All Forum Posts by: Jeff Gushman
Jeff Gushman has started 1 posts and replied 2 times.
Post: Does this deal sound tempting for a landlord?
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Correct, the current lease expires at the end of January 2011 and that is when I intended on buying it. Wait for now and save some more money and let her profit from her lease.
Her brother has a rental property but I don't believe she has any others.
Post: Does this deal sound tempting for a landlord?
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I nearly rented a house about a month ago. The landlord really grew to like me (she said she was very disappointed when she found out I wanted the house after she had rented it to someone else the same day) and said she wanted me in the house more than anyone. The house was leased starting this February for one year by another tenant. She told me next January she will ask the tenant if they want to renew and if not I am welcome to it.
I have realized I love this house and honestly I would do anything to get it. I am somewhat nervous that the tenant will want to renew and I really want this house. I feel also like it is a smarter time to buy a house than rent.
My question is, is there a good way to tell this woman/landlord that I would be interested in buying this house? She purchased it last year and planned to use it as her own house but decided to rent it instead. From public records I have determined it was purchased for $25,000 and she is currently renting it I believe for $650. I would be willing to offer her a pretty good purchase price for the house.
Is there a best way to do this? Should I set up a time to meet her, call her, email? Most of our correspondence has been via email. She is also a real estate agent so I think she is pretty real estate-minded.
I'm also wondering what people think the real estate market will look like a year from now. I'm thinking of offering her about $45,000-$50,000 for the property. She is an older woman (late 50s?) and if she bought the house for $25,000 at the current rate she is making about $7800 a year, minus taxes (about $3000)...that is $4800 a year, minus water as well, so around $7000 a year. At this rate it would take 3.5 to 4 years to make up what she paid for it. I think an offer of $45,000 would be tempting, right?
Prior sales include:
2008-$25,000 (foreclosure purchase)
2003-$103,000
2000-$85,000
1998-$43,109 (foreclosure purchase)
Just FYI it is a 2 bedroom house in Westland, MI. It features a fireplace and a large front porch, central air, built 1942.