All Forum Posts by: Ralph S.

Use extreme caution, here.

Assessed Value: The amount the local Assessor has placed on the property. While it can be a relative indicator of market value, too often it is not. Assessed values are just a way to spread the tax burden among property owners and should not be used as an indicator of any particular property's market or investment value.

If a property owner didn't maintain or improve the property over time, (such as one on the market that needs repairs - sound familiar?) and with the recent market price increases, the assessed value could be very misleading and unrealistically high.

If this is what you're going on to make your decision, you coud do well to read the many posts in this forum on cash flow. You might have a fair deal if it is truly 20% below market (many seek 30%), but, you may not be getting any deal at all. To combine a retail price with a high LTV (Loan to value) could be a disaster.

I'm surprised none of the many cash flow junkies haven't responded to your post.

I can't speak to NC directly, but I think at least the LL has exposed your gf to a high risk of theft by not being there.

For the most part, the entry into rented premises under various circumstances is governed by state law, which might also consider policies considered non-standard, and any practices considered illegal and unenforceable even if agreed to in a lease or rental contract.

In the simplest view, when you rent, the tenant assumes some of the rights of ownership, such as a limited right to exclude others from the premises. The LL retains some rights here, such as to enter the rented premises in emergencies to protect the property (i.e. a water leak reported by another tenant) w/o notice, and others with notice, such as showing the property or having contractors do repairs or make improvements.

In WI, either the tenant has to agree beforehand, or the LL must give, in writing, notice of the showing at least 12 hours in advance. I've heard in some states, it's 24 hour notice. The tenant cannot refuse a resonable request (i.e. during normal business hours), given this notice, and common sense applies. The landlord also owes to the tenant, adequate protection against personal property theft, so the LL or agent would also have to attend, no "here's the keys, go take a look" allowed.

Similar notice has to be given if the property is for sale.

If the LL failed to provide a copy of the signed lease, they may be in a little trouble. Here, not only should the tenant get a copy of every signed document (lease, addendums, rules, Lead Based Paint (LBP) disclosure from the LL, and check-in/check-out forms) if the property was built before 1979, they should have received a HUD published pamplet about protecting your family from LBP hazards. It, too, is available on the internet. I think this is standard in all states. Check with your state.
Usually there are statutes that directly cover the landlord-tenant relationship. They may even, like WI, publish a pamplet that covers the statutes in plain english, which you might find at the county clerk's office, courthouse, or electronically on a website.

Lastly, and perhaps as a last resort, if the LL continues with the unnanounced and unattended showings, your gf could call the cops. It could well be viewed as an unlawful entry and get him in hot water. Again, check the statutes, or, ask a cop.

And, Don't change the locks. That's a tenant no-no.

Perhaps bamalucky wasn't so lucky and is just sharing (flaming) at the sum of his own experiences. His rant, sadly resorted:

1. RE rookie.
2. Attends seminar and/or buys gurus get rich quick package.
3. Downplays or doesn't get inspection.
4. Buys w/no money down.
5. Inexperienced as a landlord.

I'm just guessing. I really didn't take his flame as picking a fight, just as an example of venting after having jumped into something he was not prepared for, where failure comes at quite a price.

Shoulda-coulda-woulda come here first, had he known better!

gideon625

Perhaps you should consider the cost of your bandit signs a learning experience.

Ralph

We didn't use the FHA Loan programs, but, a couple times we did avail ourselves of the Weatherization programs, a popular thing here in Wisconsin. The first one was great, they came in and did their assessment, told us what they would do and how much it would cost us (about 10 cents on the dollar) and it went off without a hitch. Our second experience was a little different. In a Duplex with a boiler/radiated heat, the new boiler proved very problematic when the fire box kept filling with water, and the contractor doing the attic insulation fell completely through the 9' ceiling and down to the floor. Our last attempt ended when we were told there was a nine month waiting list. Also, around '02, it became very difficult for an investor to get a HUD home, as they were taken by owner/occupants before even becoming available to investors.

Hi Everyone

I'm Ralph Scott, and my wife and I are currently making a migration from SE Wisconsin to the Hampton Roads area of Virginia. My RE background started in college with a BS degree in Business/RE from a CA State College in '81. For my efforts, I graduated into the last big RE bubble burst, and at that time opted out of the lousy economy and joined the Navy. More recently, my wife and I began investing in HUD repos in '98, and did the sweat equity, buy-fix-hold thing while both still working our normal jobs, her as a Fiscal Analyst for the city, and me in Accounting & Finance for an S&P 500 company for which I've worked for the last 18 years. Just for fun, I also dusted off my diploma, studied up, and in '04, passed the salesman and broker exams here in Wisconsin and got my broker's license. Since then, I've been active in RE only for ourselves, friends and relatives as a Broker Associate at a Coldwell Banker office in Kenosha.

Now, things are such that we've decided to chase a dream. We've both got a history in Virginia Beach and have always hoped to return there. So, now we're in the middle of relocating to Hampton Roads, and just recently purchased a REO property in Chesapeake. My wife has already found work in VA, and I'm still working and selling our properties in WI. One property I'm finishing up is pretty much a full rehab, an 1890's 3/2 that at sometime was poorly converted to a duplex. We're converting it back and it will be hitting the market soon. All while I continue to work my day job.

So, I'm currently considering a number of options as I work toward leaving my long-time employer and starting anew in Hampton Roads. I think it safe to say my real estate adventures will continue in VA, but, to what degree remains to be seen. While there, I've attended a few trustee sales, been a pain to a number of agents, seen a lot of homes and see some real promise in the South Side market.

So, that’s why I’m here. I’ve had a fair amount of success, even if part time, and I think, a sound education and base of experience, and am seeking to acquire the contacts and sources to see if I can come up with a new income through real estate in Hampton Roads.

By the way, really nice site. A real one-stop shop for real estate.