When I visited the Mt Clemens property I realized that Mr Seller was renting out a storage room as a studio, and he had included that revenue in his numbers. I then used those numbers to make my offer. Since it’s not practical to plan to re-rent a potentially illegal studio, I re-ran my numbers and as you’d expect, removing that revenue significantly impacted the profitability of the property. And not in a good way.
Related Posts
The Landlord Suicide Squeeze
October 18, 2014Beware of Professional Tenants!
September 1, 2014Bad Tenants Suck
June 6, 2014
About Dennis Fassett
I'm pleased to report that after multiple decades of hard-headed stubbornness, I've finally figured out that all work and no play makes Johnny a dull boy. So I've taken it upon myself to convert my wife and now adult(ish) kids into a roving band of merry adventurers.
From horseback riding in Monument Valley to ocean kayaking in Acadia - all of our exploits have earned the coveted "epic" label from the younguns.
I'll tell you about them - and also about the other "adventures" I'm having in my real estate investing business.
View all posts by Dennis Fassett →