How To Do Out Of Town "Due Dilligence"?
Looking into doing some out of town purchasing of SFH. Can anyone offer any suggestions on how/where to look for information to make a good educated decision on purchasing?
The market I am looking at is Huntsville, Alabama.
Any input on this market from anyone?
Thanks in advance.
Here are a couple of places to start.
Madison Judge of Probate
http://probate.co.madison.al.us/
Madison Tax Assessor
http://www.co.madison.al.us/services/taxa/
John (LV)
Thanks all for your advice/ideas. I think my next step would be to locate a local to work with.
If you are in another state you should have had a property manager or at least knew what you would do when you had a problem.
But on to your question.
Your state laws should be about same as mine and you would have to wait until late, then send 5 day pay or quit notice and then file a unlawfuldetainer.
If you could speak to the other person you may be able to bluff your way thru it and get them to agree to move out sooner. But cant treat it as a move out or adbandonment unless all have moved
I had a similar experience. The property was in a great location were there were little vacancies. The tennant reportedly had a substance abuse problem and was fired from his job. I knew he could not pay next months rent. He had damaged brand new carpeting (multiple cigar burns and stains). His security deposit just about covered replacement cost. (I am new at this and I only required security deposit not last month rent.) It was better for me to offer this tennant $200.00 cash if he got out in 48 hours. He agreed signed early lease termination. ( quick cash is powerful incentive to substance abusers) I was able to forgo eviction and rent out in 5 days after paint and new carpeting. If he did not accept offer I would have evicted him for not replacing security deposit or for failing to keep property in "clean order and free from excessive damage (more than normal wear and tear.)" as stated in lease.
I had a similar experience. The property was in a great location were there were little vacancies. The tennant reportedly had a substance abuse problem and was fired from his job. I knew he could not pay next months rent. He had damaged brand new carpeting (multiple cigar burns and stains). His security deposit just about covered replacement cost. (I am new at this and I only required security deposit not last month rent.) It was better for me to offer this tennant $200.00 cash if he got out in 48 hours. He agreed signed early lease termination. ( quick cash is powerful incentive to substance abusers) I was able to forgo eviction and rent out in 5 days after paint and new carpeting. If he did not accept offer I would have evicted him for not replacing security deposit or for failing to keep property in "clean order and free from excessive damage (more than normal wear and tear.)" as stated in lease.
Quote:
On 2006-05-24 16:32, lavonc wrote:
However, given my recent fiasco in Spokane, I have found someone that will "manage" them to ensure the prop is safe. I will have the rents come to me and then will pay them directly for their "management" fees. This way, I can write off 100% of my expenses.
You can certainly write off the management fees, but you do need to recognize all the rents received (which I believe you implied).
[quote]
On 2006-05-24 21:57, ypochris wrote:
Quote:
On 2006-05-24 16:32, lavonc wrote:
Lavonc,
Does this mean you cannot deduct depreciation expenses, etc. at all, or only that you have to show a profit or break even?
Could someone please elaborate, or refer me to the appropriate code?
Thanks,
Chris
<font size=-1>[ Edited by ypochris on Date 05/24/2006 ]</font>
Chris - what it means is that the losses are suspended, not lost. They would be freed up as the property generates income or when you sell it. Once the property is sold, all suspended passive losses from that property are available to offset income.
Thanks- I was scared for a minute there...
Hang on to that lineside, too. Most agents will have both parties sign it. If it says "totally renovated, move in ready" that is part of the contract, and that is what you should insist on.
Chris