OfflineI am ready to buy my first investment property and have found one in my price range that I could buy & hold and rent out. The only problem with this property that is making me very reluctant is that first it's listed as a 3/2 but the upstairs is like an attic type with 2 of the rooms having very low cellings. One of the attic like rooms is extremly small and its celling is like an A shape. And the other issue is there is an added bonus room at the back of the property that seems to be built well however I am not sure if it is permitted. if its not will i have a problem with that.
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What problems do you foresee? The fact that the bedrooms might not be "legal" bedrooms and might be a deterant to potential tenants?
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
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The problems I forsee is yes that the rooms will be a deterant to possible tenants which can prolong getting the property rented out. Also I am worried about the extra construction not being "legal" or permitted because I dont want to have a problem should I decide to sell it in the future. Also if it isn't "legal" I am not ready to face the potenial of the city telling me it all must come down.
I really don't think after you buy the property that you will be held responsible for the addition not being approved. Is it listed with a realtor or a FSBO?
Also, when they say that a bedroom isn't "legal" it doesn't mean it's "illegal". It just means they can't count it as a bedroom, although someone could USE it as such. Is this place LISTED as a 3 bedroom by a realtor?
A family with younger children would probably find a place like this very quaint. Just how low are the ceilings? Do you have to walk through one room to get to the other? That could be a negative. But really the added square footage is a plus one way or the other. If it's a nice place and a good deal with cash flow, don't be afraid to buy it. It's not like it's your last chance. And if you find others that are better later, you can always sell this one or lease-option it.
Just my opinion.
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
The property is a REO and is listied with an agent as a 3/2. The rooms are seperate and though both have low cellings one is way lower than the other and is A shaped with the hightest point being around 8ft. I also thought this room would be ideal for a young child but am confused as to how it can be listed as a bedroom because it doesn't have a closet? Either way besides these factors I feel this would be a great starting investment property, your advise is very helpful and I think I will go ahead and go for it. So Thanks so much.
and yeah, it's weird they have that listed as a bedroom.
I'm really interested in hearing how you make out with this one. Congrats on finding it and good luck!
Keep us informed.
God bless,
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249