Responsible Ownership as Investors
I know I'm preaching to the choir. But, somehow I feel this still needs to be said. Buying an investment property has financial implications in many ways. More than the obvious ROI and property appreciation, my big question is did you get an appraisal? I cringe when I saw a recent out of state investor pay $300k on a 4 plex on the east side. The person she bought it from had just recently (within the prior 6 months) paid 1/2 that amount to get it himself. In a matter of months, he doubled his $ selling it. It certainly wasn't an issue of the seller buying, flipping it, then selling; he did nothing to the property. I'm of the belief the out of state investor didn't know about the seller's quick profit but also the buyer had no real clue as to the fair market value of that property. Can I tell you how valuable an appraisal would have been. A retorical question, but what if this buyer spent $600 to find out it was worth much less than what sh...