All Forum Posts by: Janet Runes

@Dan Guenther I got your message and replied. Thanks so much for the advice and connection!

@Bill B. Great advice and ideas, thanks! My tenants have had an open offer to buy it for a few years at well below market price, but they just cannot make it happen. That would really be ideal. Thanks again for the guidance, I’ll look into all!

@Marcus R. Thanks for the advice. I have time, so okay waiting for the right buyer. Then I’ll be the one running out a 1031 :)

@John Williams Thanks for the insight, that’s helpful. 

I am looking for advice on how to sell a property without making the tenant move out for a rehab. I’d like to sell it as is with a $25k price concession for rehab needs. Is that something that happens? How and where do I list it? I’d like the tenants to be able to stay until a new owner takes over.

I own a ~1,015 sq ft, 3/1.5, single-family home with 1-car garage in Swansea. The backyard is big enough for an ADU with access from the alley. It is mechanically sound with new roof and siding in 2017. The tenants have been in place for about 12 years, so it does have wear and tear. They are month-to-month and pay below market rate.
I would prefer to sell it in its current condition and estimate that a diy remodel would top out at $15k. It needs new carpet, everything needs to be painted, the bathtub needs to be reglazed, and some of the outlets are still 2-prong. That would get it rental-ready. To get it homeowner ready would probably be another $8k for some kitchen updates.

A very similar house down the street sold for $455k in August. I would like to offer mine for $395k as a private sale. I am happy to consider listing with a realtor, but the price would have to increase to accommodate commissions.

I’m open to any and all advice from the community. Thanks so much.

I have the same question. I have tried to do my due diligence on the company and founders and it appears to be legitimate - but I could be missing some things. Their concept is excellent and they have some successful venture capital backers. My concern is the markets they're choosing to purchase into at the moment. I don't understand enough about it to know if them stocking up on single-family and small multi-family properties in the Denver area, at the current prices, is a good initial play that will hold up. I really want to go with them, but it would be fairly easy to con me.

I understand not showing it while occupied. I don’t understand the seller not having a thorough set of photos or video available so that, as a buyer, I don’t waste the seller’s time by putting in an offer just to see inside.

Thanks, everyone. What I’m learning here is investors have their own strategies and boundaries. I really appreciate hearing yours. Unfortunately, I did not plan this trip well and will have to leave the properties behind (in Cincinnati no less!). It never occurred to me that I wouldn’t see interiors. I don’t know why an agent would want to waste their time with fake-ish offers and due diligence periods. Moving along for now with more knowledge and forming a better plan. Thanks tons!

Hi - I have two rentals and am taking the leap in buying a couple more that will be long-distance. I spent a few days driving by potentials, researched them, then narrowed my list to 7 properties. I hadn’t looked at the listing agents for them while researching. It turns out the same agent represents 6 of them. He won’t show any of them because there are tenants. I asked for pictures. He won’t provide them because the “tenants are messy”. I have dealt with messy tenants - there’s a difference between clutter and damage.

Personally, I’m not prepared to buy something without a general idea of the interior condition and I’m interested in knowing why someone would. Is this something many investors are okay with?

@Rob Knapp Thanks - I do need to look into taxes, hadn't thought about that. I'm wondering if the prices will top out or stagnate while the i70 project rolls through, and if there will actually be a revival afterward. The house I have would list at ~$400k right now and I can't imagine anyone paying more than that in this neighborhood - especially for something that backs to the tracks. My home isn't worth that much and I live in Evergreen! :)  It would be great to hear your thoughts on holding something through a huge 5-year infrastructure project.