Posted by Laure on May 05, 2000 at 06:23:08:
I met a new HVAC man. Turns out he used to be my neighbor 13 years ago. He works for another Landlord who wants to sell his two multi-family buildings. I will meet with him tomorrow to view units. His wife quoted me rents of 400 per month and sales price of 60k per unit !!! of course, I didn’t laugh while I was talking to her. The husband called and apolagized saying his wife knows nothing of numbers. He was out on my job today with his HVAC friend, and we discussed that the banks will only loan on current cash flow and require a 25% vacancy factor. He hasn’t quoted me a new price yet, but we are looking tomorrow at the units.
Nice guy, me, suggests he converts them to condos and sell them at 60k like his wife wants to do. He stands there and just poo poo’s me, saying he wants to retire and move out of state. MOTIVATION ! He says, he really wants to just move. over and over, he says this.
We’ll see. But I’ve had three inquiries in April for 2br condos… I just don’t own any ! … YET !
I guess I’ll be at the planning and zoning department on Monday, checking requirements on condo conversion.