All Forum Posts by: Amer Swid

Thank you so much @Bruce Woodruff!! This is just an informative reply!!

One last question, from your experience, can the job done while people are living in the apartments? there are tenants residing in those places, so im wiondering if the job can be completed while they are present.

@David M.I see thank you!! Do you think this job can be done while there is a tenant living in the apartment? or this need the house to be evacuated since the electric is going through the walls. Just wondering

@Kevin Sobilo@Account Closed Well, thank you so much everyone for your time and valuable points!! I will probably then should ask the seller to deal with it or at least give me a credit for it and ill fix it (I will send probably the electrician and see how much would everything cost). I'm just not sure how should i proceed with the seller since they already accepted to drop 25k from purchase price, it will be hard to ask them again to drop another 25k. The good thing is that those properties owned by a church so im not dealing with one person, so they might be more lenient. 

Hello,

So, the inspection report came back with multiple hazardous flags that needs to be addressed , but the most one that it is expensive (25k cost) is the" knob and tube issues "of the electrical stuff. Its old house (1900s). Does anyone has experience with this. is it something that i need to address right away if i purchase this rental property. The original offer was 300k but then we asked for 25k off since there are other multiple things needs to be address like old furnace and stuff like that, but we asked that they take care of the hazardous flags. Now they said ok to drop 25k and we cover for everything including the hazardous flags. Should I ask for another 25k off, or should I walk away. How serious is this. The knob and tubing is in the attic and basement.

Thank you

Here is the report

Hello,

So, the inspection report came back with multiple hazardous flags that needs to be addressed , but the most one that it is expensive (25k cost) is the" knob and tube issues "of the electrical stuff. Its old house (1900s). Does anyone has experience with this. is it something that i need to address right away if i purchase this rental property. The original offer was 300k but then we asked for 25k off since there are other multiple things needs to be address like old furnace and stuff like that, but we asked that they take care of the hazardous flags.  Now they said ok to drop 25k and we cover for everything including the hazardous flags. Should I ask for another 25k off, or should I walk away. How serious is this. The knob and tubing is in the attic and basement. 

Thank you

Here is the report

So, I found a multiunit house and a single-family house both attached to each other, both owned by a church that put them up for sale. all units are already rented but lower than the market value. The single family house is rented for 1100 but supposed to be at 1300/month (my realtor told me so), and the other tenants in the multiunit property each pays 850 which supposed to be at 900/month. Another thing is that the least that they signed says that landlord will be responsible for trash, swere "basic fee" (not sure what that means) and lawn mowing. I really feels I need to increase the rent but the tenants are nice and clean and not sure how should I approach this. Their lease will be ending in 8 month from now.

@Caleb Brown Thank you for the reply. So, things that needs to be addressed is that the fernset is old enough and that might needs to be change soon. I will let the seller to address all the hazardous flags from the inspection report. I asked to drop the purchase price to 25k to cover my bases on the fernest and other stuff. 

@Alecia LovelessThank you so much for the reply. Yuppee

So, you found an 1880 multiunit house and a single-family house both attached to each other, both owned by a church that put them up for sale. You made an offer for both properties for $300k, then the inspection revealed lots of issues needing attention, though not major ones, so you offered $280k asking for a reduction in price. One apartment in the multiunit house is rented, and you plan to move into the other one to qualify for a better interest rate and lower down payment (25% vs. 5%). The rent from the single-family house and the rented apartment in the multiunit house totals around $1,950, and you'll be living in the other apartment (but let's assume it could also be rented for $900), making the total potential rental income $2,850. The mortgage will be around $1,900, and repairs, let's say, $100 a month. The total down payment with closing costs will be around $50k, and then add $10k for renovations, so out-of-pocket expenses will be around $60k. Do you think this is a good investment choice? By the way, the rent has the potential to increase in the future.