Found a great investment but can't interest anyone.....Investors are SMART!

Reblogger Wallace S. Gibson, CPM
Property Manager with Gibson Management Group, Ltd.

IMHO * the listing agent needs to fix the mistakes with the taxes, etc. AND allowing the former seller/homeowner to remain as a tenant is a mistake.  They did not care enough about the property to organize their lives to pay the  mortgage for a HOME THEY OWNED so they will not be able to pay the market rent.

Building in the seller as the tenant needs to be done in accordance with normal tenant screening including running credit on all would-be adult occupants.

The issues that caused the seller to not be able to pay their mortgage will not disappear with the short-sale

Original content by Debbie Holmes Sp34627

Sometimes as an agent we find a cash cow..... A property that has significant extra value in price or a great rental value.... I found one such property.... It is 3 bedrooms, 1.5 bath 1152 sq ft.  in Boise at a negotiated shortsale of $73000 plus closing costs.  It is even possible that the owner would like to stay at the home and rent it.  Whether you are looking for a home or an investment this is it.  The value is $100,000 today if you turned around and sold it.  I have been in it and wrote an offer on it in October.  It is a nice home for the money.  If you want to see it give me a call.  This home is near the Boise Town Square.  It's not my listing but it is a good one... I am even thinking of making an offer.  I called my buyers but none of them are ready to move on it.  To bad because it is a very nice home for the money.

  Debbie Holmes

Gold Key Real Estate     Company logo

(208)761-2551 Email: d5holmes@msn.com

To search Boise Homes visit my website

 

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Rainer
243,805
JOSH EVANS *JoshEvansHomes 516-655-5000
Village Properties of Mineola, LLC - Mineola, NY

Great blog and great job. Keep up the good work and good luck to you this year. Thanks

Jan 28, 2012 11:54 PM #1
Rainer
432,842
Edward Gilmartin
CRE - Boston, MA

Of course the new market rent may or may not be lower than the cost of carrying the home. I think allowing the former owner to rent than to throw out can makes sense so long as he she has good credit and a good job. Some fell behind because they were given high interest loans, or they paid too much for a home in a bubble market and empty homes in the neighborhood have meant a sharp drop in value of all homes in the neighborhood

Jan 29, 2012 12:53 AM #2
Rainmaker
1,279,094
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Edward - smart investors know the area rental market or are smart enough to ask a property manager.  Just because a tenant comes built-into the mix does not mean they should remain.

I learned early when working with multi-unit properties to get NEW tenant applications from residents when my client bought a property.  It helped us to assess whether the resident was offered a new lease...if they did not provide the information, they were not offered a lease renewal....

 

Jan 29, 2012 01:01 AM #3
Rainmaker
1,081,810
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

Not a big property either.  Most people do not want anything smaller than a 3/2 because they are harder to rent.  What would something like that rent for anyway?

Jan 29, 2012 02:50 AM #4
Rainmaker
1,279,094
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Rob * I gave up 3/1 homes to manage many years ago because clogged toilets demanded IMMEDIATE attention....I have 1 3/1.5 unique property with single woman occupant. 

Jan 29, 2012 03:01 AM #5
Rainmaker
225,312
Debbie Holmes
John L. Scott - Boise, ID
Gets the job done!

Thanks for the reblog Wallace.  I sort of prequalified her a bit in October when my client made the offer.  She got into trouble with multiple morgages then breast cancer.  She was OK paying the mortgages until she couldn't work because of the treatment.  The bank was very discouraging on a loan modification so she decided to short sale.  The house is very well kept up and as long as a deposit and an application was made (and checked out) I would feel comfortable with renting tho this person.  THere are many I would not feel comfortable renting too.  In my area so many people have gotten into trouble that you have to look at the entire situation.

Jan 29, 2012 06:33 AM #6
Rainmaker
161,942
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp. - Irvine, CA

Hi Wallace,

I am involved in a few transactions in which the owner has then become the tenant. You can't look at credit as it is shot. You will need to look at the individual and their particular situation.

Jan 29, 2012 09:44 AM #7
Rainmaker
1,279,094
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Satar * as an investor, the cost of a leasing fee to get a NEW, BETTER qualified tenant is the BEST risk reduction when past history is the best evidence of future performance.

Jan 29, 2012 10:07 AM #8
Rainmaker
509,521
C. Lloyd McKenzie
Albuquerque, NM
Living Albuquerque

Good Evening Wallace:

Excelent Reblog.  Ad Debbie appreciates it very much.  If I hear of anyone looking for a property in Boise, I will definitely contact Debbie.  In the meantime, I hope she finds a buyer on short notice

Jan 31, 2012 02:38 PM #9
Rainmaker
225,312
Debbie Holmes
John L. Scott - Boise, ID
Gets the job done!

Thanks Lloyd... The property went pending yesterday :(

Jan 31, 2012 03:16 PM #10
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