All Forum Posts by: Carl W.

Originally posted by @Will Fraser:

Hi @Carl W., there're a lot of variables and nuance to this, so apply it to your specific circumstance:

In general with university investing you are betting on the long-term health of that particular university (as well as the University system at large) and you are marrying that style of investment. The good news is that if your bet on #1 pays off, then selling the property 10-30 years down the line won't be a problem, as another investor will happily snap it up and participate in the returns.

So, if the rent is there, justifies the value, and matches the style of investing you want to do then happy hunting :) 

I feel like the rent is there and a reputable 150 year old college isn't going to go anywhere anytime soon, but I'd need to get it at the right price for the deal to make sense. It's currently overpriced. Just curious if others had direct experience with the variables associated with living so close. 

I am seriously considering buying a property that is basically in the middle of one of the campuses of our area's largest university. The home isn't located in the busiest part of the campus, which is downtown. It's more towards the quieter part away from the city center but still, only a few blocks from the student center, one of the student theaters, the library, university post office, and two small student residental buildings. The home is located right across the street from one of the academic buildings. Students can be seen walking to and from but not so much towards the end where the property is located. The foot traffic is heavier further down the road towards the aforementioned major buildings. 

I'd like to know the pros and cons of purchasing such a property, especially for resell in the future. It's a beautiful and expansive campus and I do like the feel and energy, but I'm sure there's downsides.

Thank you for this informative post. 

Originally posted by @Stephen VanMeter:

Is it a normal practice to put cameras up at small multi family dwellings? I ask because I’ve never considered it at mine.

I agree. I wouldn't think to put up cameras on a small multi-family either. As a potential tenant, I'd question the safety of the neighborhood if cameras were needed on such a small property. It's more common to find cameras on larger scale apartment complexes. 

Originally posted by @Angel Ginnett:

I would ask your realtor to obtain a copy of the leases. But from my limited understanding it's not uncommon with multi-family to not see the interior of the property until after it is under contract.  We have a tenant occupied property under contract right now and we did not see the interior of one until after we had it under contract.  We made the contract contingent on the seller removing one tenant that was month to month and was also creating a lot of mess on the property.  So seeing the leases ahead of time will let you know if this is going to be a long term issue or if there is time to have the unit vacant at closing. 

This is a great idea. I will suggest this to my RE agent. Never thought of this. Thanks!

Originally posted by @Dan M.:

Just my two cents I would never purchase something I couldn't see the inside of unless it were extremely extremely discounted. From the tenants perspective its a scary time, look you even said it your ready to boot them out. Maybe talk to the tenant and see whats going on if you ever get another showing. For all you know they are good people just don't want to move or have their rent raised. Maybe they are embarrassed their house is a mess. Maybe the current owner doesnt fix anything and the house has slowly deteriorated. Give people the benefit of the doubt. 

Side note - inheriting someones headache leads to profitability. If it were sunshine and roses why would anyone sell to you? 

The owner has been working on the home. But yes, I know for a fact that the inside is a mess. There has been a pile of trash in front of the property each week for the past month. I take it as a sign someone is in the process of a deep clean, which is a good thing. Hopefully, by the time I gain access it'll be in somewhat decent shape.

I found a multifamily home in my area that I'm interested in potentially purchasing. I've had my eye on it for some time and finally had the opportunity to tour it, however, when we arrived the tenant refused to let us inside. My agent was confused because the showing was scheduled in advance with the home owner the day before and everything was set. Of course, I was greatly disappointed because the home has been on the market for quite some time and I'd been afraid someone else would make an offer. It's a nice home in a great location.

Anyway, my RE agent went back to ask the tenant what the issue was and we were told we couldn't gain access because they had Covid-19. Enough said! We immediately left. But then the homeowner called my agent to ask where we were and what the hold up was with the showing. My agent explained the situation to the owner and requested a future showing ASAP. It quickly became clear to us why the property remains on the market. The tenants are not cooperating with the homeowner in showing the property, which would also explain why there are no pictures of the inside either after all this time.

This is definitely a case of disgruntled and/or deadbeat tenants. My concern is what that means for someone interested in purchasing the property. We don't have much information yet, but I'm hoping these tenants are not on a long-term lease. I would hate to inherit another person's headache. Has anyone ever dealt with a situation like this before? Any advice or tips?