Deal or no deal?
I was approached by someone who has a property they no longer want. (4 bedrooms, 2 bathrooms) They owe $14,000 in back taxes on it and only want $5,000 for the property. It has tenants in it but they said that the tenants aren't paying. They seem like a very motivated seller.
On the surface this has several red flags:
- Possibly deferred maintenance issues
- Possibly code compliance issues
- Possibly bad tenants and trashed unit
This could either be a bad deal, a good deal, or a great deal depending on the details. I'm going to be following up this week.
Comments (4)
Brief update: - porch on house is falling off - some of the siding is bad - water bill is also unpaid (trying to find out by how much) - haven't met the tenants yet I agree with Jeremiah B. there could be bad prices. The sell price is something that can be negotiated but not the taxes or water bill; they are what they are. (Other than "give me $x and I'll take this house off your hands" which is a negative sales price.)
Dawn Anastasi, over 11 years ago
Deals appears to be good, so you should check the details even more closely.
Arun Chaudhary, over 11 years ago
Thank you Dawn! You're quickly becoming one of my favorite posters. It will be interesting to see how this one works out. But, I'm reminded of an adage; though it's not an adage that I live by: There are no bad houses, only bad prices. In most of the world, there's some truth to that. But, I'd wager that the super-low price point niche is one of the segments where the adage rarely holds true. Keep us posted.
Jeremiah B., over 11 years ago
what neighborhood is it located in
Zechariah Evans, over 11 years ago