All Forum Posts by: M Marie M.

I probably should have mentioned this property is in Central Florida, not the District of Col.

@Jerry Padilla thanks for the info. I will pass this along to my tenant the next time I can get a hold of them.

Thanks I will pass his info along.

From day 1 the tenant has expressed an interest in buying my one and only rental.

I'd like to sell said rental to tenant, eventually.

However:

•  House isn't worth more than 40K in it's current state, so renter couldn't get a regular mortgage (unless there is a bank out there that goes that low). I bought it with cash for 34K after the housing bubble burst.
• Tenant has crappy to so-so credit.
• Tenant is semi-self employed, with temp jobs in off season
• Tenant most likely has no savings
• I don't want to finance
• I don't want to do rent to own

Also I'm debating about doing some improvements to the property (new roof, maybe add A/C), since the value of the house, after years of declining, is now going up, because two vacant houses on both side of my house are finally repaired and occupied. This would increase the value possibly beyond the tenant's ability to buy, maybe.

Neither of us are in any rush, so I'm see what options there might be out there for my tenant. If and when I do make improvements to the house I would like to sell it and trade up for another property elsewhere. That is why I have no interest what so ever in getting stuck in a rent to own or financing it. I want to take the money and put it in another rental, now that I have a better idea of what works better for me.

So any ideas?

Welcome to BP. 

You may find it just as informative as a library of books.

I've got to chime in on the tenant bewilderment. 

People who could upgrade their housing that don't. It happens. In the public housing sector they are "over income" households, Google "over income housing". And in one of those "Millionaire Next Door" audiobooks I've listened to the author found many people who were worth over a million who still lived working-class lives.

Maybe that location serves that tenant's needs. Maybe it is in walking distance of where they work, maybe it is around the corner from their (non-custodial) child/elderly relative so they can see them daily, or whatever. But then again maybe they are making $100K but have child support/ student loans or a really expensive hobby (gambling at the Horseshoe Casino) that they love more than where they live. Maybe check the tenant's credit.....

I find the forums informative and sometimes I know things. I'm a librarian by training so I like to try to help. Success stories and cautionary tales are very helpful. 

That other concrete pad seems to have no purpose. It looks sad without purpose. Maybe it wants a screened in porch or sun room or pergola on it. Also you need something to conceal the trash cans if they need to be out front. I've seen some clever blinds and lattice corrals for trash and recycling cans.

Is that door to the concrete pad with no purpose a kitchen door?

Obviously it needs a fresh coat of paint and landscaping.

Accounting. But what do I know I dropped out of business school because I can't do math. I got a degree in history. Don't get a degree in history, also avoid art history like the plague. As @Matthew Vitlin mentioned a degree is good to have. It's helpful in getting a W-2 job, which helps in certain areas. Also as you get older going back to finish your degree gets harder.

Sorry no link was mentioned in the dead tree version of the Washington Post. And I see the contact email and phone number that was published in the paper was edited out of my post. Not sure why DC.Gov email and a DHCD phone number regarding a DC government service were verboten.... 

Just Google Housing Resource Center DHCD.

I just spotted this in the Washington Post-

"DC Housing department will hold free rental law seminar- The DC Department of Housing and Community Development is having a free seminar on District housing and rental laws from 10am to 1pm Saturday at the Housing Resource Center, 1800 Martin Luther King Jr Ave SE. Topics will include rent control, rental conversions, allowable rent increases, code violations, notices to vacate and what happens when a landlord decides to sell. This class is recommended for tenants, landlords, and tenant advocates.

I guess this Friday. Sadly I'm going to a conference around the same time.