All Forum Posts by: Tyler Ansell

@Candace Berry It's ironic because I had the same troubles myself, I looked far and wide and could never locate really any duplexes at all. Then the appraiser came back with 3 from the absolute hood, bullet-holes in one of them. Meanwhile my realtor put in some work on the MLS and found 3 completely different ones in much more comparable areas but they refused to adjust the appraisal. It all depends on whose looking I guess.

@Candace Berry sounds like you're ok with the result. In my opinion, if you think you've got just a screaming deal it might be worth it to send in an LOI and make the $4-500 bet and get an appraisal done on your own. Let them go through the trouble of finding comps for oddball properties.

I am in the process of purchasing a duplex right now and there's not many duplexes around. All of the ones that came back on the appraisal were in the hood and drove the value of my property down pretty substantially. The whole reason you would want the ARV number would be to sell, so maybe talk to a turnkey company you could list it with and see what they think. Like @William Hochstedler mentioned though, evaluation isn't based on income for less than 4 units.

I'd have an electrician come out and check it all out. Might be as simple as swapping a few of the outlets over to a new or different circuit. 

The change to owner occupant and the interest rate you mentioned sounds like an FHA loan in which you are required to move into the property within 60 days and live there for 1 year. If you do an FHA loan and don't move in/live there you would be in violation of your mortgage/mortgage fraud.

Sounds almost like the PM googled what to do when a tenant bounces a check in SC and found some laws. They are probably so confused. Charge the NSF fee, rent goes back to delinquent with late fees. Collect and move on. If they don't pay in a few days evict. 

Might be a good little pocket there depending on how many of those students that can actually DO live off campus. I would look into where the students that move off are living, conventional apartments/houses etc and figure out why there, then see if what you could buy could provide a better option for the student.

If they have to be 21 at the start of the semester you're probably looking at only being in school for another year max. One of the great benefits to student housing is that you can often times grab them for 3 or 4 years in a row because they have to finish school.

I would definitely bring it up over the phone or in person if you happen to see them soon, feel out what they're interested in and go from there. Definitely in writing when they decide.

Also, bedbugs need a bloodhost to survive so if the property has been vacant for more than a month or so there's a good chance they're already all dead.

Termites and bed bugs are very different FYI. 

Bedbugs can be taken care of pretty easily. As long as no more get brought in you should be ok. It takes our guy about an hour or two and he'll come back a week later and check for free and give us a certification letter. It's only a few hundred bucks depending on how big the property is so I'd ask seller to handle it.