All Forum Posts by: David Cruice

Simply call up the electric company and ask them.  They'll tell you.  Most of the times the electric bill follows the account holder.  Not so with water bills and municipalities.  Worst case scenario you and the seller agree to split the cost of the unpaid electric.  Can't be more than a couple of thousand bucks, if that.

Sorry to be a downer here, but be very wary of tenants wanting to sign long-term leases and who want to move in early.  It might sound like music to your ears, but a lot of times they're just telling you what they know want you to hear just to get their foot in the door.  Don't grasp for the first person to walk through your door as your future tenant.  You have to kiss (screen) a lot of frogs before finding a prince of a tenant.  Given that you'll be moving across the country, be VERY careful when screening prospects and only sign a lease if your background screening pans out and you have a good gut instinct on them.  Make sure you speak to their current landlord (If possible) and employer. Good advice from all the posters here, but @Ray Harrell is spot on.  This is a business; tenants are not your friends, and, like with your kids, learn to say "No" very early on in the relationship.  P.S.  And enjoy your last Christmas in your home with your family.

Sounds like you've started out well already, Christopher.  One option you have is to partner with the contractor in question - you provide the land, he manages all aspects of the project, and you both split the profits at the end of it.  This way you don't get nickle and dimed by the contractor and bleed dry of your working capital before a single shovel has broken ground.  Or you could take the land, get it "entitled", i.e. all the permits, plans, etc. approved, then sell it to a builder in a "ready-to-build" condition.  

David, keep in mind that you don't know that "a home that's been fine for decades".  Older homes are going to have more problems, especially if they have cast iron pipes and are older that 40 years (the expected life span of cast iron).  A house on a slab is far more difficult to replace sewer/waste lines than a house with a crawl space.  If you're going to buy an old house on a slab, see if you can get a plumber to inspect the lines with a sewer camera. It will cost you about $250.  Don't worry about the climate issue.  If the slab was going to crack, it would have done so long ago.

Keep it simple.  Send a short, handwritten letter telling the owner that you're interested you'll be interested in buying his property should he ever wish to sell.  Don't mention that he is behind on his property taxes.   He'll already know that and just feel that you've been snooping.  Mention the fact that he'll be saving on Realtor commissions should he sell privately, plus he'll have tax advantages should he wish to offer some seller financing, i.e. not getting hit with capital gains tax, etc.  A win-win for the both of you.  However, with that said, keep in mind that you've only get a very small chance of him contacting you.  Keep driving your neighborhood, locate properties you like, and, if you have the opportunity, simply ask one of the tenants, "Who do you call when there's a problem".  A lot of times, especially on smaller properties that you're going to be interested in, the owners self-manage and you might be able to get  the owner's phone number.  Worst case scenario is that you get the property manager's number.  Then call the PM and ask them if they have any owners who are looking to sell.  Good luck!

How long have you got on your current lease?  You can't be required to sign an addendum partway though a lease, but if you don't sign it you'll be looking for a new place in x months.  If you feel the dogs are friendly and don't think they'll bite, go ahead and sign it.  Either way, you or the next tenant the landlord gets is going to be signing the addendum.