All Forum Posts by: Mike Hanneman

It depends, as a builder or a seller a basement is the cheapest square footage there is.

From my experience trying to list a home FSBO, you spend alot of time showing to people who are just kicking the tires, no pre approval, and generally waste your time. Unless your margins are so tight you can't make money with an agent, I'd suck it up and hire one.

You'll get more traffic and the people that come to see your property are more then likely preapproved to get a mortgage.

Hopefully someone more knowledgable chimes in on this. 

I would check the title to make sure thats all she owes on it, there could be other liens, i.e. tax, mechanical, etc...

It doesn't matter to me how good the tenants are you need a security deposit. I would give them a new lease that demands a security deposit, you could even keep it month to month.

I would check with the current PM and see how they screened the tenant and how was the tenant during their lease, i.e. paid on time, lots of complaints, etc...

If that comes back ok, I would implement my lease to the current tenant, when their lease is up with the newer rent price. If they agree, great you never had to deal with a vacancy. If they say no then you get them out anyway. This way they won't feel that they are just getting booted and you will have a better chance of showing the unit to possible tenants.

You can get a conventional loan from a bank/credit union. It will be as an investment property and you'll pay a little bit more in interest then a peronal residence, but still only have to put up 20%.

Less of your money up front, but you should still make sure you cash flow based on your purchase price!! 

I don't ever feel bad for making a low offer, especially if your numbers back it up. The worst that happens is you don't hear anything back. If a home has been on the market for an extended period sellers could get motiviated to sell and are just waiting for the next offer to come in. 

Also who do you use for your RE attorney and CPA? I have looked up names in the phone book and online but haven't been able to meet up with a CPA yet due to tax season taking all their time.

Anybody in Coeur d'Alene, Idaho have a recommendation for these as well?

It is your property you can do what you want with it, within the law of course. Check your landlord-tenant law and see how much notice you have to give the tenants in order to enter the unit. That info is probably or should be in the lease. After you give them the required notice then you can show it on that day. I believe a common number is 24- 48 hour notice.  

Thanks David , do you happen to have any other recommendations just for comparison? Any credit unions you know of?