All Forum Posts by: Gloria Mirza

@Kyle J. I think the neighbors tree falling on the roof would be a different situation because the tenant didn't put the tree there.  In this situation the tenant did put the garbage can in-front of the window.   

Yes we do have strong winds.  I looked at my lease and it states "Tenant shall not obstruct or cover the windows or doors".  A garbage can in front of the window would be an obstruction.  After some thought I decided that the tenant is at fault but I will cover 1/2 the repairs since they are good tenants.

Thanks for the input.  Guess I have to repair a window now :-)

My tenant says that the wind blew a garbage can over and it broke a window.  My question is, who would be responsible for repairing that?  

I would buy it if it's a good deal.  The one thing you should do though is treat the tenant as if it was your permanent tenant.  I.e. verify that the tenant has been paying on time, do a background check to see if the tenant has a criminal history and verify that they have good credit.  If all that checks out you can move forward but make sure to collect the security deposit from the seller.   Also talk to the tenant and try to get a feel for what their situation is.  Since there is extra work in purchasing a house with a tenant and you are taking on more risk, the price you pay should factor this in.

"Be Fearful When Others Are Greed and Greedy When Others are Fearful" 

- Wareren Buffett

Point is, just because nobody is buying now doesn't mean they wont in the future.  I don't know much about the Detroit market though, so you might be right :-)

I agree with the rest of the posters.  It's simply not worth the risk and effort to manage 50k worth of rehab repairs for 10% equity.  I don't know your specific market but you should be able to get a better deal.   If not, be on the lookout or a short sale, you can get 10% equity in that without having to do the rehab yourself.

Welcome Krishna, this is a great site to learn from.

I'm purchasing a house and my 30 day rate lock has expired.  Currently the rate is about 4.125 and I locked at 4.25%.  The lender says that they locked me again at 4.25 but I never asked for that.  What are my options?  Is it fair for me to insist on getting a new lock at todays rate?  We should close by this Friday and they are going to draw docs tomorrow.

@Chris M. this post was from Dec 5 and I didn't receive any responses until today :-).  Thanks for responding again though :-)