Archives for: November 2008, 11
Cedar Rapids Distressed Property: $10.75 Per Square Foot
November 11th, 2008I want to share with you some information about a property in Cedar Rapids located at 370 8th Ave SW. This particular property is for sale and was submitted by one of our researchers, but I'll be using it as an example. If you want to run your own full investor analysis on this property, you can do that using our Offer Generator.
Let's look at this 3 bedroom, 2.00 bathroom property located at 370 8th Ave SW that has an asking price of $17,959.
| Price Paid (% of Asking Price) | Price/Square Foot |
| $21,551 (120%) | $12.90/square foot |
| $20,653 (115%) | $12.37/square foot |
| $19,755 (110%) | $11.83/square foot |
| $18,857 (105%) | $11.29/square foot |
| $17,959 Full Price | $10.75/square foot |
| $17,061 (95%) | $10.22/square foot |
| $16,163 (90%) | $9.68/square foot |
| $15,265 (85%) | $9.14/square foot |
| $14,367 (80%) | $8.60/square foot |
As you can see from the table above, if you know what a typical Cedar Rapids property sells for on a price per square foot basis, you can quickly use the information provided above as a starting point for making your offer. Click on the Price Paid above to start your own analysis on this property using our Offer Generator investing tool.
Have you considered adding online marketing to your overall campaign to buy and sell houses in Cedar Rapids, but are at a loss for how to start? Check out Buying Houses with Websites for some very useful information on everything from domain names and web hosting to writing good copy for your site to generating traffic (and leads) from your site.
Sincerely,
James
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When Good Tenants Go Bad – Things You Can't Do To Force Your Tenants To Vacate
November 11th, 2008If you are in the rental business, sooner or later, you are going to have a tenant who inexplicably stops paying rent. They may give you the run around with stories about why they can't pay and promises of a full payment plus late fees just around the corner. Or, they may simply ignore your phone calls and refuse to answer the door if you show up in person to try to collect rent. Bottom line is, when it comes to this point, these tenants will need to be served with a three day notice to vacate to initiate the eviction process.
While you may be frustrated and tempted to take measures into your own hands, it is very important to follow the legal procedure for removing a non-paying tenant from your property. Specifically, the law expressly forbids you from doing the following:
Removing or Changing Locks
In no way is it legal for you to remove the locks, or put new locks on the property to “lock out” your tenant. It doesn't matter if they are months behind on their rent, have totally trashed the house and are in violation of every provision in the lease. They are legally protected against a “lock out” and can take you to court to regain entry.
Furthermore, cute tricks like removing the front door are also clearly illegal.
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