All Forum Posts by: Dyna J.

The trouble is if you don't risk anything, you risk even more. -Erica Jong

Reuben,
The first thing you need to find out are the comps for your area and the average DOM (days on market). That plus location, amount of renovation needed, etc will determine what you pay for a property.

600 days is a huge glowing, neon "can be seen from space" red flag. My guess would be the place is overpriced and the seller is not willing to budge. Almost any home can sell if priced right (even if its a teardown it will sell for the value of the lot).

I also agree with looking at duplexes. I understand that 5 people will be living there but the actual layout is more important that the square feet. It doesn't hurt to at least go look at some and see whether or not the property can suit your needs.

So let me get this straight. You want to pay for the downpayment and closing costs while your tenant takes out/pays for the mortgage but your name on the deed?

I agree with Ed-- This will be a trainwreck. After a while your tenant is going to feel that she has more vested interest in this property and that it should belong to her. At the very least she is going to argue why she is part owner.

So why are you hesitating on getting a mortgage in your name?

"Do not wait; the time will never be 'just right.' Start where you stand, and work with whatever tools you may have at your command, and better tools will be found as you go along." - Napoleon Hill

"If you want to reach your full potential, start getting uncomfortable. Start taking risks. Expect rejection, pain, and disappointment. Allow the fear and emotions to run through your entire body, even if it feels paralyzing. It's part of what it means to be truly alive. In fact, your deepest discomfort signals your greatest area for growth." - Selena Soo

Rob,
This tenant lives in her home so i'm assuming he's renting a room. Also she said that he hasn't slept there since the 14th.

Kelly,
This tenant should not have any of your belongings-- thats simply a line thats shouldn't be crossed. Stop text/emailing him and legally get his belongings removed from the premises asap.

Scott, if you are willing to invest $23,000+ for this property ($8k purchase, $8k roof/foundation repair, $7,000 other repairs) why not hold out for a property in better condition? You said the comps were only in the $25-35k range so I'm not sure why you are so interested in this place unless the inventory is low. You really dont have much room for error with comps that low. You need to plan for more than one exit stradegy.

What are they offering for the house? Where would you stay after you sold this house (assuming a quick close)? Are you prepared to rent for a short time? Are your financial ducks in a row so you can purchase another (obviously better) home? I'm assuming you already have the answers to all of these but they weren't in your post so I had to ask.

I agree with Pat, if you can come out of this clean then I would move. Kids grow up sooner than you think and if the place is already cramped....

Wow really? Well chances are it was probably just frustration speaking. You might have been the 5th, 10th or 15th person to tell him no and he was upset that he couldn't help her. I really wouldn't worry about it. I would also follow Jeff Bridges advice about not putting the address in the ad as another level of protection.

Why this building, is it the location? Is that a good price for your area? I still think that financially you are asking for trouble by having to dig into your pockets rather than have the building be totally self-sufficient. I totally understand where you are coming from by mentioning how much you pay in rent but it really shouldn't have any bearings on your decision to purchase this building. How do you plan to save up 6 months expenses for a reserve/emergency fund?

Thanks Mike. I've been anticipating this moment for a long time. I looked at homes for sale frequently while saving up the money to buy one. I'm actually shocked that I haven't jumped in yet.

Thanks joshua D. I believe I read that already but will look at it again.