Real estate update
June 6th, 2007 by KenricSLC Townhome #2 – After 8 addendums, yes 8, we’ve finally got everything worked out. The buyer and I went back and forth regarding the carpeting and appliances. At first the buyer wanted me to replace the carpets and all the appliances. She wanted stainless steel appliances! I agreed to pay to replace them with black appliances and also to pay for new carpet. Then she wanted me to install the carpet and appliances before closing. I said that I’d credit her at closing and then she can go get it done. Again, she came back with wanting it installed prior to. Again, I refused. She initially got a quote of $4400 for 1440sf of carpeting. A few days later she handed in a quote for $4600 for a better upgraded carpet. I said no to that. My realtor is going to shop around and see if we can get a cheaper carpeting quote. $4400 is awfully high for 1440sf of carpeting.
The final issue was that my tenant needed a 60 day notice (which was given last week) so that his last day is July 31st. The buyer’s apartment lease is up on July 20th. So I agreed to pay up to $500 for her extended rent for 10-12 days “if” this does not close before July 20th. I kept writing “agrees to pay up to $500″ on the addendum and it kept coming back “agrees to pay $500.” This issue went back and forth a few times. In the end, I got tired of this bullcrap over $500 and signed it. I told my realtor that she had better not come back with any fix-up items during the inspection because I’m not fixing anything else.
As investors, we get paid for our time. Because the townhome is in less than stellar condition, I’m willing to discount it with a lower sale price. However, if I have to go through and replace carpets, appliances, fix things and paint, then I should get paid for managing the work. I would want full market price.
Posted in Real Estate | 3 Comments »
Stumble it!
Congrats on SFH#1 and be patient for SFH#2. Almost there. Now the 1031 clock starts running. Any luck identifying the properties to move your money into?
By Andres on Jun 6, 2007