All Forum Posts by: James Barnhart

I agree with Mary Shea.  Your main concern is to have everything inspected to determine it's present condition.  You don't want to find out after you bought it that you missed something.

Besides plumbing, electrical, roof, check for termite damage and HVAC.  

If there were termites present, and they were treated to kill them off, find out if they had already damaged the wood before they were treated.  So, a termite treatment certification should not be enough to satisfy you.  They could have been behind brick veneer walls for years, doing their thing before they were found.

It can be a good idea to do that.  But, remember that you are putting your residence at somewhat of a risk.  So be sure to be extra careful that you don't go too far out on a limb and take a big chance of losing it.  

It would definitely be a good idea to get to know the folks at a small community bank near you, and let them get to know you. Forget the big impersonal banks.  The community banks make the loan decisions right there, and they will value your business.  This has worked for me over the years.

Please add my name also.  Jim Barnhart,  email is [email protected]

I am also interested in Fort Wayne RE investing. I grew up there. Here in central Florida, the properties are getting too expensive to buy. I want to know more about REI opportunities in the Fort Wayne or Auburn areas.

I think I would get an engineer out there to determine what needs to be done to have a good stable foundation.    Then, you can get a contractor to give you a price for the work needed.  

Obviously, the property value is less, now that the some of structure was built without a permit and maybe not meeting the minimum code requirements. (not just a door)   And, since the work is covered up, who knows what is hidden in the walls and foundation of the kitchen and back bedroom.  If the seller could find a professional engineer that will sign a letter that says he inspected it and that the work was done correctly, the city might accept that engineer's letter to resolve the issue.  Of course, it might take a lot of  money to get the engineer to write that report.  

It's time to start over and negotiate again or walk away, it seems.  I would probably walk away myself, because the structure alterations apparently were built with the intention of deceiving someone to enrich themselves.

If you know for sure that she is the problem tenant, it seems that you need to get her out.  This is just another example of why I only rent on a month to month basis.  I hope that all my good tenants stay for several years, but if ever there is a serious issue that the tenant won't correct, I give them a 30 day notice that I am terminating the rental agreement.  It works so easy.  I never have any problem finding new applicants.

I agree with Dave Carpenter in his post above.  And, I like the KISS principle.

I only offer month to month rentals, but want them to stay.  If I need to evict them, it is MUCH easier to get them out without any hassles.  And, if their life situation changes and they need to move, then I don't want to force them to be there.  I always have plenty of folks that are wanting a rental if one becomes vacant.