An idea of mine is to acquire twin ex-LA 3-bed semis, live in one and rent the other one out. How might one go about searching for this rather unlikely combination?
MM
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20 years ago
How would I go about finding twin council house semis?
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20 years ago
"Mike Mitchell" wrote | An idea of mine is to acquire twin ex-LA 3-bed semis, live in | one and rent the other one out. How might one go about searching | for this rather unlikely combination?
By phoning all the estate agents in the desired area? Especially if he has cash available (no mortgage, no chain) he could be a useful ally to any agent with a breaking chain or difficult to mortgage property sticking on the books.
I wouldn't have thought a landlord would necessarily want to live so close to his tenants - or would find it easy to get tenants who want to live so close to the landlord.
Finding a semi, the other half of which is occupied by a single old person with no relatives in the immediate area is probably a good bet. Wait for the neighbour to die and the far-away children want a quick executor's sale.
Owain
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20 years ago
For a risk point of view it would be more sensible to buy 2 halfs of different semis live in one and rent the other. If you have (say) a fire, or major building problem in one of them you have another to fall back on. What if the market drops in just that area? you loose twice. better off spreading bets I'd say.
Why not get them about 10miles apart, still easy to get to check up on etc
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20 years ago
if its ex council houses, then whoever moves in next door will be constantly banging on your door to moan and complain, about just about everything to do with the house. You wont be able to give the usual excuses, "I'll get round to it", "I've been really busy lately", "I'll sort it out", they will know when you are lying, they will see you come and go from your house. I dont mean to say, that you would deliberately fob them off with an excuse. You will probably be a good landlord, however, sometimes, you may need to let them down gently. Living next door , you wont be able to. best to stay well away rob
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20 years ago
IME I have to diasagree. I am a landlord of two flats one of which is directly above my own home. I also manage several more flats so I'm familiar which the spectrum of middle market tenants. Things do go wrong but the tenants (in this segment of the market) are normal reasonable people and if you make a reasonable response they IME accept that not everything can be fixed instantly. In fact the totally non-complaining tenant is no help at all as things can really bad and take much more to fix that if they had raised the problem earlier.