All Forum Posts by: Jerry N.

Thank you guys.

I knew from the beginning I will have to comply even if I disagree with these judgments. That is the wise thing to do in my case.
I will call the company and asked them why they need access to the attic? Maybe because they can it’s just another flight of stairs with locked door at the bottom, easy access. There is nothing there except chimney and furnace for 3rd floor. (Inspection is for 1st floor)
They have scheduled another inspection in July on a date that I will be gone for few days.
I don’t think I’m obligated to leave the key to the attic with the tenant.

Thanks again.

Like to know your experience or opinion.
Local Housing Authority has hired new inspection company. One of my property was failed for 4 missing window screens, 1 ungrounded 3-prong outlet and access to attic for inspection. This is 3-floor MFH, inspection was for the first floor unit. I have nothing against safe, livable and clean property.
But I don't think having screens in ALL windows is necessity or reason for them to access attic, this is not livable space, tenants have no access to it and none of my other inspectors in prior years ever had requested access to the attic? I'm planning to call HA and Inspection agency to get some clarification and maybe complain.

I know this can be easily corrected but where this stops? What's next?
Do you have any suggestions how I can reason screens and attic out?

Thank you.

I’m looking at duplex that is in very good town. The problem is that this property and property next door are the 2 worst properties in neighborhood maybe the whole town and the 2 are conjoin by driveways and parking lot (C properties in A town). I think the reason for the problem is the poor choice of tenants and lack of any property management (I have better section 8 tenants in my B property in C City). Next to both of these properties are condominiums and houses in good to very good condition. I’m thinking about making offer on the bad property that is for sale with condition to have current tenants out by closing date. Quickly rehab the property (mainly cosmetics, maintenance) and rent it out again to better prospecting tenants, this should be no problem (good town, very good schools).
Because the driveways are connected I can not easily isolate the two houses. ? The two properties form almost one complex and each is very visible form other side.
I’m thinking that in future I may try to purchase second duplex but I don’t think I will be able to afford this in next couple of years plus I don’t know if current owner will be willing to sell.
My concern for now is if the tenants and condition of the property next door will act as a major deterrent for getting good tenants for my property? Do you think my concerns are valid? Any ideas how I can make this work?

Mark your suggestion could work in so so areas but not some of the worst areas. Actually I would say you sign will encourage people to break in. 1) they will interpret this as you having valuable stuff in your house. 2) they will see opportunity for $500.00 income. These people have Police RAP sheets bigger then you lawyer archive, for them to brake into your house and get arrested is like for you crossing street in unmarked location.
When I first came to this country 20 years ago I lived and worked in poor areas it was amazing what these people will come up with to make a buck without doing honest work.

Jeremy,
Knowing nothing else about this property this would have to be in good area for me to make offer with your numbers. DON'T try to adjust numbers to satisfy current owner, this is business deal needs to work for both sides especially you, you are assuming all the risks. Don't feel discourage that your offer may get refused, all sucesfull people most likely had more offers refused then accepted.

I only low ball offers where I see potential in property but not at current listing price.
If the listing price is right and deal looks good to me I will scoop it as listed.

Hi,

Does anyone have suggestions how to find listings for commercial MFH? I'm working with my RE Agent and I do get MLS listings but I don't think MLS is very good source for these type of properties. I'm mostly interested in 6 to 10 family houses.

Mikel... the appraiser may have initially estimated this higher but then he lower this down closer to the listing price. This has happen to me, I was buying MFH and the appraiser said that he should have appraised that house to 20% more but not to trigger any red flags from bank he only came 10% higher. They appraiser are very careful now but that does not mean he is right. As another example I just have made an offer on short sale house listed for 350,000 my offer was 260,000 then the appraiser has appraised that house at 280,000 I’m sure he was influenced by my offer.

I replaced my printer and scanner with all in one Epson Workhorse 635. It has auto feeder, scans both sides of the page, good quality text printing, water proof ink, can print on both sides and has fax capability. I have not use as a fax yet. It has build in wired and wireless network. Its sizeable but still smaller then then printer and scanner.

Steve,

I don’t know your area or the lenders but I can tell you how I have found my lender.
I have been working with good real estate agent, he has recommended to me a mortgage writer for one of my purchases. Our first deal together was nothing special he did not know me I did not know him we were just building trust between us but our second deal went way smoother and now he is almost like my friend. It must have helped that I have recommend couple people his way and we did few more deals since then too. He has switch companies few times since then but I have always followed him, it’s the relationship that makes it special not the lender itself. Now I can call him anytime with ideas/questions about financing and we would brain storm the financing options together. Most likely you won’t get that on your first purchase but you will be surprise how quickly you can achieve this with right kind of folks. Try to find right person by asking around and build relationship together.