As my partner and I are active landlords and property investors, it’s no surprise that people approach us with real estate offers. Sometimes they’re great deals, too – people occasionally inherit properties they want to get rid of quickly and therefore cheaply, or learn of a house at a great price that just isn’t selling. With the current housing market downturn, it’s happening more and more.
Recently, a good friend approached us when a realtor suggested he look into renting his house instead of selling it. Though his house was on the market and he was looking to find a buyer, he’d instead gotten an offer from a prospective tenant. Since he wasn’t interested in becoming a landlord, he came to us.
You’ll know from my Ten Tips for Buying a Residential Rental Property series that I closely evaluate all real estate decisions according to a number of criteria including price, location, structure, size, maintenance issues, safety and local regulations. I called upon those ten critical commandments yet again as I analyzed the opportunity. Read the rest of this article »
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