Here are the details. My house is located in a small town of about 16,000 people. Recently on my street our community has been awarde the Ray and Joan Croc of 24 Million dollars (the people who own McDonald's) grant too build a Croc center. The Salvation Army actually won it for my town. They are building right by my house. My house is worth about $60,000 tops. I currently rent it out for a profit of $200.00 a month. The Croc Center now owns both properties on my sides of my house. The salvation recently called me and asked if I wanted to sell my house. I told the gentlemen who called that my property wasnt even on the market and I use the property as an investment. I'm 26 years old. I have rented my house at this price for 3 years. I stand to make over $50,000 over the next 30 years. I called them back and told them to make me an offer. If I had to ask I would ask $120,000. IS this too much or too less to ask considering what the property is worth to me. Any suggestions?
2006-12-16 01:32:27 · 4 answers · asked by Anthony M 1 in Business & Finance ➔ Renting & Real Estate
Asking $120,000 is not out of the question because this project will increase the value of your property once it is built. But, LET THEM MAKE AN OFFER FIRST and tell them you would get back to them. Then, go to the county court house and find out what they paid for other properties near your house. Using this information as a starting point you can up the ante in negotiations for a sale or trade. Don't worry about your renter if a lease exists, that will be their problem. You still need to be careful not to hold out for a big price because they might have another avenue to attain your property through condemning it via eminent domain. Congrats, you are in a great position to make some quick money. Perhaps you could reinvest it for more rental property and double your 30 year $50,000 goal.
2006-12-16 03:54:39 · answer #1 · answered by linkus86 7 · 0⤊ 0⤋
Since this is not the home you live in i would let it go with the following conditions.
1 help relocate the renter. or a lest find out what they need or want.
2. 75k for replace you 200$ per month profit, I got this figure by what amount of money in a saving account would give you 200 per month.
75k @ 3.0 %
3. what is the remaining mortgage, pulse equity. you said about 60k
so about 135k seems right, ask them to make an offer and see what they say, then counter with what and why you want what you want. Al so give time limits and let them know you do not want to drag this out so lets keep the pain in the neck factor down and move on this, so as not to cost you guys a lot of time and money.
Best of Luck
2006-12-16 02:21:19 · answer #2 · answered by Anonymous · 0⤊ 1⤋
nope..it's your house ..go for it
i had a friend in a similar situation and she asked for a trade..
she upgraded..and loved it..
got 10 times the old house..
so you could move your renter..as well..
2006-12-16 01:36:54 · answer #3 · answered by m2 5 · 0⤊ 0⤋
the consideration might be how much will it be worth after they build the center. if they want it bad enough they will pay whatever you ask within reason.
2006-12-16 01:36:05 · answer #4 · answered by SKYDOGSLIM 6 · 0⤊ 0⤋