Contract Is Signed; Need Some Advice
My partner and I signed a contract tonight on a brand new duplex that is deeded as 2-2 br 1 ba condos. 170K Documented appraisal; Purchase price is 100K. It's literally 4 minutes from downtown Nashville, Vanderbilt University, Middle Tennessee State University. Lots of conveniences, rejuvenated neighborhood (Thanks to folks like you). We plan to start each side at 80K. Any creative ideas as to how we should market this property?? I've had a few brainstorms, but I would like to see what some of you would say in an ad.
Starting tomorrow, we are going to take a bunch of pictures and make up some color flyers. I talked to a lady at the Fair Housing office and she said they would present the flyers their prospective first time buyers.
Also....can someone please explain to me the benefits of taking equity in the form of cash at closing. We have a huge opportunity here and I want to make sure we make the right moves. In other words, if this were your deal, how would you proceed?
Thanks in advance for any and all input.
Hello.
I just have a simple question. If you are selling both sides starting at 80k a piece, what happens to the building itself? Who will own that? Who is responsible for the roof, siding, etc. The only reason I ask is that you are dividing the entire unit into two and selling it as condos.
Ryan J. Schnabel
According to the zero lot line law, each unit has control of the building under which they reside, the half yard in front and the half yard in the back, the roof above and the siding outside each individual unit....which by the way are each very separate and distinct.
The roof is metal and has a lifetime warranty against defects and leaks.
Each owner's comprehensive and liability insurance will be written to cover the entire dwelling at a discounted price.