All Forum Posts by: Shawn Connors

You said you thought you could buy it at 95K with a 10 year lease.....how does a lease buy a property?

Do you know what a zoning variance is? It's an exception to a zoning ordinance that is given to an owner concerning the use of a property.....like allowing 9 unrelated people to reside in a house. The variance can (and usually is) granted to the current owner. That means if she sells, you may have to apply for a variance. 

Won't go into what a zoning board looks at, but one thing is your experience in providing this community service. Bottom line, you may not get the variance and there goes your 9 ladies in waiting. 

Her motivation to sell, besides not having hubby to fix stuff? What if her variance runs out in 6 months and she knows the city won't renew it?  

Such half-way houses are usually run by non-profit organizations, they may have a variance, the owner might only be involved with the property side under a contract with that organization, if so, what's the status of that contract?

Before you can contract on a property you should know the value. To find the value you need to determine the highest and best use. Without knowing the details of the issues mentioned, you can't determine the best use or how long that might continue or even with whom it may continue. 

You have some due diligence to do before seeing the property and talking to the owner about a price or the method to use to acquire it. Get the details......and running such an operation is not just being a landlord, that is a job for social workers! :)

You said you thought you could buy it at 95K with a 10 year lease.....how does a lease buy a property?

Do you know what a zoning variance is? It's an exception to a zoning ordinance that is given to an owner concerning the use of a property.....like allowing 9 unrelated people to reside in a house. The variance can (and usually is) granted to the current owner. That means if she sells, you may have to apply for a variance. 

Won't go into what a zoning board looks at, but one thing is your experience in providing this community service. Bottom line, you may not get the variance and there goes your 9 ladies in waiting. 

Her motivation to sell, besides not having hubby to fix stuff? What if her variance runs out in 6 months and she knows the city won't renew it?  

Such half-way houses are usually run by non-profit organizations, they may have a variance, the owner might only be involved with the property side under a contract with that organization, if so, what's the status of that contract?

Before you can contract on a property you should know the value. To find the value you need to determine the highest and best use. Without knowing the details of the issues mentioned, you can't determine the best use or how long that might continue or even with whom it may continue. 

You have some due diligence to do before seeing the property and talking to the owner about a price or the method to use to acquire it. Get the details......and running such an operation is not just being a landlord, that is a job for social workers! :)