All Forum Posts by: Jim Mootrey

I am in the due diligence period on a short sale. The inspector found mold in multiple places in the finished basement. The house has been empty since July and the utilities were turned off. I think that is the source of the mold. It is not an extreme case: If you did not know what to look for, you would not even see it. But it will need to be dealt with and will get worse between now and the closing. The closing will not happen until at least January. I am fairly confident i can remove the mold for under $5,000.

How much would you ask as a discount? Assume any other issues have been accounted for in the original offer. We are talking a 2 bath 3 bedroom SF in the $140,000 range.

Thanks

we have a second home on a lake that we turned into a short term rental for a few years. Since this was not the reason we bought the house or the reason we still have it, turning a profit is hard to measure. A few things I did learn:

Property managers take a big commission. We were paying 30%

Even though most people try to take care of the place, it does get more wear and tear then atypical rental. More people in a smaller space.

Keeping it rented during the high season is easy. It sat empty during a lot of the off season.

Ours was marketed through the management company. They offered a website listing that seemed to work well. More marketing may have helped keep it rented more. Since my main goal was to pay off the mortgage and keep the place as a second home, I did not do any "extras".

I am in the process of purchasing a SFR in Woodstock and will be using Paragonga Property Group. (paragonga.com) [email protected]

Tell KK that Jim Mootrey sent you. This is a two person shop that handles about 65 rentals.