All Forum Posts by: Jessica Kiely

I am considering bidding on a property in on online auction on Auction.com. What are pitfalls and upsides a newbie should consider?

The general disclosure notes that some liens - if they exist - could carry forward. There is an inspection report which is helpful. 

We have 1 single family LTR and are seeking distressed BRRRR properties to grow our portfolio.

Matthew, thank you - well stated that if it's not under value, we shouldn't buy it. It is assuring to know you buy in these situations. 

Sam, thank you - this is very helpful. I will require documentation of the tenant's payment history, their current lease, and inspector and appraiser access. The property has been on the market for 15 days. It is listed at $9K over Zestimate and needs renovation. We would offer less than market. It is one street over from the single unit we bought last year (our first rental) so it's very conveniently located and in a familiar market. I read your piece and am glad to know about the Estoppel Certificate. Thanks!

I am considering purchasing a duplex with BRRR strategy. One unit is vacant. The other unit is occupied at under market rent (very under at almost half of current market rents) with 3 months left on the lease. According to the current owner, the tenant is not cooperative with allowing showing of the unit that he occupies. The units will require renovations that could take 4-6 months as we would do the work ourselves outside our 9-5 jobs. On one hand it may be a positive to have some income coming in from the remaining lease while we update the first unit. On the other hand, I would not renew the lease at under market rent and this tenant could carry over uncooperative behavior with me as the new owner.

What pitfalls should I be aware of and what actions should I take as we consider the purchase?

Thanks for the helpful advice @Jonathan Greene. What application screening service is reliable? For improvements to our process, I’ll say yes to all showings and update and reduce the # photos. Thanks again!

 

Acquired our first rental property and working to attract a qualified tenant. The rental is listed on Facebook and Zillow: https://www.zillow.com/homedetails/102-S-30th-St-Harrisburg-... We have had 3 showings but have been requesting Zillow applications before showing. We have many inquiries for a tour. Would you recommend showing to prospective renters without an application and/or having an open house? What else should we do to market and attract interest? Thank you!