Got An Offer Today On My House

[Zee09]

A few pictures I had on my cell phone.

 

[spasm3]

What kind of cash FL w can you get from it as a rental property?

 

[nickaluch]

Almost the exact same thing happened to my wife and I about five years ago. We had been talking about moving for some time, and mentioned it to a neighbor/friend of ours while back... we get a knock on the door one evening, a young couple friends of theirs who said they heard we were thinking of moving and they wanted to know how soon, what kind of money we were looking for, etc. We were a bit taken off guard but let them in and showed them around. After about an hour of looking around they literally made an offer right there on the spot. I sat there in silence, mouth open eyebrows raised, not knowing whether to poop or go blind, and my wife was about as bewildered as I was. We told them we would have to talk about it and gave them an open ended "we'll get back to you".

Called our other neighbor friend who was the realtor that sold us the house 20+ years ago, she said "They offered HOW much?" and told us to take the money and run for the hills. We called the people back the next morning and said its a deal. They overpaid by about 10% but they really wanted to be in our neighborhood and I dont turn down money.

The next few weeks were a whirlwind of trying to find somewhere to go, started putting crap in storage, purging the junk in the attic and basement... I just wasnt ready to move, physically or mentally. But we found an apartment close to both of our offices and we closed a few weeks later. A couple months later we found the farmhouse and property we're currently at and I'm not impulsive, at all, unlike my wife, so I was a bit on edge during it all but everything went very smoothly and I'm still in a bit of disbelief on how it all happened, but it worked out great.

And three times in the last year we've had three unsolicited offers on our current house as well, so here we go again.

If your head is spinning because of this I dont blame you a bit., been there done that, about to do it again probably. Good luck whatever you decide.

Same thing about 5 years ago with my small business.. Chinese guy knocked on my door of my business late in the day and made me a crazy offer all cash. I really wasn't ready to sell but I couldn't pass on the deal. My lawyer and accountant hammered it out wrapped it up in a month. Covid hit I had my money the guy took a beating weird how it all went.

 

[Zee09]

What kind of cash FL w can you get from it as a rental property?

Jimmy maybe low rent but he don't rent. I did everything on this house myself except the HVAC system. Took me over a year.

It was a destroyed foreclosure.
Top to bottom refurb...
One moron in one year could cost me many thousands...
My uncle once falsely claimed rich folks have class .
The previous owners were cousins..three of them..

One a priest, one a doctor and one a nurse..all pigs. The worst.

My agent said let's get it inspected for termite's . I replied...no need ..she asked why..I said termite's can't live in this filth...true story..lol

 

[walterjay]

I have seen many houses destroyed by renters. I would NEVER want to be in that business.

 

[Zee09]

I have seen many houses destroyed by renters. I would NEVER want to be in that business.

Absolutely. I had to replace subflooring even. 6 dogs....
They stole the appliances-sinks, and chandeliers....
I removed 7 50-gallon trash bags of dog hair from the vents..........
An absolute nightmare.
I put a year's work in this place, and you don't even want to know how many $$$

 

[walterjay]

A relative of mine rented her house out for several years. It was crazy the damage that was done. Plumbing leaks never reported, buckled floors. Almost every square foot of the flooring was soaked in cat pee. Had to seal the floors twice to get rid of the odor. Walls damaged. Probably never cleaned in all the time they were there. They locked themselves out of the house once so they broke the basement slider to get in. Bathrooms so filthy that they cannot be described. Kitchen counters ruined...etc, etc.

When they left they were fully expecting to get their deposit back. When they were told no deposit because of all the work to be done they replied "well don't you always have to clean and paint when someone moves out?"

And yes the renter was a nurse from Johns Hopkins.

 

[demarpaint]

Jimmy maybe low rent but he don't rent. I did everything on this house myself except the HVAC system. Took me over a year.

It was a destroyed foreclosure.
Top to bottom refurb...
One moron in one year could cost me many thousands...
My uncle once falsely claimed rich folks have class .
The previous owners were cousins..three of them..

One a priest, one a doctor and one a nurse..all pigs. The worst.

My agent said let's get it inspected for termite's . I replied...no need ..she asked why..I said termite's can't live in this filth...true story..lol

It takes a special kind of person to own rental property and stomach the low lives that often occupy them.

 

[zzyzzx]

What kind of cash FL w can you get from it as a rental property?

Enjoy your eviction moratorium and your new part time job!

 

[zzyzzx]

Absolutely. I had to replace subflooring even. 6 dogs....
They stole the appliances-sinks, and chandeliers....
I removed 7 50-gallon trash bags of dog hair from the vents..........
An absolute nightmare.
I put a year's work in this place, and you don't even want to know how many $$$

I'd love to know how much money you lost as a landlord.

 

[LDB]

I've had the same tenant for 9 years and would do a cleaning/vacuuming just because germs/whatever but I'd move into that house without a second thought. I've been very fortunate, far more than most landlords. Can't afford to let it sit empty just to own it though. Wish I could.

 

[Zee09]

I'd love to know how much money you lost as a landlord.

I was never one. I bought the house like this and never rented it.
I have memories of my father renting in the 70-80s

 

[ARCOgraphite]

I got a call earlier today to buy a spare house I have out of the blue.
They offered me about 95% of its real value and no realty fees and ZERO inspection.

I really don't like the pressure as they want it in 3 weeks.

What to do?

Who is "they". Out of the blue Gives me pause. I get HomeVestors cards all the time in my mailbox

How about the possibly huge tax hit. Can you somehow claim it as your primary address?
Don't forget R.E. transfer tax stamps - I don't know if you will pay that tax in your town/county.
I suppose 5-7g's gets lost in a big transaction.


I had to sell my Mother's condo furnished. Got pennies on the dollar for luxury furniture and decorating,
So freaking sad just thinking about it!

- Ken

 

[Jimmy_Russells]

Absolutely. I had to replace subflooring even. 6 dogs....
They stole the appliances-sinks, and chandeliers....
I removed 7 50-gallon trash bags of dog hair from the vents..........
An absolute nightmare.
I put a year's work in this place, and you don't even want to know how many $$$

To what end, though? Just to have it? I mean surely if you aren't renting it, it must be appreciating at a substantial rate in order to cover expenses. If not, it's a black hole for money? I don't get it.

 

[Zee09]

To what end, though? Just to have it? I mean surely if you aren't renting it, it must be appreciating at a substantial rate in order to cover expenses. If not, it's a black hole for money? I don't get it.

I'm happy
Yes it is appreciating and even if not I don't care.
Nobody is complaining about the other house sitting vacant..

 

[Jimmy_Russells]

Nobody is complaining about the other house sitting vacant..

It is a big problem here. So much so that there is now a 2% of the assessed value per year tax added onto typical property taxes. The average detached house price is ~1.8 million.

 

[ARCOgraphite]

That is one stunning chandelier, Zee !

 

[Dave Hess]

Nice house, I would sell it without any hesitation.

 

[LDB]

I'm happy
Yes it is appreciating and even if not I don't care.
Nobody is complaining about the other house sitting vacant..

You have two houses sitting vacant? Every thought about collecting stamps or classic cameras or cars or anything some would call more sensible and that you could get regular enjoyment from?

 

[SammyChevelleTypeS3]

I own three houses in my neighborhood of six.. Neighborhood is top notch.
Sort of a shrine for me and a tax shelter-investment. I redid the house myself top to bottom.
About lost my life there working on it. It has been vacant for 12 years. I'm eccentric.

Just try to think about this. Unless (not likely) they want to live in it. Why do they need it so fast?