Re: Purchasing leased property


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Posted by Reader on July 25, 1997 at 12:45:50:

In Reply to: Re: Purchasing leased property posted by Christine Baker on July 25, 1997 at 12:33:39:

Posted by Reader on June 23, 1997 at 14:58:31:

In Reply to: Re: Purchasing leased property posted by Christine Baker on June 20, 1997 at 16:00:24:

Christine:

Thank you very much for the advice. This is quite helpful. Your site provides some great information. It has been very educational.

The duplex that I was considering purchasing is located in Redwood City, California. I'm a first time buyer, and therefore I was hesitant with this property as I suspected many more problems could arise due to the fact that it is currently tenant occupied and will be for another 6 months. The owners are out of state, and it doesn't seem like any maintenance has been done to the property. I am interested in buying a duplex (one unit owner occupied, the other rented) in order to help make the payments.

Considering the 2 major problems with this property: the leases and the repairs to be done, I think I'll pass on this one.

It's not easy to find the right house these days, and it's even more difficult to find the right allies to assist a first-time buyer in this market. I was working with one real estate agent that wouldn't let me make an offer on a duplex because he felt it would "insult" the seller. He wanted me to make an offer that was $5K within the asking price.

So, I thank you for your advice and the wealth of information available here that helps educate those of us that are new to the real estate market.

Thanks again!


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