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Hmmmm ...


Posted by Jay J on April 17th, 2000 09:03 AM
In reply to residential inspections by gail foster on April 16th, 2000 01:21 PM [Go to top of thread]

gail,

WHAT DO YOU MEAN, 'CONSTRUCTUAL PART OF THE HOUSE FOR SOUNDNESS'? DO YOU MEAN 'STRUCTURAL PART OF THE HOUSE' OR 'CONTRACTUAL PART OF THE HOUSE' IN TERMS OF BUYING IT?! I'LL GO WITH THE FORMER THOUGHT FIRST ...

YES, BY ALL MEANS, FIND AN ASHI-APPROVED HOME INSPECTOR TO INSPECT THE PROPERTY(S). MAKE SURE YOU TELL THEM IT'S AN INVESTMENT PROPERTY. (IT MAY NOT MAKE A DIFFENCE BUT YOU NEVER KNOW.) ALSO, HIRE A REAL ESTATE ATTORNEY OF YOUR OWN. YOU NEED SOMEONE TO LOOK AT THE 'FINANCIAL SOUNDNESS' OF THE HOUSE, AMONG OTHER THINGS, FOR YOU TOO. IN SHORT, UNLESS YOU'RE VERY FAMILIAR WITH WHAT YOU'RE DOING, HIRE A PRO IN YOUR STEAD.

IF YOU'RE BUYING THESE HOMES FOR AN INVESTMENT, GEE, YOU'D DO BETTER IN THE STOCK MARKET (OVER THE LONG HAUL), AND YOU WON'T HAVE TENANT WORRIES EITHER. (YOU WILL HAVE HEADACHES OF A DIFFERENT SORT IN THE MARKET THOUGH, BUT SINCE YOU'RE IN IT FOR THE LONG-HAUL, JUST RIDE IT OUT.) UNLESS YOU'RE BUYING HOMES IN AN AREA LIKE NORTHERN CALIFORNIA, YOU MIGHT NOT LIKE THE 'RETURNS' ON YOUR INVESTMENT. (THAT'S MY UNSOLICITED $.02 ON BUYING A HOME AS AN INVESTMENT. IN THE LATE '80S, IT WAS A GOOD IDEA ...)

ANYWAY, IT'S GONNA COST YOU $$$ TO MAKE $$$. IF YOU HAVEN'T ALREADY TALKED TO ANYONE IN THE SAME 'BUSINESS' AS YOU, NOW WOULD BE A GOOD TIME. TRY AND FIND SOMEONE WHO GOT IN DURING THE LAST YEAR OR SO. THOSE WHO'VE BEEN IN IT FOR, SAY, 5-10+ YEARS ARE MAKING SOME $$$. BUT, IT'S A JOB. YOU MIGHT FIND THIS TYPE OF 'WORK' CONSUMING MORE TIME THAN YOU WANT. PLUS, TRY TO THROW OUT A MOTHER WITH CHILDREN WHO'S NOT PAYING RENT. SURE, SHE WAS MARRIED TO SOMEONE WHEN YOU RENTED IT OUT, BUT NOW SHE'S NOT. BE PREPARED FOR A PROLONGED COURT BATTLE. YOU CAN EXPECT AT LEAST 6-9 MONTHS OF NO RENT BEFORE YOU GET TO COURT. THEN, THE JUDGE WILL GIVE THEM MOM 3 MONTHS TO FIND A PLACE. MEANWHILE, WHO'S PAYING THE MORTGAGE?!!!

'NOUGH SAID. MY BEST TO YA AND HOPE THIS HELPS.

JAY J

PS: Plez turn off the CAPS LOCK on your keyboard. I got a small headache reading your Post. Maybe you have slightly bad vision or somethin' so I used CAPS too.

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