Should I buy this 3-plex? - Posted by Eric (CA)


#1

Posted by Richard on December 03, 1998 at 22:56:11:

I would go to the building dept. and ask to look at
thier file on the subject property. Look for permits
AND finals on them. Also, make note of the amount
of time they took to complete.
Checking the zoning alone tells you almost nothing.
If there are any problems now they will become the
new buyers headaches.
I only relay on documents that I see with my own eyes.
Can you tell I’ve been burned before?
Regarding the landlord issue; you will learn as
you go but a book called ‘Landlording’ by
Leigh Robinson will ease the pain.
Good luck, Richard


#2

Should I buy this 3-plex? - Posted by Eric (CA)

Posted by Eric (CA) on December 01, 1998 at 23:02:35:

Just made An offer on a House with 3Br/2Ba 1700sqft- Pool It also has a 1Br/1Ba apartment upstairs with seperate access and another 1Ba/1Ba apartment in the back of the house. House rents out for $675.00, this will be the one that I will O/O. The other apartment’s rents out for $350.00, so a total of $700.00 income.

The seller has made me a offer of $133,500. I will be getting a FHA Loan 3% down and the seller is paying all my closing cost’s. My mgt payment will be $1086.00 PITI. Does this sound like a fair deal??? Should I jump on it???

By the way the pool is fenced off just for house, the apartment’s don’t have access.


#3

Go in eyes open - Posted by dave

Posted by dave on December 02, 1998 at 13:16:11:

sound like the first house i bought, its great to get rent to cover your own mortgage, for awhile, it does, though get old being a landlord “right next door” as long as you look at it as a great investment, live there a coupla years then move on, sound great. yes check laws, and ask the seller. he was a buyer once.


#4

Re: Should I buy this 3-plex? - Posted by Irwin

Posted by Irwin on December 02, 1998 at 07:39:06:

Just from the info given, it sounds like a deal. You’ll be living in a $133k home for $386 a month - theoretically. Check zoning to be sure that triplex is legal.


#5

Re: Should I buy this 3-plex? - Posted by Lee

Posted by Lee on December 02, 1998 at 08:45:20:

Re: “Check zoning to be sure the triplex is legal”

Also, go to the courthouse and be sure that there is a
"C. O.". (Certificate of Occupancy) for the property.
If there is not a C O on file, make the seller a counter
offer “Subject To” you obtaining same. Otherwise, if
the triplex is not “legal” the powers that be
(code inforcement officers) can prevent you from
renting the two one bedroom units.

Lee