All Forum Posts by: Brad L.

My plumber told me a lot of winterization companies are a joke, and from my experience a property that was supposedly “winterized” can still have bursted pipes. Foreclosure we bought had 6 that needed to be replaced.

This is not a situation I've been in, so I'm speaking purely hypothetically and not from experience. It seems as though you could work with the Seller (based on what you said, seems like a good person that wants to do right by everyone involved) to have him/her provide your lease (with the current owner's information substituted for your own) for tenant signatures, set to take effect once the current lease expires. Assuming Colorado is similar to Wisconsin in adopting existing leases upon purchase (I have no clue if this is actually the case for Colorado), you'd essentially be adopting the lease you created.

Again, this is not coming from experience and isn't legal advice, just the initial idea that came to mind while reading your post. I'd definitely contact a real estate attorney to be sure it'll work.

I don’t think you should determine your price increase until you figure out how much 36 washers/dryers will cost you & get an educated guess of how much the water bill will increase

Varies by market. Another variable can be the Lender that owns the property.

IMO just run your numbers and make an offer you're comfortable with. There are always deals you'll realize you could've gotten cheaper, but if you're going to make money you're happy with it's better than not getting it at all.

Just re-read and noticed you don’t want to pay up front. What about a right of first refusal?

Life estate agreement

If you want to reap the benefits of the income, you need to claim said income.

http://www.selfstoragetalk.com

Unless I am reading your post incorrectly, I believe your statement on "avoiding capital gains taxes" is incorrect. The property needs to be your primary residence for at least 2 of the past 5 years to avoid capital gains taxes.

@Damien L. Right, but to me, it's obvious who's going to be accused; and with that, you would undoubted be dragged into it... "How can you rent to someone that stole from me" "Either I go or they go"

Again, coming from an overt pessimist. Regardless, congrats on the deal