Archive for the 'Investment Properties' Category
What’s All This Junk?
So you get to the final walk-through and the house isn’t in broom clean condition. This is actually more common than you would think. Sometimes sellers purposely leave belongings behind, sometimes it’s just a mistake. With my personal residence, we did the final walk-through and everything appeared to be removed. Two weeks later we were investigating the dark corners of the attic and found a sad dresser that had been collecting dust for many, many years. We bought the house from a relocation company and they didn’t want anything to do with it. The dresser remains in the dark corner today.
Here’s an interesting article from the New York Times real estate section that discusses what renters and sellers leave behind. Sometimes you can apparently luck out with a flat screen tv and a bottle of wine! Good luck!
Real Estate Entrepreneurs Seminar- May 24
I’m a member of HYPE, the Hartford Young Professionals and Entrepreneurs group, which is an initiative of the MetroHartford Alliance. Throughout the year they host a variety of forums and seminars geared towards financial planning, investing, and home buying. On May 24 they are hosting a Real Estate Entrepreneurs seminar. It will be a panel of successful real estate investors participating in a moderated discussion and answering questions from the audience. This will be a great opportunity to learn tips and techniques from some of the best investors in the area.
More details are to follow. If you join HYPE here (it’s free), you will then receive further information on this seminar and other activities that might be of interest. I’d encourage you to join. It’s a great way to network with young professionals in the area and attend informative discussions throughout the year.
Investment Property Search, Part III
This afternoon my husband and I went to view the condos competing for our investment dollars. Really, there was not much difference that warranted a list price that is 25% higher. The more expensive condos have an enclosed garage versus a carport garage. The difference was the the carport garage had no door, the structure was built the same. And the more expensive condos had slightly larger bathrooms. But that was it. No magical kitchens. The baths weren’t even updated, just a few more square feet of space. Does that really warrant a 25% higher list price? I think not. From a rental standpoint, you wouldn’t be able to justify a higher rent for any of the spaces. They are all comparable. One of the condos would probably be easier to rent because it was very neutral (cream wallpaper, cream paint, blonde hardwood floors), but it still wouldn’t command a higher rent. So, it looks like we will be pursuing the lower priced condo. The only thing standing in our way is the owner-to-renter ratio and our ability to get a mortgage. We could pay cash, but then the financials don’t work because we wouldn’t have any interest to deduct for tax purposes.
Stay tuned for the exciting conclusion…