Posted by sadi on April 07, 2006 at 13:15:00:
Also, very recently in the Bronx, there was a building fire where two firefighters died. The landlord and two tenants were charged because there were illegal walls subdividing an apartment:
RE; Newbie needs help trying get 1st deal! - Posted by D.L. Thomas
Posted by D.L. Thomas on April 05, 2006 at 15:59:02:
I looked at a house in a decent residential area that was converted into 3 apts. and some useful space in the basement (possible efficiency). This house is not considered commercial. The owner’s husband died and she would like to get rid of it, through a real estate agent. The 1st asking price was 189,000, it has been reduced to 159,000. The attic apt is a rented 1br, 2nd flr 2 2br vacant, and 1 st flr 2 br vacant, basement efficiency rented. I asked the agent the estimated value and she said around 78,000. I asked the agent to ask if the owner would go for owner financing for a limited time. I have a couple thousand bucks, bad credit, I would possibly like to live in 1 of the apts.
Any suggestions? Any other solutions. Should I offer closer to the 78,000?
Thanks
Re: RE; Newbie needs help trying get 1st deal! - Posted by Berno
Posted by Berno on April 06, 2006 at 14:39:53:
The asking price may be a nice general guide, in most cases, but you decide what it is worth to you before you make the offer. If I look at a house listed at $200,000 and I think it’s worth $120,000, my first offer isn’t going to be over $120,00. I may not get the property but I also won’t get stuck with a property that wasn’t bought right.
Re: Never pay more than value - Posted by Matthew G
Posted by Matthew G on April 06, 2006 at 13:01:10:
Where in the heck did the listing price come from?? she is asking 2x the actual value? Doesn’t sound like a deal on the front.
Re: RE; Newbie needs help trying get 1st deal! - Posted by Dons
Posted by Dons on April 06, 2006 at 09:44:08:
Was it a “legal” conversion to apartments? Does it fit zoning and building code requirements? If not, you could find yourself with some real problems once you purchase it.
A few years ago a young fellow who used to work for me died in a fire in an “illegal” apartment where he had been staying. The owner of that building quickly found himself in more hot water than he could ever have imagined!