All Forum Posts by: Rusty Thompson

In my opinion it depends on how long you plan on owning it & how soon you need to rent it.
If you plan on owning it for a long time & need it rented right away I would not pull a permit (it can be a very long drawn out process.)
If your not concerned that the inspector might make you upgrade the structure, pull the permit.
If you plan on flipping it in the next few years, pull the permit.
If you can carry a couple months rent, pull the permit.

The reality is, your only saving time. Permits are relatively cheep & if you ever want to sell it w/ the extra sq.ft. then it will have to be permitted & recorded with the county. Which might mean the work has to be redone.

I've done both & have not regretted it either way.

Who is footing the bill? If mom, does she plan to keep paying once they are out? If its the kids, then why would you want to evict them if they are still paying.

If its the kids then just have them sign a standard month to month with & have them pay whatever deposits are necessary.

If its mom, then she is going to stop paying the bill anyway & you will have to kick them out.

Seems to me that who ever is paying the bill, are the ones who should decide who lives there or not.

I just bought a set of tires from a guy that buys "junk cars".. I found it interesting because re runs his business a lot like a real estate investor. He puts up bandit signs up in "non-incorperate" areas that get backed up with traffic. He doesn't pay more than 200 for a non running car. The ones he can resell he throws on craigslist, the ones he cant he brings to a yard that will give him 550 for them. Sounds like it may be a good place to start. I've been seriously considering it as a way to invest money while I'm building up my reserves

Also, if this is a problem now, I imagine it will continue to be a problem in the future.

You could always just remove the spigot. If you need a spigot there then replace it with one that is designed to be vandal resistant.

It seems like this would be the easiest & quickest solution. Better than waiting for the cops and utilities to take care of it.

Nothing short of Inspirational.

It seems like your trying to "make the deal work". If its permitted as a 2/1, then buy it as a 2/1. If you want to put the money back into it to bring it to a 3/2, then take 70% ARV of a 3/2 then subtract the amount needed for the demo & repairs. Don't get your heart involved. Counter & make all your concerns clear in writing. If they don't accept then move on.

How old its the neighborhood? If it's fairly knew then I don't think it will be a problem.if I was a buyer I would expect vacant lots. If its older out may be a slightly bigger issue, but I doubt it. Though you may consider doing some volunteer mowing on the lots to make sure they look kept up when you list.
Some buyers may actually like it since it means less direct neighbors

Also, what are you bringing to the table? Why couldn't your buyer just register to bid, and bid on it themselves? Putting asside the moral aspects of this transaction, I would think a "Joint Venture Agreement" would be your best bet. With your side getting say 5 points during the sale of said property. But again, these kind of antics are what gives whole salers a bad name.

Move them into a park, then owner finance them for 5 years.