All Forum Posts by: Pat L.

@Loren Thomas saw your bump so thought I'd throw this in as a fun appliance hookup of old...

Not knowing the area it's in, but we have one locally that he inherited that he now uses as a 1/2-way housing. He has about 20 units & told me he pulls in $825/month/unit & most of it is subsidized. They remain on their best behavior to avoid compromising their conditional release/probation conditions. The units are probably not much bigger than the cells they recently shared & maintenance does not appear to be his strong suit. 

From experience I agree with the electric heater fire hazard/electrical o/load issues. We had to replace several 15amp 14/2 outlets burned out completely from o/loaded electrical loads from heaters.

Assuming the electric heater(s) solution works out you may also want to pick up their electrical bill for the month.

Some years ago we picked up a 7 unit MF that had several vacancies running 2-3 years, poor PM & a live-in rent-free maintenance guy that was useless. The wife was NOT pleased as it was only bringing in $1300/month. We heard 23 viewed it & no offers. Definitely needed work & we went in $60k below asking. After about $30k in upgrades/code compliance the lowest rent is $900 highest $1350.

"There's just no way a stranger can wander into your title company, her complete control of your home, and legally be able to have you removed. And then hold all your possessions hostage.."

The IRS/DEA etc has been known to do just that !!

cancel the tour & move on, unless you enjoy wasting time & getting a dose of tenant drama.

As mentioned you need to confirm the zoning with the Bldg Insp. We have a couple of towns that have NO grandfathering & others that allow leeway. We picked up a duplex that was zoned single family & the town simply changed it as is. Another multi we bought cleared the Bldg Insp only to have 14 unsigned permits (going back 30 years) be discovered in archives 12 months after closing. It appeared that the owner had 7 kids & as each kid married they just added another apartment to the structure. That was a nightmare to resolve & it took 24 months to get it to code.

We have one in a town we invest in. We hold the notes on several rentals we sold on the same street. It's in a slightly light industrial/commercial area & occupied predominantly by older men some of whom are on SS or SSD. Place is kept in good condition & you often see them sitting on the porch or BBQ'g. Heard he gets $550-$650/room & it has 6 small bedrooms. 

You may only need to grind a small trench wide & deep enough to allow the door to close down into it. But water may accumulate in it & possibly compromise the door base. 

No they lucked into her grandparents home (estate) on the water, that has been in the family for decades. The Al wiring+ancillary equipt had to be completely updated, new mechanicals & sewer work, all new kitchens (2), bathrooms (3) etc etc BUT they stole it.