All Forum Posts by: Andrew S.

Also depends on whether it is turnkey or whether you have to put in a ton of cash to rehab or take care of a lot of deferred maintenance.  The price to rent is workable but tight unless you expect amazing appreciation

...in fact, here are the two Zillow links that are relevant.  Apparently, this one is not currently for sale and just mislabel=led as such

http://www.zillow.com/homedetails/409-Prospect-Ave-2-Brooklyn-NY-11215/2106863939_zpid/

http://www.zillow.com/homedetails/409-Prospect-Ave...

No, I don't think this is a scam.  As @Sandor S. says, these are rentals that are mislabeled.  Sometimes a property is for sale and for rent at the same time, so there may be another Zillow listing for these properties that refer to the sale - these are clearly referring to rentals.

@Account Closed  suggested above.  Buy the cheapest blinds possible at Lowes/HD, and toss them out when they break or when the property turns over.    

@Yates Snyder you get an appraisal by hiring a certified appraiser (will cost on the order of 400-500 dollars).  If you intend to get a mortgage for the purchase, the lender will require an appraisal and as others have said, they will only lend a certain percentage of that appraised value - regardless of what the purchase price is.

You can work with a realtor to help you gather comps for any particular neighborhood.  The appraiser, if you hire one, will also generate comps for their analysis.

@Michael Lemieux 

 No, it's not actually at the lowest point of the property - in fact, the city sewage easement is at the back of the lot probably a couple of feet lower than the pump and maybe 3-4 feet lower than the house (I don't know of course how deep into the ground the sewer pipe runs under the house, but it seems that the topography of the lot is such that it should flow downhill back to the sewer easement (which I assume is where the sewer main is located).  It's possible that the slope, while downhill is not steep enough, I suppose.  Somehow this doesn't look like it is still in working order but I'd hate to disconnect it and find out the hard way (with backed-up sewage)..... 

There are several approaches, but you are wise to look into timing. What I have actually done recently in a similar situation is called a "delayed financing" process where you pay cash at purchase, fix up the property (if needed) and then finance for cash-out. You have 6 months from cash-closing to complete the delayed financing option and many (though not all) conventional lenders offer this product. You can normally get 70-80% LTV up to the original purchase price (plus closing costs). This is particularly interesting if you buy a fixer that would appraise low but will appraise significantly higher after repair. If your property already appraised at 130k you should have no problem getting the 90K back.

On the other hand, regular cash-out refi might be harder and DOES often have seasoning requirements.  You might have to wait 12-18months for some of those unless you get a special deal form a smaller local bank for example.  So really, perhaps the most difficult timeframe for cash-out refi is between 6 and 12 mo (even that is not impossible but may be with fewer choices)

I'm no lawyer and certainly have no specific knowledge of Ohio statutes.  However, if it were me, I would be tempted to bite the bullet and wait until the tenant gets back in town.  Then follow the required notification process (I'm guessing that you will need to give 30 days notice and possibly the termination might need to fall on the end of a month (or maybe the original day of month of move-in).  In other words, you may have to wait until end of August to get the property vacant?

It's possible that you can e-mail the termination notice, or post it on the door, but to be honest, that strikes me as a somewhat underhanded approach.  Think about it - how would you feel if you received a termination notice in the middle of your vacation meaning that you may only have 2 weeks to find a new place and move once you get back?  Yes, you may be able to force this, but you already have indications that the tenant will be combative and you may find yourself in a court with a judge who thinks throwing people out on the street while they are out of town on vacation is not a super-nice thing to do.

As it is, I assume that the tenants are still paying rent, so you are not really losing much by waiting?  Unless you have some desperate need to sell quickly, I'd take the more measured approach to get the property ready to sell.

Hmmm.  Interesting point @Tom Scott 

 - that might explain the oversized pipes too.  And the fact that I don;t see a pipe running back to the house (although that could be buried and invisible regardless of whether it carries sewage or water).  I guess I should bite the bullet and try to see how deep it is - I have so far tried to avoid getting too close, the liquid in there doesn't look too pleasant and now that you are bringing sewage into the mix..... I might just toss a lid on it and ignore it.....

Thanks @Brandon Pierce 

 and @K. 

@Account Closed Good to know it isn't some wicked surprise.....

It would be reasonable that the property started out (built in the 60-ies) on septic and well, but it has long since been hooked up to city utilities (sewer and city water).  The lot is mostly wooded (forest really - yep we are not called the city of oaks for nothing...) so irrigation is not a huge advantage to me.  I do like the idea of leaving it alone, just in case I would want to use it in the future.  You never know - water rates have been rising around here (though probably peanuts compared to some places).  I just need to secure it somehow so people don't accidentally step into it and hurt themselves.