Not much going on the last seven days. The cabinets at the house are supposed to be in and finished by 6 PM tomorrow. I pulled comps again for the house and that process just proved to me that real estate really is an inefficient market. I used the same site to get the comps as I did two months ago and it returned a completely different set of houses. I got 20 houses each time and there wasn't a single duplicate between the two lists. And the sales dates spanned about the same time frame too, so it's not like the more recent one showed a bunch of more recently sold houses. But at least the prices were fairly consistent.
I received the second interest payment from my hard money loan and was told the loan may be paid off early. This is nice, as it just increases my ROI. I'm also going to Las Vegas next month, so the extra money will come in handy!
Tuesday, May 17, 2005
Wait mode
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3 comments:
Have you ever heard of a prospective tenant trying to negotiate a rent deal? I had one call me tonight ,she wants 1mo free if she pays 4mo in advance? I am wondering if it is a good idea? If her credit is good ,would you do it?
Ha. I've never heard of that, but I like it! Money today is always worth more than money tomorrow, so yeah, if her credit was good and she didn't have a mile long police record or anything, I'd take the deal. I'd watch out for possible eviction situations though and your agreement should clearly spell out what happens to that paid-in-advance rent if you have to evict her before the four months is up. I would also be sure to state it is the fifth month's rent that is free. To give her the benefit of the doubt, I would guess she came into the money somehow and doesn't trust herself to hold it and pay it out month by month without blowing it on other stuff.
What a great idea! And I'm not sure I agree with the "doesn't trust herself" theory - this is a woman who got a chunk of money and thought "now how can I make this money work for me?". She's getting a month free - that's a 25% ROI, right?!
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