Posted by Doug Pretorius on March 26, 2000 at 08:55:32:
The house is currently owner-occupied. The rent rate of $1,000/wk is what the agent told me (and he does vacation rental management in the area.) Prior to contacting him I did my own research on rentals in the area and estimated the rent rate would be $1000-$1500/wk. So his ‘suggestion’ falls right in line with my findings. I also know the area somewhat, and know that it is a very active vacation area.
I do have the patience, but I don’t have the knowledge. However my dad was in construction (and in fact built 2 of his own houses) and I know other people that have done various renovations and repairs.
I don’t know what the fixup cost will be. I haven’t seen the house (it is a 2+ hour drive.) I was thinking about making two offers, one low all-cash and one high all-finance, both subject to my inspection. That way I can see if they are willing to bite before wasting 4 hours commute.
You’re right. I realized after I posted that I should make a low all-cash offer anyway, and see which way they’re more inclined to go. Of course I might make the offer and get nothing, but I plan to make similiar ‘double-offers’ on other property in the area, and if I get some interest, THEN I’ll drive there and look at all of them.
Thanks for your encouragement and warnings!