Monday, December 20, 2010
Retard investors
So after nearly a year on the market the house across the street finally sells. I'm very pleased since I'm tired of looking at a dirt yard. There were people in there all weekend cleaning and painting. Then I come home today and there is a "For Rent" sign in the yard. WTF, what kind of idiot investor rents a 4200 s/f McMansion???
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The average apartment size is 600-700 sf for one bedrooms, and 1000-1100 sf for two bedrooms. Sounds like it is 6 or 7 one bedrooms, or 4 two bedrooms.
Maybe you can start an over/under wager on how many cars will be domiciled there. I'd set the line at least at 5 cars, maybe 6.
The HOA will pretty much take care of having too many cars. What pisses me off more than anything is that now there's little chance of anyone fixing the landscaping.
I just don't see this thing renting. It's huge, there's zero yard, no patio or anything in the back. There's a half finished courtyard thing in the front and the rent will need to be $4k/mo for this thing to pencil out.
I'd love to know the address and see who the owner is. I also can't beleive anyone with half a brain would attempt to rent something so huge.
There is a house a couple of streets north of where my parents live in Rancho Cucamonga that is some sort of a rental. The houses in this neighborhood are about 3000-4000 sq ft, on half acre lots, and had asking prices as high as $1.1 million during the peak of the housing bubble (though I think the most any of them ever sold for was about $900k).
There are quite a few people living in this house. At any given time there are 3-4 cars in the driveway and a few more out on the street. The landscaping really looks like hell too. The city was able to temporarily halt this situation for a few months because the owner didn't have some sort of permit. I guess that was straightened out because there are quite a few people living in it again.
So I guess my point is that some investors use their rather large rental properties to rent rooms to several people in some sort of boarding house type of arrangement (which I'm sure angers the neighbors). Even in a city such as Rancho Cucamonga there isn't much that they could about it. Of course these houses were built in the late 1980s so there is no HOA or CC&Rs as far as I know.
I recently discovered a great source for ownership info and sales history
"riverside blockshopper", navigate thru to the address box and enter it and it will give you decent sales history by address or even by name of individual. I even came across some shenanigans where before home/loan went bust people tranferred properties to spouse's or relatives to take the hit on the default. Ive spent hours on this site to research properties.
It is most like going to end up as a meth lab or a grow house.
Make sure you attend their first spring BBQ.
I found out he has it up for rent for $2700/mo. That's pretty cheap for something this size (although it has no landscaping). The price must be right, there's been a never ending parade of people looking at it. That rents seems a lot low for something he paid $450k for!
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