All Forum Posts by: Account Closed

It is a great location, the last unit I tried to purchase at a inferior location 3 blocks away sold over list price, and the association had an offer on the table to sell the whole building, most likely for deconversion. There is a lot of redevelopment going on near the property in inferior locations. I anticipate both the value and rental rate might out pace the regional market on this particular property. Property is extremely good for commuters, and limited rental competition near by. It's probably located in the 95th percentile of land value in it's city. 

Do think you have a good point about falling in love with a deal, now matter how cold and logical we all might believe our thinking is, emotional factors often sway us.

Sometime also could potentially litigate against the association for not meeting legal duties.

Thanks Bram, that was initially my concern however, it might actually be a bigger and or different problem than that. It appears they just don't spend the money or time to do anything not entirely essential. I don't think they are hiding anything, they just don't keep up with records on anything. And this could be a problem when I go to sell. 

So on contract to purchase condo. We were scheduled to close last Monday and seller's attorney, and property manager never provided YTD P&L, last year P&:L this years budget. The only minutes that were provided were 4 years old. No properly organized amendments to DECS. I am under the impression will never receive all the information normally expected. It is a 9 unit building, my gut tells me they should have about 120K in reserves, they have 6K, so taking the position will be going in upside down $12,666- and at least 1/2 of that will bite me in the azz over the next 8 years, between association fee increases or special assessments.  I really like the location, won't mention it, at the odd chance RE agent is reading. Digress, my thought is to ask seller to cover all the closing costs to make amends for not closing on schedule or providing needed documents for proper evaluation. No Mortgage, should be about 800-1000 to covers buyers side of everything.  Does that seems like a reasonable request?         

Every situation is different, if you drain all of your cash to avoid leverage than your probably taking more risk than borrowing because if things get ugly, no contingency funds are available. However, if uou drain all your funds to pay cash and have another source of large discretionary income that risk is mitigated. Additionally you avoid closing costs paying cash. Cash purchase discounts vary a lot, but expect 1-2 at a minimum, if you can average 3 add savings on costs than your going in the deal with a 4% risk advantage.  How much cash is king, has a lot to do with market heat, 4% could easily become 10-15% under more ideal buying circumstances. 

This is a little out of the box, wondering if you could build a one car garage with special features, loft storage, or taller door and roof to store larger vehicles, something that makes the garage look bigger than it actually is. 

This all sounds like a great idea if your in a  witness protection program. From a potential tenants perspective, all your attempts to remove yourself  from contact might come across as suspect, indifferent, or standoffish. Not that potential tenants are looking for a new best friend, but trust is a two way street. 

My initial intent was to rent it for a year and put up for sale at end of lease. Finding other properties I wanted to purchase was way to time consuming, took to much time off work, in the interum rental outperformed all my expectations. Still have the same tenant since the day I closed on property, find him very easy to get along with. He initially thought I was a complete azzhole. People often warm up to me over time.

Sell Sell Sell, maybe! All depends on your propensity to armchair invest.  I whine about driving 45 minutes to a rentals, than again I am really hands on doing 80-90% of repairs myself, the other 10-20% through cut rate contractors, that really just would not operate as well with remote direction.