Bank Owned

Hmmm. I might suggest a call or visit to city zoning yourself..

So you're saying he looks like this?

LOL

He told me it was his second DUI but the first one was 15 years ago, but in Florida they are never erased from your record.

I've met Brian, he's just a tad larger around the middle.

I put my offer in at 10% less then the banks asking price. My realtor said we wouldn’t hear from them for a while. But if they get a better offer I can always come back with one higher. It’s been vacant for a year and homes are not exactly selling very quickly here in St. Pete. I’ve noticed homes still for sale that I looked at over two years ago.

I would go down to the city to check out the zoning codes but I just don’t have the time to get away from work, at least not for a couple of weeks. I tried calling but was bounced around and left on hold and had to get off the phone.

Well the bank accepted Morgan’s offer on the house next door. Couple of problems. He can’t have his home on three lots, zoning restrictions, the extra lot is on the other side of the house that’s bank owned. Looks like he going to have to rent it out. At lease this way he can control who will be living next door.

That made me laugh marco.
That's exactly what my parents said about renting out the house next door to them, that they bought when those neighbors moved.

Lol he already has s tenant in mind, two guys he knows, now he has his eye on another home down the street. He's going to be St. Pete's new slum lord.

The house next door is in escrow. It really doesn’t need a lot of work. I’m going to have it painted on the outside, replace the bathroom and kitchen tile, take up the carpet, I’ll bet there is a beautiful hardwood floor underneath. So not a lot of work.

I have two friends in mind that will rent it from us. I just had to buy this house, you have to be careful, so many investers are buying up homes and turning them into HUD homes because they get paid by the government. I didn’t want that happening next door.

I designed re a HUD building - now long ago. What a puzzlement. Not built, thank goodness. My memory is, though, that the design ideas were well meaning.
I don't think it was a design team who screwed stuff up.

With the houseing market being at an all time low there are so many investers buying up property here in St. Pete and renting them out and as long as they are collecting the rent they really don’t care who they rent to so you never know what kind of neighbor you may get. I have two guys who are ready to move in and I have known them for the two years since I moved here so I know they will be good neighbors and take care of the place.

Sounds good.

All time low? dunno about that.

Congratulations!
Be careful though of renting to friends, jcboy! If they don't pay the rent on time and/or have other problems with the house, a friendship can go down
the drain in no time. It's hard being a landlord under normal circumstances, it can get very trying with friends.

That was my thoughts as well! He has his real estate friend Brian who also rents property and I thought he should have just turned the property over to Brian to manage.

Agreeing re watch your ass.

Crude, but that happens.

Oh yes, these two guys approached Morgan when they first heard he was buying the house next door. They rent in Gulf Port, now they are nice guys and he has known them for almost two years but I didn’t think it was a good idea to be their landlord. Things could turn ugly real quick.

I don't mean to equate our experiences, just to reiterate the watch your ass part.
(I once owned three houses in Bakersfield, don't get me started)

I agree! In order to remain friends - they'll live next door after all - Morgan should turn it over to Brian. If they haven't paid the rent by the 10th then
Brian will be the bad guy and not you two. Also, if they have a water leak at 2 am in the morning, they should call Brian and not you.

My landlord years were not worth the trouble, it was a constant hassle, no matter who rented the house.

I do think its best to let Brian manage it. It’s a very small price to pay for some piece of mind, not having to worry about collecting rent from them. What ever needs done Brian can handle it, he’s been in the business for twenty years and I do trust him.