All Forum Posts by: Account Closed

If it's important enough to her, and she is willing to pay for the camera and installation, sure- I would have it installed.  If she won't pay, I guess it's not that important.              By the way. it becomes part of the property, so when she eventually leaves, it stays.

be careful trying to get too comfortable.  This is business.  It's good to keep a little pressure on...it keeps you from getting lethargic, lazy, and sloppy.  Remember, the easy path is seldom the smart path.  

no- cap rate is a method of determining return on your investment that is calculated before debt service on the property.  For this reason, the cap rate calculation on an investment is the same if you are mortgaging the property, or buying it for cash.

Not sure if this helps, but if there is already gas service to the property, you can swap out the oil fired burner unit of the current furnace for a gas fired unit.  You will also have to install a chimney liner.  I've done this in a house that did not even have gas service...had it run from the street to the house (no charge) by the local gas utility.

Craigslist has one simple rule for avoiding scams- only do business locally with people you can meet in person...

I agree with Bryan- your roommate moved out and left a lot of stuff for you to deal with...so deal with it. You aren't under the same constraints that as a landlord.  She can't document what she left there.  Junk it, store it, sell it on craigslist.  She moved on. You move on. 

I don't really need 30 days, so that is open to negotiation with the seller up front.   If your seller is ok with it, I would leave it at 30.  Personally, I would not be comfortable with only 10 days...that just flies by in a blink.

Hi again Brandon- I don't know how your state's sales contract is structured- in PA, we have Addendum to Sales Agreement at the end of the sales agreement to cover these issues.My exact wording is as follows:

"Buyer and seller agree that within 30 days of the execution of this sales agreement, Buyer will perform any and all due diligence that the buyer deems appropriate for the subject property.  Buyer will contact qualified professionals to perform structural and system inspections on the subject property at the Buyer's sole expense.  Seller has the right, upon request, to receive a free copy of any inspection report"

Buyer and seller further agree that at any time during the 30 day due diligence period, Buyer, at his sole discretion,  will either: 1) accept the property in writing; 2) terminate this agreement, in writing, with all deposit monies  being returned to the Buyer; or  3 ) submit a written corrective proposal, in writing, to the Seller.  Seller will have 7 days to accept or decline the written corrective proposal.  Buyer will have 5 days after a written corrective proposal is declined  to accept the property "As Is" or terminate this agreement in writing, with all deposit monies being returned to the Buyer"

  I have other addendums regarding the documentation I require of the seller regarding pro forma costs claimed rent roll...

Hi Brandon- this is your offer-you make up the terms to suit your needs.   My offers state that I have a certain period of time to conduct "any and all due diligence deemed necessary by the buyer for the purpose of accepting the subject property".  You would of course state that your due diligence includes inspection of the other unit.

Another option would be buying this property, at the lower price, with a partner who would provide the cash for the conversion after the purchase.  Now you have a property with a resale value 80k more than your purchase price (instant equity for you), while moving forward in running this seemingly quality property without the lingering worry of that axe waiting to fall.  In other words, get in front of the problem.