All Forum Posts by: Barbara G.

I would be concerned abut this rent roll 

Why would the owner be the only one paying $900?  There certainly is no guarentee that she is remaining in her apartment.  Her apartment is probably only worth $600.  How do the rents in this triplex compare to other rents?  Compare it to Craigs list and Rentometer and to Zillow??

I would want to base the cost of the house on 3 apartments renting for $600 and with the vacant apartment filled.  I would think of this as $1,800 a month rent in total.   However with the sister that pays only $525 rent you would have to look at her lease.  If she has a 2 or 3 year lease at $525 that would not be a good thing for you as the buyer. 

You need a good inspection here to see what major renovations are coming up and what their costs would be.  Will this house need electricl up grading?  Plumbing updates?  How old is the roof and what would be the cost of a new roof?  

How much mortgage would the owner hold and at what percentage?  When you have all these numbers together take a good look at your position.

I would do many of the things suggested by BP members.   In adition I might suggest she/he apply for a temporary Christmas job in a department store or home depot type of store while she continues to apply for a job in her field.  I would also suggest she apply for emergency food stamps and public assistance.    

This is probably, before Chistmas,   a diffficult time to get hired for a new job in her field.  If she does not pay her rent I would proceed with an eviction  notice.

of course it's a good idea to bring a contractor in to give you an estimate of needed repairs.   But where are you going to find a contractor who will trail along with you if you are not paying him?

First of all I don't see that there has been any negotiating here. They have nothing to lose.  I certainly would not do this

Look for something else.  You have no control here and no leverage.  Do yourself a favor and pass on this.  Go find yourself something much better.  Now you have something to compare your next deal to,  You haven't even presented any deal numbers how can anyone even know what you are doing here.

I would first ask the section 8 office If I can charge additonal rent because of the wear and tear on the apartment and on the septic system.  I would have a house keeping provision in the lease.

I would also interview the person at her current residence and see if it is in clean and orderly condition.  If all these parameters check out I would rent the apartment to her.

As everyone here on BP will probably tell you just house hack.  Buy a duplex or multi plex and live in one apartment and put your $8950.00 rnt towar paying the mortgage along with your tenant (s) ren to pay the mortgage and expenses.  Get a

3 1/2% FHA mortgage.

Read how to do it on BP

Join a real estate Group and a Meet Up Real estate club 

 I agree with Wells Lange and the other above BP person.  Tell the Community Center to make an offer for you to consider.  You might say you have looked at houses and they are more expensive then you realized.  When they give you their  number you have the Zillow estimate, you have the number for price of the house you want to move into, you have the Real Estate people's number and now you are set to negotiate up

Look I am far from an expert but I know if it was my house I would know I lucked out and this is a gift horse.  I am not selling this to a poor widow.  I would ask for more and if they want to negotiate I would meet them somewhere in the middle.  

Zillow could be wrong and it could be worth more.  What are all the comps in the neighborhod selling for??  How much will you be paying for your new house?  The price of the replacemen house is also a factor in setting your price along with your moving expenses perhaps.   Don't wait too long or they might change their mind.   Remember you can always go down but you can't go up

Of course it is worth more to the community center thn it is worth to anyone else. They might even want to knock it down and build.  Find out what he fair  market price is and then think about about a premium amount over that price. Look at Zillow and see what they say about your house.   Find a place for  yourself to move or first settle on a price and have them give you time to find a new place

Your best and perhaps only price is going to come from that community center.  Its a win win situation for both of you

You are in the right situation at the right time.  Do your best with it.

Hi  and Good luck. I think you should join some Real Estate Meet Up groups/clubs and Real Estate clubs along with reading everythig you can on bigger pockets  As people have suggested you probably should buy yourself your first place and a duplex or thriplex  multi family sounds like a great start.  What ever you do do not buy any so called "coaching" programs.  Start small but start but make sure the numbers work.  

Can you get the same kind of job you have by moving nearer to your family??  That might be something you can or should also investigate.  Delaware  must be an easier real estate market then New York.  What kind of work do you do here in New York and what kind of similar job/salary can you get in Delaware?  You might consider buying you first Real Estate property in Delaware if their market is much better there/