All Forum Posts by: Dianne Pettitt

If this is a good area and most homes have disposals, this is a good idea. We just bought a new rental that had a disposal broken and we installed a good disposal. Our rental contract is very clear about tenant's responsibility for breakages. If it is due to carelessness or misuse, they have to pay for repairs/ replacements themselves. We repeat this to our new tenants when when we sign the lease.

I have a rare chance to buy a duplex in my area of the county. It is priced at $17,000 over assessment. It is rented for $825 (2bdrm) and $850 (3bdrm). It needs some work & I might get it for $5000 under asking.

The other option is a 4 bdrm 2.5 bath SF short sale offered for $36,300 below assessment. It needs $10,000 - $12,000 work. First idea is to flip, but could rent it for $10500 + per month. What is the best investment?

I have owned one 4 /2.5 SF for 10 years and currently am flipping a SF 4/2.5.

Please advise!

I

About 3 months ago, our local county newspaper had a front page article sharing the latest research done by three professors at one of our state colleges. The price reduction was significant for neighborhoods with sex offenders.

Speaking with our attorney, he said that in the standard contract (Richmond, VA) buyers are put on notice that they have to do their own due diligence about neighborhood factors. So, we are covered legally from liability.

Virginia keeps a sex offender registry on-line that anyone can access. As a former teacher, I am very aware of this. (All teachers are required to take a certification course on child abuse). This site is monitored by the State and updated regularly.

We decided that we would avoid what I've heard is a common rookie error: trying to make something a deal when it quite potentially isn't.

Thanks, all, for the input!

Dianne

We are interested in making an offer on a HUD brick rancher (4/2) that needs only minor repairs. We plan to flip (or remote possibility, rent). We think that the numbers work for a good deal, BUT we discovered that a violent sex offender lives two doors away. Thinking of exit strategies makes us worry that we will get less for the home when we sell and may even have trouble securing renters. There was a local community publication article on this topic about two months ago, citing significant lower sales prices for areas with sex offenders. The location is good, schools are excellent, but should we pass this one up?