All Forum Posts by: Cole Barthel

Hey Dave! Did you still end up going with carpet tiles? How did they turn out? How have they held up over the years?

@Rene Hosman

Without yet talking to the buyer, it would appear so.

Just had a nice call with the Seller. She says that the buyer purchased it outright so he must have had the $300,000 ready to go. So I guess that's probably the end of that. We'll see. 

I'll update if there are any new developments. 

The homeless man sleeping on my bleeding hearts 4 days ago was really the final straw. I'll be going to the county recorders office tomorrow morning to check for any extra public information.

Quote from @Rene Hosman:

This may seem like a silly question but have you attempted to make contact with the current owner to see if they're willing to let it go? 

 I have not made contact yet. Just wanted to get other peoples thoughts first. That is the next step though. 

There is an LLC, but that was not renewed as was terminated Feb 2023.

Checking for any liens is also next up. 

I own a single family rental that does very well and I live in my other SFH in the same town.

Right next door to my house there are 2 properties, both 6 unit 4 bed 2 bath apartments. According to public record and info from tenants, the owners purchased both properties in 2021 as a contract for deed. Purchase price $850,000 ($550,000 down payment, $300,000 contract for deed with seller). 

The new owner has since failed to pay utility bills in one of the two building, causing it be condemned. It is now a spot for vagrants to break in to. The owner has been letting an undocumented family live there and try to fix it up at the cost of the family and charging them rent. Probably under the table or something. Very heartbreaking. 

In the second building there are 2 units rented out. According to the current tenant, there are repairs here and there that need to be made but the owner just wont do it. He also doesn't do any any lawn maintenance, or maintenance in general. 

Also, searching the properties on the county tax auditor site shows that the property taxes on both properties haven't been paid since 2020 by the previous owner. Shows close to $90,000 delinquent. I'm surprised the properties haven't been seized yet. 

These properties are just going down the drain and bringing the neighborhood with it. The city is about to build a new park right next door and I fear that these properties will somehow ruin that too. 

I am looking for advice. I would like to acquire these properties somehow and fix them up as someone who actually cares about this community, but I'm not sure if it's possible. I might settle for helping someone else acquire them as well or figure out a way for the previous owner to reacquire them. Just as long as the owner is someone who will actually take care of them. 

I think a perfect world would be convincing the owner to sell me the properties by assuming the existing mortgage and maybe giving him a little something extra. Not sure that he deserves something extra but if that's what it takes. Also, a loan to pay off the delinquent property taxes and make needed repairs. 

All advice on what to do is appreciated. 

@Tim Swierczek Thanks, will do

Hi everyone. I’ve been scrollIng BP posts for a few months now and I absolutely love how helpful everyone is. That’s why I would like to bring my dilemma to you and see what your opinions are. I am currently deployed to Afghanistan. I will get back home to Minnesota sometime next year. My plan is to get a college degree, start an apprenticeship as an electrician, and start building a rental portfolio. My conflict is that I dont know which order I should do those in. I want to start my financial freedom as soon as I get back by obtaining a positive cash flowing property and a full time electrical job, then after a few years go get my degree once I’m financially stable. On the other hand, I don’t know if I’ll be motivated enough to go college in a few years, so I might as well get it out of the way when i get back right? Thoughts?