All Forum Posts by: Vonetta Booker

Thanks for your advice, guys. @Annette Hibbler , I didn't think about the potential close-proximity issues that could affect my tenants & me if the other owner's not together. 

Of the many potential rental properties I'm scoping out, I've come across a couple that look like they may work--however, they're half-duplexes/townhomes that are a little crappy looking on the outside.  You know the type where each side has a different owner and they either look mismatched (based on the owners' tastes) or one side is more run-down looking than the other. 

What can a buy-&-holder typically do in a situation like this?   I think curb appeal definitely plays a factor in attracting quality tenants, but I feel my options would be limited since I'd only own/have control over one side.  

On the flip side though, I like half-duplexes because they have lower, condo-like prices without the HOA fees--and w/ the higher # of bedrooms in general (usually 3/1.5 vs a condo's 2 or even just 1), one can command higher rents, depending on the area.

Oh, I dunno...thoughts, anyone?

Thanks for everyone's feedback (I'm like wow, it reached 2 pages, lol! ;-).  @Kimberly H. , I totally hear what you're saying--I did decide to move on (plus my lender didn't feel comfortable going in on the deal either based on the oil tank & it possibly being much since it's my first deal).   IMO, sometimes the best deals are the ones you walk away from!

As a matter of fact, in the listing next to "Oil Tank" it still reads, "Not applicable" and there's still no mention of it in the listing. Doesn't say anything about no inspections.  

I reached out to the listing agent, pointed this out & asked if the bank was disclosing the oil tank to future buyers since they're now aware of it. (Haven't gotten a reply yet.)

Depending on the area, DOM, etc.--do you offer below list price? If so, typically how much?

Something interesting I noticed on the MLS just now: After I declined, it went back on market w/ the price reduced to my $135k offer (previously it was $155k).

I guess that kicked off the typical "price drop swarm," because 3 days later it was pending once again.  

Hmmm, I wonder if they know about the oil tank??? (I wouldn't be surprised if the bank still "forgot" to mention it.) Oh, well...good luck to whoever's buying it...seems like they'll need it!

When you come across an REO that's been on the market longer than 60 days, do you even bother? When I see these, I'm not quite sure what to think; I figure if it were that good of a deal, someone would have snapped it up already--so I'm inclined to think that perhaps something's wrong w/ them.

If you have purchased a long-DOM REO, did it turn out to be a good deal? How much lower than the list price was your offer?

Or did you uncover a reason no one had snapped it up?

 Okay?!  I'm sure folks who've dealt with him wouldn't be too racked w/ grief if he came up, as my aunt used to put it, "floatin' & stankin'"!

 That's actually not a bad idea--to look up the property owner on the assessor site & call them directly.  At least then you know who you're talking to.  

Also, go 2 or 3 landlords back when you check references--if they're horrible tenants, the current landlord will say glowing things just so you'll accept them as new tenants--and then they won't have to deal w/ them anymore!

Looks good--I have it on my calendar!