Profile picture for Carolyn Cantarutti

Carolyn Cantarutti

Agent

Real Estate Broker Lic# 01404015

15 Recent Sales (last 12 months)

Specialties:
Buyer's Agent,
Listing Agent,
Foreclosure,
Staging

Advice

  • (3 Contributions,
  • 0 Best Answers,
  • 0 Helpful)

Contributions are sorted newest to oldest.

We want to buy a rental property with 100,000

Answer

Here is my advice as an investor.  I own multiple rental units.  I must say that my best investments are single family homes.  Here is why..  They are only one unit so you can rent to one family.  Usually people who rent homes take pride in their home.    When you go to sell them they are much easier to sell.  When you have multiple units so many issue can come up and turn your life up side down!!!!  We have had a nightmare experience with renters who moved into one of our units in our apartments.  He had a matress infested with bed bugs.  He didn't get his unit treated and the issue spread to the entire building very rapidly. 8 units!!!  Of course he had no money to correct the huge problem that he caused so we the owners had to immediately correct this very expensive and challenging problem right away.  This happened at another one of our apartments and of course no one would admit who brought in the bed bugs.  So guess who had to immediately fix it?   $5000 later.... My point is when you have more than one unit in the same building trouble can arrise. Are you up to the challenge?  It's not a fat hog like everyone thinks. You really have to know the laws and understand what you are getting yourself into. A situation like I explained above could bankrupt some people.   Another horror story is what if you depend on their rental income to make your mortgage payment and they stop making their payment or abandon your property prior to giving you any notice or worse they hoarder your property (which is now considered a disability so they now have rights!!)  and then create mold because of their filth and try to pin it on you to get out of any penalties for moving out early and on top of that, you are fixing all of their damage which could be in the thousands of dollars and then they demand their deposit back!!!!Before you buy any rentals talk to your attorney and do a lot of research.  Make sure you have at least 6 months to 1 year of reserves in the bank in case something happens.  We have multiple properties and units and let me tell you through our experience, something always happens!  We are constantly dealing with issues with tenants.   You may want to really reconsider making an investment like that with very litte cash in hand. Rentals are great when they are going well. But that can all change on a dime. Good luck.  

  (0)
how long after the inpection takes place does the buyer have to make a decision?

Answer

Look at your contract.  What did you agree to?  There should be an inspection contingency period that states how much time the buyers have to do their inspections.  They have all the way up to the last day of the inspeciton contingency period to either remove their contingency or cancel.   This is where a realor is very important to keep you on track.  You need to get a copy of the inspection report since it will follow your house. You are required to proivde a copy of your inspection as this is now part of your disclosures.    You should call the other party and ask for a copy of the inspectons and find out if they intend to remove their inspection contingency on scedule.    Good luck. 

  (0)
Is Zillow showing the value of my house correctly? Why is my home value is so low?

Answer

A lot of clients ask me this same question daily.  The best way to find out the current market value of your home is by contacting your Realtor who can do a Comparative Market Analysis for you.  Your Realtor will look at all the recent sold comps in MLS.  I like to use Zillow to view the location of the homes and ads.  Sometimes they are way off on price though so you really shouldn't rely on their values.  It can be very upsetting especially if the price is really low.   Zillow is not looking at the condition of the properties which can make a difference.   Most Realtors will do a CMA for you at no charge.   Best of luck to you. 

  (0)