All Forum Posts by: Bill Fennelly

Look at the door jams and window framing while inside, everything should be square, if there is settling or structural concerns, these areas may provide an indicator that there may be a bigger problem that meets the eye...like those before me stated, bring a structural engineer or contractor with you, a few hundred to them may save a few thousand in the future...also remember that if the day comes that you want to sell that property this problem will be waiting for you on the exit side of this equation...just my opinion !

You can hire a local appraiser and pay him/her for their professional services, or even a veteran broker in that immediate marketplace...also it is not a bad idea to preview homes for sale (the competition) and kick around open houses, that way when they sell you will have a decent perspective on value since you have already been inside the property, forget Zillow...just my opinion !

Don't hang your hat on the Assessors Office, totally different entity than the Building Department, pull the jacket or file from the Building Dept to find out what the property "legally" is or isn't in this case...given the fact that it is a basement unit I would suspect that it is an illegal unit...the question I have for you is this (and the same you should ask the seller)...if a fire was to start in the kitchen of the basement unit, would the insurance company pay off for the repairs, if illegal no...more importantly, if that same fire kills someone in an illegal apartment that you had rented you may end up in a legal **** storm and possible jail time...a few years back in my area a fire in an illegal apartment killed two people and the slumlords are still in jail to this day...the answer is at The Building Dept...just my opinion !

No water beds...just my opinion !

Where is the property located, $14k on the east coast is going to be a dump, and probably in a high crime area, may end up costing you more than $14k in legal fees...if it's to good to be true it usually is...just my opinion !

I was 21, purchased a 3 unit property for $185k, just sold it 20 years later for $550k and that 1 house allowed me to but 6 others through equity and cash flow...wish I had bought 20 of them...trying to get back into it now !

If it is a great deal at $50k and will cash flow monthly at $500, you offered $45k and he said $47k, why not tell him you want him to be happy and go to the $47k which is still better than the great deal at $50k...what happens to your numbers number with a $25 a month increase or increased appreciation of 10%...do the deal at $47k...just my opinion ! 

Go to the Building, Zoning and/or Planning Depts to find out about allowable uses in that specific zone, setback requirements, have some general discussions with people at Town Hall who will ultimately be the ones approving any development on that site...ask questions, read the legal requirements in zoning ordinances, you may find that it is worth more, or possibly much less, the devil is in the details...just my opinion

no inspections = bad idea

just my opinion

Eric

Greetings from Beantown, don't hesitate to reach out if you have any questions.

Bill