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W2R · 03-07-2008, 10:50 AM

Quote:

Originally Posted by Art G

....vs. living in the street?

Hey, when I was 19 maybe I would have considered something like that. But now? I mean really?

tryan · 03-07-2008, 11:08 AM

Because the banks are not in the rental business, they're naive about the risks inherent to owning rental property. Was negotiating with a bank for a duplex ... they were stuck at 40k ... I wanted it for 30k (like 2 others I had purchased from the same bank). During my inspection I suspected lead paint on the doors and windows ... NOT GOOD in MA. Also noted a 2 year old in the first floor ... CLEAR VIOLATION of MA lead paint laws.

I told the realtor to tell the bank "they have a HUGE liability here. Who better for a tenant to sue than a BANK! And by the way, I'll pay 40k if they delead the units. No way I am taking ownership of this liability." Bank came back with the idea of adding the deleading costs onto the sale price. I said "no way, what else is on your REO list." Couple weeks go by, the units are deleaded for a cost of 5k (all new doors and windows primarily). My realtor calls saying they'll take 40k. Closed it with 20% down.

If the 2 year old had come down with lead poison ... he'ld be part owner of that small bank.

Art G · 03-07-2008, 01:38 PM

Quote:

Originally Posted by Want2retire

Hey, when I was 19 maybe I would have considered something like that. But now? I mean really?

You'd be amazed by how many people live in this manner. Buy a house, and if you can't make the payments just duck the creditors. Then you've got those who buy cars with little intention of making payments.
"Hey! If you'll approve me for the loan, I'll drive it 'til you take it away!"
I tried repo-ing cars once.....just once.

W2R · 03-07-2008, 01:44 PM

Quote:

Originally Posted by TickTock

That suggests an interesting strategy - market yourself to the bank as a no-rent REO house-sitter. You keep up the property on your own dime.

Hmmmm.......

Quote:

Originally Posted by Want2retire

Now THINK about that. What a miserable existence!!! Living in a doubtlessly trashed house, for an indeterminate length of time, with endless buyers tromping through. Yuck.

Quote:

Originally Posted by Art G

....vs. living in the street?

Quote:

Originally Posted by Want2retire

Hey, when I was 19 maybe I would have considered something like that. But now? I mean really?

Quote:

Originally Posted by Art G

You'd be amazed by how many people live in this manner. Buy a house, and if you can't make the payments just duck the creditors. Then you've got those who buy cars with little intention of making payments.
"Hey! If you'll approve me for the loan, I'll drive it 'til you take it away!"
I tried repo-ing cars once.....just once.

I thought Tick Tock's comment (to which I was responding... see above) meant responding to the bank as a third party housesitter.

Art G · 03-07-2008, 01:49 PM

Oh, sorry. I know there are already people who housesit for real estate agents. They just have to be ready to move on a moments notice.
I guess too many conversations going at once.

pedorrero · 03-07-2008, 02:54 PM

Interesting ideas. I could do this (I'm single) but still have the wreckage of a failed realtionship (including the house, the ex-'s cats and furniture). But still, the idea of being a house-sitter is attractive. It is a lifestyle sometimes recommended in the LBYM type books. For someone with few possessions, a truck maybe, and a cell phone, and a mail forwarding service, it might be a neat-o life style. Even to offer to just pay utilities and do basic maintenance might be a good offer to the owner ("bank"), but these alone can rival rent in many cases. An aggressive layman who knew local tenant law could probably milk the system very well....as said earlier, I bet we'll see more of this in coming years.