All Forum Posts by: John N.

If it's just a bad buy it is a mistake of monumental proportions.  Local comps alone show they are asking turn key price for a major renovation house.

If something big is coming its a pretty big secret.  I hope that's the case I'm in...lol

There is a SFR near my rentals that has just come on the market. I am at a loss as to what the seller is trying to do. The back story....

This house is in a C minus neighborhood. The previous owner developed a drug problem, went to jail a few times and in her absence her business partners cooked meth, busted out doors and windows, homeless folks slept in it and so on.  The owner finally lost it to foreclosure.  Here is what I don't understand.  In tip top shape this 60 year old block 3/1 house would sell for 50-65k.  The current condition is HORRIBLE, it needs a roof and when I say roof I mean it needs trusses and decking.  The roof is sagging and falling.  All doors and windows are gone and boarded over by the city. The interior needs to be gutted.  In my estimation the house needs 40-50k in major repairs.

I have been watching it because if I could pick it up for 15-20k I was going to. (I recently bought one near it for 25k)  The new owner, an investment group bought it at auction for $39,900 and has now listed it for $64,900.  I own three houses within a block of this place.  I am pretty sure on the values in this 'hood.  What possible strategy could they be thinking?  It seems like such a ridiculous price.

In an earlier post a few folks mentioned problems with Lowes and Home depot receipts fading  an easy solution to that is to take advantage of the email receipt service that both offer.  Its tied to whatever credit card you use and it automatically emails you a receipt,  Once you get the email simply save it in a folder that you create for each property.  This way you NEVER have to carry those receipt around and lose them and you never have to scan them because they come to you in a digital format. 

gift card

@Mike McCarthy The kind card idea is a classy move and would buy you a lot more than $75.00 worth of goodwill.

@Matt K. Home Owners insurance does, I've no doubt that renters policies do as well.

Meant to add ....therefore needs to be evicted ASAP.

This warrants one very frank friend to friend conversation and if that doesn't solve the issue your "friend" is violating your lease agreement and exposing you and your property. 

Rule #1 Don't rent to friends or family.

I'm not offering any advice in any direction but after reading your post I did some online research and filing for bankruptcy after serious identity theft is not unusual.  It's all so not uncommon for the identity thief to file for bankruptcy in the name of their victim.

My personal prevention method for this issue is a Simply Safe alarm system in my empty properties with only one sensor, a motion detector.  If anyone enters the property for an nefarious reason the police and I know about it instantly.  It costs $14.00 a month, no contract and nothing is hardwired.  When the property is rented I put the alarm system back in the box, turn off the service and put it on a shelf until I need it again.  This protects the property from squatters, thieves and vandals when its empty.