It has 1 bdrm, 1 den, about 800 sq ft, 1- 1/2 baths, washer/dryer, microwave oven, woodburning fireplace, covered parking, fridge, range and dishwasher. Is this too good to be true? Or, am I just lucky? How can the owner lease it at such a low price. and why? I am in Houston, TX
2006-12-15 02:00:21 · 7 answers · asked by Anna 4 in Business & Finance ➔ Renting & Real Estate
You do not list the rent, so it is hard to tell how much of a bargain it is.
It might be that their goal is to break even on their mortgage payment, rather than be true investors looking for cash flow. Also if they avoid vacancies and find tenants who take care of the place, they can charge a little below market and still do well.
It may be that you like the area or apartment than other people. The two suggestions I have are visiting the place after dark and do a practice commute. If you are comfortable with both, then it looks like you found a great place to live.
2006-12-15 02:06:43 · answer #1 · answered by VATreasures 6 · 1⤊ 0⤋
1. They may not realize the rental value of the property. Most likely they aren't in the rental business, but have this condo they want to get some money out of.
2. They may only be interested in getting enough in rent to pay the mortgage. As long as the mortgage, taxes, and insurance are paid, they can afford to lease it cheaply.
3. They just need to get the damn thing rented and no luck so far, so they dropped the price.
2006-12-15 10:20:53 · answer #2 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋
Maybe they are about to be foreclosed on and need any extra cash they can get. Check with the condo association and make sure leases like this are permitted, and also if the condo fees are paid up to date. There may be something going on here they are not telling you.
2006-12-15 10:05:55 · answer #3 · answered by Kokopelli 7 · 1⤊ 0⤋
can you find out through a county website who the owners are? maybe they really don't own the unit and are just scam artists. Or they have never rented it before and don't know any better. Either way you need to find out why?
2006-12-15 11:03:54 · answer #4 · answered by jassy 3 · 0⤊ 0⤋
Mabey there is something fishy about the condominum. Have you inspected the place itself? Are the neighbours really noisy? Do they have free parking.....I would find out about the place in detail before committing to anything. Trust me I have learned the hard way.
Red
2006-12-15 10:08:27 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The owners might have their reasons. You need to find a good REal Estate lawyer and let him advise you on this. Don't sign anything without going over it with your lawyer.
2006-12-15 10:03:10 · answer #6 · answered by ginger13 4 · 0⤊ 0⤋
Maybe you're hot and they have ulterior motives........
2006-12-15 10:02:12 · answer #7 · answered by Jet 6 · 1⤊ 0⤋