All Forum Posts by: Mary lou L.

i made the offer! It was based  the value of the land. Now the wait.

I did find that if we put the new homes in in under two years we save 8000 in fees! And we dont need to leave any exisitng walls up  either. If we go bigger we just pay the difference in square footage.

Im thinking of other outs as well. If we just do the demo get the permits and plans in place, along with the utilites, ( needs new meter and line to pole, ) would that be attractive to a a buyer who wants to take over and build? 

Almost like just rehabbing the land! 

I am interested in hearing stories of your best REO deal! Was it listed at 150000 and you got it for 40000? or less? Was this from a price drop from the lender or did you just offer a lower price?

@Kelly R. 

 I am going to the planning department tomorrow to ask lots of questions and this will be one. I did find from the county tax assessors site,  that the property type is listed as

MINOR MULT/MINOR MULT.

I am hoping it means that if we tear both down we can rebuild two. But I am going to check on this as well. There is a parcel next to this one that has been split in two. I do know on some of these properties the only way to get two homes on one lot, is to designate one as a "granny home" and has to be occupied by an elder.

Even if this doesn't pan out I am know I am going to learn a lot, so this still will be a great experience!

Thank you for your advice!!!

We found a property that has two condemned homes. It is a REO listed at 86000. We are going to see it tomorrow. Per the agent it is of course cash only, vandalized property no electric due to no payment of bills ect. So we will be starting from scratch.

It is on a 10000 ft sq lot it has two homes and some outbuildings on it. Its in the country but with city water and sewer.

I was looking for advice and any blogs with experiences like this! If we get the property I will surely post updates!

I wasn't sure where to post this. Im not sure if she is on Bigger Pockets, but her rehab site is beautiful! I just love the stories of her rehabs and photos!

http://www.thegritandpolish.com/if-at-first-you-dont-succeed-a-shower-floor-tale/

Does your price include installation? I think painting the cabinets and new countertop is the most economical way to go. Also a nice faucet for the sink. How does the sink look btw? What other areas of the home need freshening? 2000 it seems is a lot for that small kitchen.

Very inspiring story! That is the way I want to do it as well but with a 4yearold grandaughter her parents and my 16yo son i just cant rip and make the mes i want at my leisure! Lol. I did do some tile work in the bathroom ( went without shower for about a week). I demoed about a 3x3 square of old waterdamaged board. It gave me a great lesson on tiling and all the fun that goes with it. Seeing your post is revving me up again!i cant wait till i have an empty house to play with! It really helps to have support...I have a few people call me crazy after I posted pics of my demo. And truly in my opinion it was pretty tame compared to your pics! Baby steps!

Originally posted by @Account Closed:

Originally posted by @Steve Babiak:

So when you bought it, the seller should have credited you for the prorated rent from date of purchase to end of tenant's term. No HUD1 so no proof that you were not paid (taking the tenant side because the judge in tenant friendly areas will do just that).
Now you were owed the April 22 rent so for that you have cause to pursue the tenant to pay. Hopefully your deed recorded by then.

Sorry, maybe I'm not being clear. The holdover tenant was mostly non-paying with $3K in arrears. That's why the sellers sold the property. :)

There were no prorations when I bought because there was no rent to prorate. I don't feel I have to take the tenant's side, because the burden of proof is on the tenants to come to court with proof that they paid rent for any days after April 2 .....at anytime......to anyone. My eviction team says that the judges here won't take the tenant's word on payment issues and that they must have proof of rent that they claim to have paid. I can't prevent the tenants from lying on the answer. Which they did on the first one. They actually wrote "We are current on rent". But coming to court and saying it in front of the judge without proof of payment is another matter.

My deed recorded April 7. At this point to make things cleaner, I think I"ll just skip the proration and use April 22 as a start date. 3-day quit or pay on Monday. New UD filing on Friday.

Thanks all!

Just curious to see how this went!

As of now he is only completes minor repairs. Everything has been unofficial to this point ( He has painted, been there to meet carpet installers, and other minor items)

As he lives next door he is in the best position to keep an eye on things..but it has I think turned into to close of an eye.

He is not a professional property manager, and as far as I know he does not manage anyone elses. He is a contractor. I have not seen his license.

This is the area I need to get smart on. Ive never had a property manager I have always had rent sent to me and handled all repairs by phone.

I will ask him if his license is current. Should I also get a copy?

I know as young renter I was leery of gas because of the idea that it could cause carbon monoxide poisoning and that the "flame" was always on. That was just me being paranoid..

Although my sister and her family about 10 years ago, did get Cm poisoning, it was an older home and the vents were faulty. They just started feeling sick for a few days, then finally a friend recognized the symptoms and they had the fire department over. They all went to the hospital for oxygen treatment.  They are all ok.

The house I am in now has a gas heating, and I bought the monitors to ease my mind. 

I would also think if the house does not come with a stove/ dryer the tenant would have to buy the right one. If they already have an electric one then it would make sense to ask for an all electric house. Just one more expense to consider upon moving in (if they had to buy a new gas or electric stove/dryer)