All Forum Posts by: Bart H.

I dont think the doors are that big of a deal, especially if they were the original ones.

I don't like the black appliances, absolutely would have gone with the stainless.  And I hate the washer and dryer being in the kitchen, I definitely wouldn't mention it in the listing.

I know in that area its common to fill in the garage, I suppose its the thing to do by investors with flips, but its not something I particularly care for.

The bathroom does look a little bland and builders grade.  I think on your next one I would look around for a few items that would look like higher finishes.

And while you are in a tough area of town, I am somewhat surprised you aren't able to sell it.  Have you thought about renting it out?

I agree with others who suggest the overall look is a little bland.  Have you thought about staging it?  Staging could bring in a lot more color to the property.

IF that didn't work, get the price cut and get it sold., the first loss is your best loss.

You need to get it sold in Aug, school is about to start and your pool of buyers will drop off really quick after the summer. 

Best of luck to you

 GEt bids on installing units, might even just look at what it would take to put in central heating/AC units.  (guessing 4-5K/Unit).

If your market is ok with window units, and if the numbers work, I would just buy the property and look at adding AC units as an upgrade to increase rents over time.

 shouldnt cost you that much.  You can do it yourself.

Be careful though, I hear (although have not experienced it personally_) that its nearly impossible to evict unless they are behind on rent,  "if" your lease states that damage is paid first, then they would be late on their rent if they dont pay for the tree damage.

Remember, the judge, if it goes to court will be an elected official.  So they wont be overly landlord friendly.  Just have your ducks in a row.

 A lot of insurance companies are redlining, they just wont admit it.

I have had problems with insurance companies picking up trivial things to complain about in poorer neighborhoods, while ignoring the exact same things in higher end neighborhoods.

 It covers after you apply.  And you have to apply for the exemption in Jan.

 If you use a realtor, they will have access to the TREC forms. 

 The rules have changed somewhat from the crisis when we first got into our duplex.  But when we first started doing right after the crisis,   I think it was a year (maybe 2, I kinda forget) or so before they started counting income off of our rental towards the purchase of a new property.  Especially if you do not have experience as a landlord.

The flip side is they qualify a property on a fairly high percent of your income if you are doing an owner occupied loan. 

 ITs not legal advice, and I don't know what your specific state laws say, but I would scour your lease application to see if he lied about anything.  For instance did he file for bankruptcy before he applied submitted a lease application?  If so, I would see if it was legal to cancel the lease.

I suspect that you are inheriting a professional tenant.  and would do everything possible to push them out the door if possible. (legally)

 A realtor that I have used had a story of someone who did a sale and least back on a 500-600K house.  During the lease back period they did something like 20-30K of damage to the house..  There was no deposit, and the seller ended up just walking and there was little the buyer could do to get their money back.

If they are month to month, you pick the unit you wan to live in and give a notice (I think its 30 days) of non renewal.

You could even have your seller submit the notice as part of the sale so it is vacant when you take possession.

Financing should not be a problem.  I have gotten financing on a duplex that was going to owner occupied and had 2 active tenants.

you just have to move in, I seem to recall within 30 days, but I haven't ever had anyone ever check in to see if we had moved in.

Now for full disclosure, every time we have done an owner occupied loan, we have planned on and eventually moved in, and I would not commit fraud by taking out an owner occupied loan and never move in. 

But a couple of times its taken us a couple of months to get the rehab we were going to do completed before we move in.