Sheriff Sale Score (by GKARL [PA]) Jun 12, 2019 11:29 PM|
Sheriff Sale Score (by Mickie [OH]) Jun 12, 2019 11:35 PM
Sheriff Sale Score (by BRAD 20,000 [IN]) Jun 13, 2019 12:28 AM
Sheriff Sale Score (by GKARL [PA]) Jun 13, 2019 12:34 AM
Sheriff Sale Score (by Deanna [TX]) Jun 13, 2019 9:54 AM
Sheriff Sale Score (by Oregon Woodsmoke [ID]) Jun 13, 2019 10:38 AM
Sheriff Sale Score (by Alan [CA]) Jun 13, 2019 7:46 PM
Sheriff Sale Score (by Vee [OH]) Jun 14, 2019 10:20 AM
Sheriff Sale Score (by Ray-N-Pa [PA]) Jun 15, 2019 6:12 PM
Sheriff Sale Score (by GKARL [PA]) Jun 16, 2019 8:03 AM
Sheriff Sale Score (by Salernitana [CA]) Jun 18, 2019 1:25 AM
Sheriff Sale Score (by Busy [WI]) Jun 18, 2019 10:52 PM
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Sheriff Sale Score (by GKARL [PA]) Posted on: Jun 12, 2019 11:29 PM
I went to the clerk's office yesterday to pay the balance of the money and again, they took a business check with no problem (they won't take personal checks). I've decided to keep the place and add to my portfolio and I'm looking to expedite getting the deed in my name so I can refinance it. I figure keeping it and just getting a mortgage on it is the best of both worlds; I cash out and am able to stick some tenants in the place to cover the debt service and net some additional dollars to me. Moreover, I don't have to worry about any taxes.
The place has been vacant for nearly 3 years so the electrical company made me get an electrical inspection done before the would turn the power back on. I should have power back on by the end of the week. The old owner owes $ 200 to the water company and I plan on paying that tomorrow so I can get the water on as well.
The first thing we have to do is clear out all of the personal items left by the old owner. It looks like they left in a hurry or just couldn't take their stuff with them. We're going to sort through it and there are a few pieces of furniture that I can use in the rooming house. Wife suggested that we have a yard sale right there to get rid of the stuff rather than paying someone to haul it away. We'd need to catalog and price tag the decent stuff and get it moved to the downstairs apartment. (Most of the stuff is in the attic of the upper apartment). I don't know if I want to be bothered with that as that would require time I really don't have. I'm almost wanting to get the stuff I want and put the rest outside with a free sign and let the neighbors take what they want and pitch what's left. Basically, get the place cleared out so my handyman can get to work.
The upper unit is quite large with two floors (3 bedroom). It has a small kitchen though. The downstairs unit is good sized as well (2 bedroom). The kitchen in the downstairs unit is huge with a space for a dishwasher. This unit also has a nice side porch and access to a yard and the basement. Basement has hookup for washer/dryer. I can have the both units ready to rent within a month or two. Most of the stuff that needs to be done is cosmetic. I estimate the fixing the cosmetic stuff and code violations will be under $ 5000. Major item involves separating the heat. There's one gas boiler that heats both units. I'm going to have someone in shortly to deal with that. I could defer that work until later but it's probably better to knock it out now while the place is empty.
A fellow investor at the auction told me she knew someone who used to live in the place and there was a huge bedbug problem during that time. I placed traps and there seem to be none now. Might not be a bad idea to have a pest control guy inspect as well, however, the place has been vacant for nearly 3 years, so I suppose there's a good chance they died out.
This is almost like a SFH set up and the rent will be higher, so this place should cash flow decently.
Sheriff Sale Score (by Mickie [OH]) Posted on: Jun 12, 2019 11:35 PM
Congrats. Sounds like it's going to cashflow nicely. --71.213.x.xxx
Sheriff Sale Score (by BRAD 20,000 [IN]) Posted on: Jun 13, 2019 12:28 AM
Call the local not-for-profit thrift store and donate all that stuff. You can write a receipt for whatever YOU think the value is.
It's not worth your time to haul it, advertise it, and deal with potential thieves who come back after they've scouted your place.
Steering your ship as the captain is waaay more productive than having a yard sale. Don't get caught up in the dregs - think big! Focus on progress, not junk.
When Mom died we had a HUGE auction - 2 auctioneers all day. Couches sold for $20, chairs sold for $5. Not worth it esp after the auctioneer's 20%.
We COULD have let the charity them move it downstairs, load it on THEIR truck, by THEIR men, and written a receipt for triple what we got.
Sheriff Sale Score (by GKARL [PA]) Posted on: Jun 13, 2019 12:34 AM
That's a good idea Brad. I think I'll follow up on that and get the tax deduction. Messing around with yard sales is like drowning in a puddle. I'll net $ 200 tops but be inconvenienced. Better to get rid of the stuff quick and get it rented. --209.122.xx.xxx
Sheriff Sale Score (by Deanna [TX]) Posted on: Jun 13, 2019 9:54 AM
Go, you! I'm happy for you! --96.46.xxx.xx
Sheriff Sale Score (by Oregon Woodsmoke [ID]) Posted on: Jun 13, 2019 10:38 AM
Be 1000% sure that the bedbugs haven't left any eggs or old timer bed bugs before you move any of that furniture into your rooming house. They can live a very long time without feeding.
Used furniture makes me really nervous and you know that there were bedbugs. --98.146.xxx.xxx
Sheriff Sale Score (by Alan [CA]) Posted on: Jun 13, 2019 7:46 PM
Other property owners accomplish the same as you... --71.198.xxx.xxx
Sheriff Sale Score (by Vee [OH]) Posted on: Jun 14, 2019 10:20 AM
I have thought about the garage sale idea several times but what I do is farm it out to students in my college places, they photo - ad on ebay, other places then they share me back 50 percent and they get the other half for their work, about 6 years ago I made almost 4,000 from one place that was full. --76.188.xxx.xx
Sheriff Sale Score (by Ray-N-Pa [PA]) Posted on: Jun 15, 2019 6:12 PM
Is sewer and water billed together Karl? --24.101.xxx.xx
Sheriff Sale Score (by GKARL [PA]) Posted on: Jun 16, 2019 8:03 AM
Ray, they're billed separately. --209.122.xx.xxx
Sheriff Sale Score (by Salernitana [CA]) Posted on: Jun 18, 2019 1:25 AM
Wow, congratulations on acquiring another property! I look forward to your progress on the unit and the prospective tenants who I hope will be good. Best of luck and thanks for sharing the details. --73.93.xx.xx
Sheriff Sale Score (by Busy [WI]) Posted on: Jun 18, 2019 10:52 PM
Congratulations on the good deal!
For the furniture that will be used in the rooming house, just wondering if a home made ‘hot box’ would deal with any unwanted critters? I have had very good success with getting rid of musty smells from old books bought at rummage sales by leaving them in a van parked in the sun. Opened the books to different pages, took about a week for a particularly musty leather bound complete tales of Sherlock Holmes. Van parked in the sun might get hot enough to kill bedbugs, woodworms. Not sure, but it might be worth investigating. --70.92.xxx.xxx
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