All Forum Posts by: Dawn Jett

If all else looks good, especially if applicant was a homeowner, then I would have no problem renting to her. Previous homeowners always seem to take better care of rentals than serial tenants, IMO. 

Dawn 

Are you trying to do a streamline refinance? 

Dawn

Ditto what Jo-Ann stated above.  

It will cost a lot of money to conduct these inspections alone. Dealing with gas stations or locations of where a gas station once was is not for the inexperienced.  Even with the inspections, there is still a waiting period for using it for something other than a gas station, just because of the unknowns of gas vapors and potential soil contaminants. 

Honestly, if I were your Realtor, I would strongly nudge you in another direction and away from this deal. It would make me nervous for you. That's coming from the Realtor, experienced investor, and the mother in me (you're about the age of my sons).

Dawn

You definitely do not want to stop paying rent nor just move. Have your mom send a certified letter telling the office that the noise needs to be controlled, as it is violating your right to quiet enjoyment of your residence according to the AZ Landlord Tenant Act. If they do not do something about it, you can tell them you will be seeking counsel to cancel your lease.

Dawn

If you're hoping to rent to students, I doubt they will want to pay the extra rent for it. You might have to worry about them trying to have someone live in it for extra cash. I have twice had families rent garage space with electric to people for extra cash. Not a good idea at all and could get you in trouble, even if you're "not aware of it." Unless you're planning to pay the electric and split it between the tenant for the house and tenant for the workshop, you won't be able to rent it to someone else.  Also, you have to beware of who would be renting the workshop, as running a business could be against city/county regulations/laws, or could disturb the tenants in the home.

My apologies if I seem to be negative, but better safe than sorry.

Dawn

How about doing a lease purchase? Taking property subject to? Extended close of escrow to find buyer and do a simultaneous close? Does she need to sell fast? Impending foreclosure? 

Dawn

Lots of investors have properties in other states. Just make sure you have a good property manager. Choose one who will not charge a fee when the property is vacant. If they collect a management fee when the property is without a tenant, where's the inventive to work hard to secure a tenant? 

Dawn

They all have bad reviews. LOL  As a Realtor, property manager and investor, I have experience working with many of them. I have found 2-10 to be the best of all. Are they perfect, no? I have 2-10 on many of my properties. In my opinion Fidelity and Old Republic are the worst. Again, this is just my opinion. Others may feel otherwise.

Dawn

Great article! 

Also, a qualified intermediary cannot be your Realtor, title agent, or anyone who is already party to the transaction.

Dawn

I would start with a residential flip first. A gas station will almost always have to be a gas station, unless someone wants to hold it for a loooonnnngggg period of time. I can't remember, but I want to say ten years before it can be used for something else. It's been quite a few years since I sold (and yes, I actually have sold one) a gas station, but I doubt it will be a quick flip. If you're hoping to do a simultaneous close, then you could always try. Worst case, you lose your earnest deposit. 

Dawn