All Forum Posts by: Bob B.

Have you checked the who s paying the water or other utilities?

Have you checked probate?

Google the owners name and see if you can come up with an obituary.  Sometime you can find next of kin or maybe an on line guest book that will give you some clues.

If all else fails move into the vacant side and become a squatter, lol...

Good Luck

I will definitely need a home inspector. I'm thinking of spending a few hundred to check the place out to get an idea of the overall upgrade costs and any potential pitfalls before I decide to get serious on purchasing the property or retreat from the idea entirely and look elsewhere.

That is a good idea. Don't keep your Dad out of the process.  I think his insight is valuable.

You buy the property and you get to live with the lease.

Some states are more restrictive and punitive regarding this subject and you need to be careful. Google Louisiana Tenant Landlord Laws and read the booklet.

Good Luck

Conway,

"I haven't run any hard numbers yet but my dad on the phone pleaded with me for two hours last night that I should not invest into the place because of the hidden expenses that would pop up over time."

So your dad had known this property for 25 years and has "pleaded" with you not to buy it.

He probably knows the property better than anyone but here you are asking strangers for their advice?????

I think you should listen to your Dad unless you can get this property for way less than what it appraises for. It sounds like you are emotionally attached to the property and that is not a good thing.

Lots of good info here.

Yes.

Welcome to the fun part of being a landlord.

Don't worry, your tenants aren't going to die without hot water for a couple of days. They can always boil water.

It sounds like you are doing whatever you can to fix the problem so I think you will be ok.

You might want to get them a gift certificate to Red Lobster or something like that.

Have a Happy Easter.

ps: It was 83 here yesterday.

Have her go with you to volunteer or visit at a local retirement home some Sunday afternoon.  Not one of the fancy ones, one where most of the residents are on government assistance.  Don't say "this is where we will be if we don't buy rental houses".  Just let her figure it out for herself.

People do not change their minds, they make a new decision based on new information.

Good Luck

Live off less than what you make and NEVER have a car payment.