property with Shared drive way with neighbour have not kept the property well

[Dhanya Geetha]

Hello all,

I am a first-time investor and found a property that gives me positive cash flow + appreciation, however, when I visited the property I saw that the property has a shared driveway with a neighboring property not kept well ( filled with garbage old cars, etc....) I am concerned that it will affect the renting potential of my property. I am looking for short-term \medium rental with traveling nurses. Does anybody have experience with the same ? All other factors work okay except this so I am confused about whether should I put an offer or not. The seller seems motivated etc. Also, what are all the things to consider while buying a property with a shared driveway? 

Thanks for all the suggestions.

[Alecia Loveless]

@Dhanya Geetha I have a property with a shared driveway. It’s a great building. When I bought it I told the sellers who also own the building next door sharing the driveway that when they wanted to sell that building I wanted to buy it. Lo and behold now they’ve verbally agreed to sell it to someone else.

I’ve had several problems with the driveway so far. The coowners and I agreed I would pay for plowing and they would mow my lawn. First year my plow bill was around $2700. Second year plow bill was $6000. Clearly this is not a fair trade for 30 minutes to mow the lawn twice a month for 4 months. I’ve since taken over mowing and will be finding a cheaper plow person

Second their tenants were parking in my tenants spaces. We only have 4 spaces for 4 cars. After 4 weeks the other landlord got this taken care of.

Recently one of their tenants had guests who parked in one of our spaces again for four nights. The other landlord said she’d take care of it but I believe their visit just ended and they left.

If I was going to buy a property with a shared driveway again I’d want a driveway agreement in place and if it led to a parking area I’d want more parking.