Duplex
Hello all,
I can get a duplex in the North part of a major city and is not your greatest neighborhood. Things seem to take awhile to sell over there.
My question is they owe 280k on it, and are willing to take 245k for it and they will come up with the rest to pay off. Rents are 1850 gross/mo and I was wondering what all I should factor in before I go ahead and shoot for it.
Thanks
Tony
Can you physically bar access to the furnace? Temporary metal cage or a key lock on an door? Weld a heavy duty hinged screen and padlock setup over the access to the furnace?
Worse comes to worse, turn up the heat and let him keep the inside door open, try 80. Better to lose a few days/weeks heat than a building in a gas explosion. You could also add a better quality storm door to lower the heat loss. While not a pleasent situation, concentrate on prevent damage to the whole building and major loss until he can be removed.
As an landlord and Realtor I would advise to show and sell without the tenant. IMHO You limit your market to investors if they stay. Retail market will probably get you a higher sale price.
Jim
Thanks Finniganps
In FL, you have to be a real estate broker to be a property manager. If you have no experience, I would first work for a company to gain some experience.
In PA you need one as well. I should have provided more info about our plan. My partner and I are looking to possibly partner with a local RE company. They have an in house service right now but is far from a full service mgmt. company. Our plan is to take this over and turn it into a full service management company seperate from the RE company. The only catch is we would need to have the broker come on board as a part owner. He would be silent but receive a % each month in a tradeoff for his clients, any new ones, and using his brokers license. I already own a compamny and my partner has a full time sales job so working for a mgmt. company is out of the question at this point. Thanks for your thoughts and let me know if you have nay other input.
The only catch is we would need to have the broker come on board as a part owner. He would be silent but receive a % each month in a tradeoff for his clients, any new ones, and using his brokers license. I already own a compamny and my partner has a full time sales job so working for a mgmt. company is out of the question at this point. Thanks for your thoughts and let me know if you have nay other input.
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It will not worth time and money for a reputable Broker
working with you.