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Weather mainly. I live in a #### hole, no jobs, #### weather. Charlotte just seems like a nice area. I want to live someplace where my face doesn't hurt when I walk outside for 6 months a year.What is special about Charlotte? Just better weather or is it something with the RE market?I am trying to get me local properties sold so I can move to Charlotte area.
Have 3 rentals. SFH in Pittsburgh that I'll be selling this year. Two townhomes in same complex in Charlotte.
HUD requires that 50% of the units be owner occupied in order for FHA loans to be an option. Without FHA loans property values will be held down. I doubt your "unit" will be grandfathered, just you existing lease. In that situation things can get political after a lease expires. I suspect the guy you talked about with 50 votes for BOD positions will probably have an upper hand in securing the units in the 50%. I'd start kissing some butt if you are going to put all your eggs in that basket.
I've been in the business since 2001. Basically run the company that oversees close to 1000 properties but that includes HOA associations.
Wife loves it,I'm ok with it. Very limited other options in this range. Would stay 6-10 years. Towards the high end of comps but not way out of range.
We have covenants which are filed with our county's auditors office. Would they need to be publicly filed?
Thanks.
Thanks GG
If the current price and then the money you need to put in right away are still a good deal for you, then it's a good deal for you.
If they didn't disclose this issue, then realistically you negotiated the price for a house that is assumed to be in good condition and anything major that comes up afterwards should be fixed or credited. On the other hand, they've come down quite a lot and in their mind they may have reduced due to issues such as this.
Very cool strategy and maybe I'll look into it.
I didnt wanna do it, wife made me. She wants some new furniture (plus we always want some money in the bank). I kinda caved in on this one cause we do need some furniture, but damn it.
Yep
Maybe it was last year, but I was discussing whether or not it was even worth it to own a home rather than rent. I even looked at both ways, as in, buying a house cash, or having a mortgage with maybe 20% or less of a down payment.
I would absolutely hammer this seller. You got the price down, what, 10%? They didn't disclose an obvious issue (to them), I guarantee there are other things your inspector missed you will be dealing with. This place is starting to sound like a fixer upper. Prepare to walk.
Sounds like a lot of risk, hopefully a lot of risk that is factored into the price and you get it for super cheap
What kind of risk though, just resale?
What risk? You said others on the street put up retaining walls or other things with "varying degrees of success".
Building a retaining wall isn't cheap and it will need to be able to pass inspection for you to sell it.
Not really interested in building a wall or anything like that myself. Mostly just trying to figure out whether the type of house I described would have foundational or other serious issues. Lack of backyard doesn't bother me at all. Just want to buy it, enjoy the awesome house, and then get rid of it when I need to. Curious if anyone in here had experience with a similar situation. Sorry if that wasn't clear.ghostguy123 said:
The best advice I can give anyone is to hoard capital. Get them to fix the issue. If you really want the house offer to bump the sales price $2500 and add $2500 to your good faith downpayment or want ever it's called in your state.
So you want to buy a house that is seemingly in danger of falling down a hill, probably needing structural support in some capacity, and you wanna just live there for x number of years doing nothing about that, then sell?
I have no idea whether the house is in structural danger or not. I won't until it is under contract and we have inspections. It has been there since the 50s, so I think it is a little overblown to think it could fall down a hill...However, we fully plan to have a foundation expert come out there and check it out if we come to terms.
Thanks Hulk. Backyard would be a concern be once we have kids in a few years, but there are a couple of parks in the neighborhood. My SO can't really be in the sun long, so we wouldn't use it much anyways. The house actually has a theater room in the basement (which is part of the reason I love it) so no need for an outside space.
If you telling them what you are looking for on the front end, it's on them if they flush their money down the pooper hoping their 3 prior evictions and meth conviction won't show up.
Only reason I'm asking is bc I have an opening and have been taking apps. One of the apps I took threw up some flags (as in he talked about how much money he had, pays cash for cars and Harleys, owns a home about 35 miles away from work and just wants the apartment for when he doesn't feel like driving home). Just seemed like a bunch of BS. Declared $6K/mo income on app.
I try to schedule my showings together. So I might have 3 or 4 people fill out apps at the same time. This is my concern as well. I wouldn't know what to do with the fees for those that qualify but dont even get a chance to move in (assuming the first one that qualify and call signs a lease).
Here's how I handle it.
Thanks BNB.
I collect the app fee immediately.
I can understand that. I takes all types and you seem to be getting more than your fair share. Got do what works best for you.
I think my stuff and tenants may be a little lower end than yours, and that may be one reason I get more wishy washy people than you. Or maybe its something I'm doing wrong. I'm certainly re-evaluating my screening/deposit/lease signing process.
