All Forum Posts by: Trevor K.

Unless the law says that the mold level is above the safe threshold, why in the world would you spend $3500 to "fix" it. I wouldn't renew with this tenant.

Avoid HOA at all costs. If for no other reason than this. They could pass a rule banning renters the day after you close, it happens. That is just the tip of the iceberg with HOA.

The money out every month with very little in return is bad enough. Do you really want to add the additional rules, and restrictions that come along too?

I would never buy a property with a HOA. Besides being big brother in your business, you get very little back for your money. If you were to buy a $100k property without a HOA, you could have a lower payment than a $60k with a $200/m HOA payment.

If you finance the unit as a four unit, and then rent out the 5th unit, you could open yourself up to problems. You would be breaking zoning laws, and maybe even committing mortgage fraud. I'm not a lawyer, Those are just things I would worry about if I were doing the deal.

Texts are much easier to prove than a conversation. I still prefer email over everything else.

Not enough.

You are forgetting the largest waste of money. Taxes. I never factor in appreciation to deals I make. In my opinion that is speculative investing, and I am not much for gambling. I think you are better off with more lower priced units, than one higher priced unit, their total value being equal.

There are a ton of bad agents who get in it , and don't stick around very long. I wouldn't hold your agent responsible for the situation you are in though. This transaction could also be no big deal in the seller's life, and he will get to it when he has a chance. You never know who you are dealing with.

Just based on what you are saying, it sounds like she is offering you her house at market price. What makes this house special?

Knowing what you know now, would you buy it today? If you would, then you should keep it. If you wouldn't then get rid of it.

I would sell it, and use the money for a down payment on the right property.