Who Can Give Me The Best Advice?

Comments(9)

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  telemon3rd November, 2003

  Lets start with more info. Positive cash flow? Will it appreciate, does it need work? Your question is way to general to respond to as stated.

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  ahmedmu3rd November, 2003

  I am in the process of buying a rental property, everything is set. Then I find out the 2nd-floor tenant has not paid rent in 2 months and the current owner is evicting her. In CT, eviction could take about 3 months, he filed a month ago.
  
  Should I go ahead and buy with this headache? If I do, do I have to file anew?
  
  Thanks.

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  myfrogger3rd November, 2003

  Common words of wisdom that I've read several times over:
  
  You make your money when you buy. Make sure that you will have positive cash flow (all rents received minus expenses and debt service). Its best to buy in an area where you can raise your rents in time to make even more money!
  
  You obviously have other factors that can make you money but these are not guaranteed. You don't know if the home will appreciate, for example, but you will know that the numbers for your rents make sense and you will be making $250 per month.
  
  Just some ideas.

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  RepoMan3rd November, 2003

  There are many factors that come into play when purchasing rental property and in this case having a problem tenant should not sway your decision. Removing a problem tenant will take time but once you have removed him/her the problem has now been removed. Your question should be....What am I going to get out of the property? Is it going to cash flow? What conditions is it in? Are you getting the property at a deal? Get the picture? Your problem with your future tenant will get resolved. If it is a cash flow property why would you not want to do the deal?
  
  Repoman

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  ahmedmu3rd November, 2003

  I would make 1000 per month after mortgage and taxes. The problem tenant pays 750. So I may make 250 until she is evicted. I guess the answer is yes, I should go ahead.

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  doll3rd November, 2003

  what part of conneticut is the property? I have done some research on ct. and the rental market has been below market for quite sometime already, due to a group call avalon saturating the market..... That is why i am in the process of selling my home ct. Just wondering, incase you are over estimating on your rental value.

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  ahmedmu4th November, 2003

  Avalon may be too much of a high-flyer for Bridgeport, CT.
  
  The other units are rented with stable tenants.

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  ahmedmu4th November, 2003

  Thanks for your feedback Doll. How do you manage properties in CT and NYC from CA?

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  hibby765th November, 2003

  Check out "The complete guide to Buying and Selling Apartment Buildings". Has some good information for your first time.