All Forum Posts by: Mike Palmer

So it electric radiant heat? 

You can call Rocky Mountain and they will give you the average monthly use over whatever period of time you want, and they can give you an idea what the monthly equal payment amount would be so you can compare to what you have been paying to compare. 

Glad you got it done, but you are being too nice in my opinion (or allowing them to be too pushy if you want to put it that way). 

Without a lease and/or a deposit you may not have any recourse if they destroy the place, and it doesn't sound like they are on good terms with you and may not care what you think anymore.

If you are still making money with the reduced rent I think that is fine, but in my opinion at minimum you should have a lease agreement and collect a deposit.

Do share these interesting conversations the seller had with your team...

And did I read it wrong or are you saying you have closed 6 other FSBO purchases while this was going on?

Maybe I missed it but what exactly is the problem? Did you pay them the money and they did not provide the product and/or service that you agreed to buy, or do you now regret the purchase and are trying to get your money back without accepting the product and/or service they are willing to provide? 

Just FYI: 24(c) is YOUR deadline to have YOUR financing and appraisal due diligence/conditions satisfied. If you don't have it done by that date, YOU forfeit the option to cancel the deal based on the financing and appraisal contingencies you may or may not have (see section 8 of contract). 

This is part of YOUR due diligence, and allows YOU to cancel the deal, but gives no rights to the seller to cancel. Read section 8 carefully and have them do the same, then enjoy your new house. (Another FYI, section 16.2 spells out YOUR options if they don't go through with the deal.)

Also, in light of their recent behavior, unless contractually obligated at this point I would NOT rent it back to them.

I would love to make one of these. Any chance of a Utah County meeting next time? 

Based on the minimal info you provided I would rent. 

If you have been looking for deals for a few months and not turned anything up there, it will likely take longer than that to find a deal here (in Utah). By then you are 1/2 way through the time you will be here (and I assume you would be renting during that time?).

Usually I have heard it doesn't make sense to buy (your own home) unless you plan to stay for at least 3-5 years, and you are looking at only staying for maybe 6-9 months after finding/buying the property. You would also need to find a lender that will finance a long-term mortgage with a 'temporary' job location (or find a seller finance deal).

Then you will move back and need to sell or find a management company to take over. And I think you are likely in for some sticker shock at the prices out here compared to where you are coming from. 

So again with what little I know I think you would be better off renting and learning while you are here. When are you coming, and to what city? 

I am not sure what that has to do with it. If the after care of the program is carried on by any unreputable or unhelpful company (regardless of location) then you will want to be cautious. 

I am not familiar with this one but I would probably want to talk to some of their current and/or previous clients/students for their perspective. 

Thanks for the feedback all. I probably would not have let them 'move in' (with all their furniture and stuff--more just a place to stay with a suitcase and air mattress or something), but I decided to pass on that idea. 

I have a situation where tenants are moving out and the new tenants are not moving in for about 3 weeks. I had an applicant that I would feel comfortable renting to but we offered it to someone else. She is relocating here for a new job and I just had a thought that rather than turn her away, what about offering her a short term rental for say 2 weeks? 

It would basically just be a place to sleep while she started her new job and found a permanent place to live, but would cover the income gap while waiting for the new tenants. If I gave her 2 weeks I would still have a few days/a week or so to clean the place and have it ready for the next tenant. Is this a good idea? Bad idea? Any thoughts? Would I use the same lease agreement I do for 'long term' tenants? Anything else I should consider?

Agreed, although I will not rent to someone that has not personally been to the property and knows that it will work for them.