All Forum Posts by: Steven Lowe

Generally speaking there are two reasons why a property doesn't sell:  price and marketing.  It's possible that the price may be off, but also that you aren't reaching the right potential buyers in your marketing efforts.  

Things are pretty much moving ahead as normal from what I am seeing.  There has been talk of concern over certain policies the Biden administration may change or enact but it's far too early to be worrying about that now.  Certain segments of the marketplace are softer than others but those are where you can pick up good deals so it's all relative.  No reason to panic or start hoarding cash yet.  

BTW during the great recession and also to a far lesser extent when Covid first hit, lenders were still lending, they were just being extremely picky about who they worked with. So even if the economy falls off of a cliff, if you have good credit and a good DTI ratio you should still be able to borrow money.

Hey, Colby!  Sounds good!

You need to check with your local Section 8 office, but at a minimum you will have to make certain improvements to the property and pass inspection before qualifying.  

I love self storage.  Great property type.  It also historically has been quite recession resistant.  Remember though it's a business first.  

Did your MIL have an agency agreement between her company and the landlord allowing her to make improvements to the place?  

Did your MIL give written notice to the landlord regarding the repairs she had to make, plus allow the landlord the opportunity to fix any problems, or did she just do them without notifying the landlord?  

As others have suggested, refer back to your lease regarding how to handle any improvements.  

You need to speak with a lawyer about this before you do anything vindictive.  Selling off used toilets comes off as particularly petty and if this goes to litigation a judge might not side with you.  

 Make sure you honor the local laws concerning deposits, credit checks etc.  Different states have different rules regarding those.  But assuming it's legal, offering to reimburse or credit upon approval the $35 seems reasonable.  

I am not sure if this is the case in Boston, but when I see overpriced deals in other markets (example, Los Angeles) I just assume the pricing reflects both high demand and the hope/expectation that at that price the property value will appreciate quickly and somehow make an otherwise poor ROI into a good one. I've always felt that hope is a risky investment strategy that is bound to backfire at some point. Also, sometimes it's just the seller testing the market with an extremely high price and they aren't really that serious about selling.

I guess if the initial return is really low to a point it's OK if other metrics such as price per SF, vacancy, below market rent, location, etc make sense.  

"The secret of happiness is freedom, and the secret of freedom, courage."

--Thucydides

Just wanted to add that while I'm sorry for the situation that the OP is dealing with, it's always a good day when I learn something,  This thread has been very interesting and informative.  Appreciate everyone's contributions.