All Forum Posts by: Atul Mohlajee

Seller has no job.  Lives off on income from two houses in the same area inherited from her dad.  Has problem is paying taxes.  Each house has a tax bill of $19000.  This empty lot has tax bill of $2400.  Good questions, appreciate your inputs all.

I meant either a house, or a small multiunit building?  I can probably bring price down.  The next door houses sell for 600000 plus.  I am also not sure to buy which is why this post to see what inputs people smarter and experienced people have.

Thanks.

Is it a good idea to buy a empty lot of land  in a suburb?  It is a mixed use lot at end of a residential block where a house, a condo building, maybe three town homes can be built.  Even a commercial building can be built.  I do not want to build these myself but will sell to a developer who wants to build.  I am getting a good deal from a motivated buyer but is it still a good idea?  Please tell your experiences.

This is an upper middle class suburb by the way.  I can possibly get it for 90000.

Thanks

It is 2017, and nobody even thinks gender roles.  I am generally dealing with wives only since they are paying bills/rents and also talking about repairs/problems.  There are a few tenants of three, four years I have never talked to and only met a few times being at their house or during applicaton process. 

An open box of unused magnum condoms after an eviction lawsuit. He left the whole house with trash including uneaten fried chicken. It was an upscale neighborhood where this SFH was $2250 in 2014 when he left. He had $110000 income plus his wife's income. They had visits from Village police and his wife had left him a few months before eviction. They were nasty with neighbors. I feel bad for their kids who had these role models.

Thanks all again.  I will ask my agent.

It is a side gig and extra income for me.  I like the idea of tenants paying my mortgages and still having a cash flow. It is an extra stream of income that can be used for emergency or fun. 

Thanks for all these great responses.  I have decided to purchase 1 million umbrella policy after reviewing all your view points.

Is there a need for extra umbrella insurance (extra 1 million or extra 2 million ), over and above regular individual insurance of $1 million on each individual property I own. I own 11 properties with biggest one being a 6-flat bought for $567000 this June. Others are 2, 3 flats, SFH's, condos, townhomes etc. Insurance company has been trying to oversell and just wanted to know others views on this. If I am sued on all 11 properties, individual coverage of 1 million each will be separately available and applied to each property.

Thanks.

I am venturing into apartment buildings therefore I am looking for Commercial lenders who can lend for 5 to 10 unit apartment buildings.  Please recommend.