Wedding Woes

So, we're considering buying the house next door to us.

It's currently owned by this artist hippie who lives out of town, who is kind od an assh*le, and is itching to sell the place.  She never maintains the place - it's the one I've mentioned before, whose tenants and owner were so lazy a few years back that people thought it was a derelict house and tried to break in while they were freaking home, and they were so high they didn't even notice until we knocked on the door and told them (after the police left, whose presence they also didn't notice).

Anyway, the current bunch who rents there now that the owner is elsewhere is pretty nice.  They even mow the lawn and cut the trees, and they want to fix up the place inside.  Problem is, there are some code violations that need to be addressed, and when one of the tenants brought it up to the owner, she first refused to fix it, and then after being asked again is now trying to evict that tenant (no, she still didn't do any repairs).  Did I mention that the landlord is so shifty that they only have a cell phone number for her, no address, and they pay rent by leaving a check on the mantel and it myseriously disappears when they're not home?

All of these people are very low income, nontraditional students and the like who have limited options.  It makes my robotic heart make a sound like a can crushing that some assh*le hippie is taking advantage of them, especially as she was one of them not ten whole years ago.  Sooooo, we're considering just buying the damn place and making it safe, and leaving their rent as-is (not the mantel thing - they can just head right next door and give it to us in person).

Are we totally nuts?  Of course we'd get a thorough assessment and inspection first, before making any big moves.  But is this crazy?
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Re: So, we're considering buying the house next door to us.

  • hmonkeyhmonkey member
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    edited December 2011
    i don't think this is a terrible idea but you should really consult an attorney.

    do you have the funds to cover all the extras, including taxes?
    are you going to provide furniture? 
    how familiar are you with fair housing laws?
    will you rely on rent to pay the mortgage?  what if the renters do not pay -- can you cover it?  for how long?
    do you need licensing and/or certification?
    image
  • mrsconn23mrsconn23 member
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    edited December 2011
    If you have the financial means to do it, go for it.  I bet the tenants would like you better.

    The disappearing check on the mantel is creepy as hell.   That arrangement would make me so itchy.
  • edited December 2011
    Have you seen The Money Pit?
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  • ReturnOfKuusReturnOfKuus member
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    edited December 2011
    We already own The Money Pit, fires in the walls and everything.
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  • zsazsa-stlzsazsa-stl member
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    edited December 2011
    What the what at leaving the rent on the mantel?! BIL had a landlord like this in college.  He would come home to find mysterious food in his freezer and an answering message from the landlord saying that she would appreciate it if he wouldn't eat that meatloaf in the freezer, she just ran out of space in her kitchen across town. 

    Also...I would make sure you have the whole story on the current renters.  On what grounds is she evicting them?  Are you SURE that the check has been left on the mantel every month?
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    I just a friendly gal looking for options.

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  • ReturnOfKuusReturnOfKuus member
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    edited December 2011
    Good points, all.
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  • mrsconn23mrsconn23 member
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    edited December 2011
    I bet it wasn't meatloaf...It was probably bricks of pot.  :)
  • edited December 2011
    It also might be worth while to hire a management company. I use one on my old house that I couldn't sell. They do a credit check, handle the maintenance issues (for a price) and handle the collecting of the funds from the renters and depositing them into my account. The company only charges a 10% of the monthly rent and a 1 time finder's fee also.
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  • edited December 2011
    I'd run this whole thing by a financial planner, an attorney, and probably at least 2 home inspectors (I've seen too many episodes of "Holmes on Homes" to trust home inspection to just one dude).  If you get the go-ahead from all three, I think this is kind of a cool idea (assuming, of course, the rent from the second house covers the entire cost of the mortgage + maintenance, you don't want to lose money on this endeavor).
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  • VarunaTTVarunaTT member
    Knottie Warrior 10000 Comments 500 Love Its First Answer
    edited December 2011
    No.
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