All Forum Posts by: Account Closed

I would not purchase this for several reasons.  If you are going to invest, invest in something with positive cash flow.  It doesn't even meet the 1% rule.  

That is sad, he is going down almost 50k for a 30k fix?  I have been where he is, and I know how disheartening it can be.  :-(

Please send more pictures to [email protected]  

Do you have any comps for the area?

As a user of AirBnB, I don't get what all the hoopla is about.  Most people rent them to save money over a hotel and it is more private than a hotel. You usually have access to a kitchen to cook, etc.  

 From the comments above, it seems that there is association with AirBnB with low class social and economic status; that is very untrue.  People tend to rent in areas they can afford so someone who is low class wouldn't be likely to be renting in a high class neighborhood.  The higher class the neighborhood, the higher the rate.  Any riffraff that exists most likely won't be paying those prices, they will be in the price range they can afford.  

To even use AirBnB, you have to have a credit card, be registered, and there is a rating system.  This isn't a pay by the night with cash hotel system.  So every time you rent, you are rated by the property owner, and the renter rates the property owner and the room, etc.. It is actually a very cool way to travel and has some safety features built in. 

Truthfully, the only reason they are being banned is because the cities aren't getting their outrageous 12+% hotel tax and zoning money,  and they are mad about it.  

I know San Fran banned them because there is such a shortage of property and people were buying property in the city to make into AirBnB's, thereby eliminating housing that people needed to live and work there.  That I can understand, but we all know Cleveland doesn't have a shortage of properties.  The poster of this string (James Wise) can attest to that. 

If they are worried about zoning/sales tax or whatever, they should create some type of AirBnB license or whatever, so they can get their 2 cents of the pie; that's all they care about in the end.

If you think about it, it is very much like a person who rents a condo at the beach, are you against those too?    It is not like running a hotel, it is very different.  It is much more like letting a relative stay at your place while they are in town.  You can't sell food at an AirBnB, you don't supply personal grooming essentials like a hotel, and at many AirBnB's (but not all), the owner is at the property at the same time as the renter.  

I think they are a wonderful way to offer economical housing, and I think the cities are just mad cause they aren't getting a slice of that pie.  

Dang that was quick, good for you!

Me too, Lisa Kovac [email protected]. thanks!!

@Austin Hughes  I won't say you are being a jerk, that's kind of harsh, but you are risking the deal.  If you are worried about losing $400, are you willing to risk the additional costs you will incur which will be much more than $400, if you lose the current buyer? It sucks and I'm sorry this has happened to you, but sometimes you just have to judge what is worse and try to be patient.   I think that is what your realtor is trying to tell you.

Good luck! :-)

@Justin Nichols  With that small square footage and only being a 2 bedroom, you are going to have a very small amount of people to sell to which means you could be holding it quite a while. I would move on to a 3 bedroom or a 2 bedroom over 1100 square feet that has the ability to add a third bedroom.  

@Ryan Kaplan If I could afford to raise the rent and continue renting it to recoup the $161k eventually, I would.  Either that or I would see if they are interested in a lease option and have the buy out be $161k.  Have you checked rent values lately via rentometer?  

@Hajj Gueye

I would never even attempt to ballpark value based on two pictures.  Go to the auditor's site and look to see the sales history of the house and how long ago it sold.  If you have a really good auditor's site, like ours, you may even be able to look at comps there.  

1.  Make friends with a realtor who can run comps for you as a favor, even if you aren't going through them to purchase the property.  Use them for a deal when the seller is using a realtor so they have a reason to want to help you.  

2.  Put the zip code into a realtor site and search within a range of a 1/2 mile and see what houses are selling for that have comparable features as this one.  

3.  Look up houses around it to see what they are valued on the auditor's site.    I usually guess about 1/2 to 3/4 of the value difference in 2008/2009 area and now.  So if the house was worth 60k in 2008 and the current value is showing 45k, I would guess in the middle, and see how that compares with the results of current houses for sale.