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Updated over 7 years ago on . Most recent reply

User Stats

40
Posts
4
Votes
Jacob Barnhart
  • Durant, OK
4
Votes |
40
Posts

I'm making my first offer tomorrow. What should I be doing?

Jacob Barnhart
  • Durant, OK
Posted

Questions are bolded.

Realtors in my area are not very quick to make things happen. So after over a month of looking at a specific property (with hardly any help from the realtors I've contacted) I've decided this property will be a great starter for me, even at asking price if that's all the sellers will take. So the realtor told me Friday to come in to make an offer on Monday.

The property has two houses on it and a shop for me to run my side business out of. The main house needs upwards of $30,000 of renovations for me to feel like I can get the kind of returns I want. The natural gas heating has been deemed "dangerous" by the owner (or so the realtor "thinks") but I can't get much detail on what the actual problem may be. Regardless, they have the gas turned off. Since I assume the inspector will need the gas turned on, should I include some sort of request to have it turned on in the offer?

The second house (2/1 with carport) is still in great shape, Maybe a $3K-$10K needed to be really nice.

The second house currently has tenants that are paying only $350 plus utilities plus mowing the lawn. They should be playing closer to $750. They currently use the entire 850 square foot shop for their storage. I don't know how they get that much stuff to store, but they did. 

I'm not planning on using FHA financing so I don't necessarily NEED the tenants out immediately since I don't have to live on the property, but it would probably be best if I have them removed anyway since I didn't do their background checks, their rents are too low, and I need their storage space for myself, correct? Is removing the tenants something that needs to be in the offer?

 I am putting financing, inspection, and appraisal contingencies. What else do I need to know or do that you can see? What other information can I provide to help you help me? 

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