Alan