All Forum Posts by: Kathy Moser

Hi All,

I want to see if this unusual property I am considering purchasing will rent and at the price I need to it to cash flow. I was thinking about posting in a few forums something like:

"Unique home on 500 acres may be coming up for rent in Sept 2021.  2400 sq ft, 3 bd 2 1/2 bath in very private location.  $2,500/month.  All wheel drive vehicle required.  Property has Class 1 trout stream, is 15 minutes from Shoprite, Staples, Gold's Gym, Walmart and more.  House looks out on woods and stream.  Includes 1 garage parking spot, and storage in top of garage. Super quiet.  Excellent school system.  Please contact if interested."

What do you think?  There are almost no houses for rent in this area so hard to do comps.  It does have a rental history, it was rented by 1 tenant for 10 years but has been vacant for 2 years.  It has been cleaned and is in rentable condition.

Thank you in advance!

Thanks so much for taking the time to reply.  He has offered seller financing but I was thinking having a pre-approval from his bank would be useful.

Thanks so much Jonathan for taking the time to reply.  I had that same thought but just wasn't sure what rules there might be.  

Hey Real Estate Rock Stars!

The person I’m negotiating with on the property I want to buy is not the owner but is power of attorney for the estate of his family member who passed away.

He is also VP of commercial lending for a small local bank.

My real estate books say to reach out to this kind of bank as they often have more flexibility.

Would that create a conflict of interest or ethical issue?

I would be in touch with the residential lending side not the commercial side where he works.

thanks!

Hi Matt, thank you for taking the time to contribute to this chat.  yes I did ask him and he just said "I like to get one from all my tenants."  I'm also in discussions to buy the property from him partly utilizing seller financing so he's going to have that info anyway.  I've just never encountered it before.  

Hi Robert,  thank you so much for taking the time to reply!  My landlord is a banker and he inherited the job of landlording when his Uncle unexpectedly passed away.  So I guess that's what he's doing with the separate accounts.  I really appreciate your response.  I'm in NJ BTW

Hey Real Estate Mavens,

I'm hoping to buy the house I am renting this year or next.  My landlord just sent me a lease renewal and included a W-9 Request for Taxpayer ID.  I've never had this request before.  I understand why he might want my social, I want to maintain a good relationship with him, but wanted some input on if this is normal?  I've been here 3 years, am the best tenant they have.  What are your thoughts?  Thanks in advance.

I'd love to be added to the list for the next session, thanks so much!

Hi Cindy,

I'm in Morris County and am hoping to do my first deal this year.  I just attended the NJ Real Estate meet up for the first time last night.  You can contact Heera Sidhu to ask be be added to the list. I can't post his email here so look for him on the forum or the facebook Bigger Pockets.

Hi Real Estate People!  The property I am considering buying is zoned for cell towers and one of the carriers has expressed interest in the past in locating a tower here.  It's a large parcel, 100 acres, so the tower would not be by the houses.  It could be a game changer in terms of cash flow.  Does anyone have any experience with this?  Thanks!