All Forum Posts by: Account Closed

I won't raise my rents because the economy is on edge and there is competition. I wouldn't want to give someone a reason to move.

Jeff, did you do research on why it was sold last year and why is it already being sold again? Finding this information will help you determine if you're interested at all. The current seller is getting rid of it for a reason. You have to get it remetered (recommended) and the remodeling of the entire complex. I wouldn't pay no more than $150k I have a feeling that it won't sell for much more than that. Keep us informed.

I would refinish the hardwood. I have a few houses that I painted the hardwood floor with a oil based brown and it worked great. Anytime there is a mark or scuff on the floor I simply touch up. Lowes carrys a stock premixed OIL GLOSS BROWN for about $20 per gallon

Not filing eviction quick enough for non payment, destruction of property or etc. I put in my lease that eviction will be filed by the 5th of the month if rent is not paid. I follow through with the filing and tenant pays rent before court date or has to move 72 hours after court date. No free lunch or (no free 30 days) here.

is there a prepayment penalty? Can you get a discount on the cost of financing if you pay it off early? What do you plan on doing with the house that you buy? Rent it out or flip it?

Devon, look at the link below from realtor.com . There's a single family home in your city for $12k, I don't know the area. I'm sure you could get it even cheaper. Renters stay longer in single family homes because of privacy. I get duplexes only if they are dirt cheap and the area is decent. Let us know if you check out the house below.
606 Catalpa

http://www.realtor.com/realestateandhomes-detail/606-Catalpa-Ave_Dothan_AL_36301_M86706-59384

Did you agree on the listing price of $19,500? If you have to have it, shoot a low ball cash offer, $7k or so. Personally I stay away from housing projects, unless I own the projects. What are duplexes going for that are in other areas?

I left that part out Rich; about the undesirable areas. I'm not offended and I agree with you. I have family from Detroit that has move away as well. There's some areas in Indy that I wouldn't touch either.

Rich, what did you end up doing with the apartment building? How did you increase occupancy or did you sell?

I bought a 3 bedroom house with 1.5 baths. The renovations included ceramic tile in both baths floors and tub surrounds. The half bath was in the master bedroom which I added an addition to put in a jetted tub. In the kitchen I put in ceramic floors and mid-grade cabinets. The house showed like a model and set on the market for a year. I made 3 price reductions and no luck. So I had to figure what else I do make it sale. The dining area was open to the family room. I decided to close the family room off to make it a 4th bedroom. I then increase the price by $10k and got 2 full price offers days apart.

The lesson I learned here was could have done a basic rehab putting in vinyl floors and lower end cabinets, the jetted tub was not needed. All it needed was the 4th bedroom.

I would get a police report and use it to file an emergency eviction for destruction to property and that the tenant has made the area dangerous. This has worked for me and I had the tenant out in 5 days.