All Forum Posts by: John Pierce

@Ben Morris It sounds like this might not be worth worrying about. My primary concerns are collecting rent and making sure that the property isn't damaged. Other than that, best not to sweat the small stuff.

I used to live up there.  The problem with the Northern Neck is that there isn't much work outside of the Sheriff's Department, farming and the Omega fish oil plant in Reedville.

I sent you a private message.  Look in the 23222, 23223 and 23224 zip codes.

What repairs are you planning to do for $35,000?  If that $35,000 includs a lot of cosmetic upgrades in the kitchen and bathroom, you could skip those and rent the home to a Section 8 tenant for $1100 a month.  In 2-3 years you could still upgrade the finished and rent to a market rate tenant.

It sounds like neither of your would qualify for a mortgage on your own, but together you might.  Have you applied for a mortgage pre-approval? 

@Benjamin Haberman It sounds like you are the one being unreasonable. Water service and AC are legitimate service calls.

@Justin K. This isn't the washing machine. One person doing multiple loads of laundry reach day won't make the water bill jump from $400 to $1000. You have a running toilet or a leak in your service line (or somewhere else on the supply side).

Also, my experience is that 4-bedroom houses make lousy rental properties.  The neighborhood the house is in isn't terrible, but it's not great.  I would be hesitant to buy a house in that neighborhood that I couldn't rent Section 8.  One problem with 4 bedroom houses is that nobody has a 4-bedroom Section 8 voucher.  Another problem with rental four bedroom houses in low-income neighborhoods is that your maintenance costs will be much higher than for a three-bedroom houses but that they will rent for substantially the same amount.

Hey,

I know you didn't post the address, but I think that Westcliffe is only around 4 blocks long.  If you are going to buy the house, make sure you look at the home after/during a heavy rain.  My experience with other homes within a few blocks of the house is that the area is very flat and that the stormwater ditches do a poor job of draining water.  I have seen many yards in the area with standing water and crawl spaces full of water.  

Hi Josh.  

What neighborhoods do you own in?