- Joined
- Apr 22, 2015
- Messages
- 30
I emailed a realtor to ask about utility costs for a duplex where the landlord currently pays all utilities. This same duplex was on the market for several months earlier this year and was then taken off the market. It reappeared on MLS last week for the same asking price as before.
The realtor has been helpful in trying to obtain some information regarding the expenses, but today he replied and said the home is a power of sale and the lawyer in charge says the utilites are not available to share. His response also referred to "the person holding the mortgage". So it sounds like it might be a private lender, rather than a bank.
Is this kind of behaviour normal for a power of sale? If you were considering a property like this how would you go about estimating the expenses? I'm a new investor looking for my first rental property. So I'm not sure I want to get involved with something like a power of sale, but I'd still like to understand more about the process.
On the surface this looks like a decent property. It's fully rented with at least one long term tenant and based on rough calculations it looks like it might provide modest cash flow even with 20 per cent down. However, if utility costs are excessive it could be a loser. If it's making money or breaking even I don't know why it would end up as a power of sale.
Thanks,
Andy
The realtor has been helpful in trying to obtain some information regarding the expenses, but today he replied and said the home is a power of sale and the lawyer in charge says the utilites are not available to share. His response also referred to "the person holding the mortgage". So it sounds like it might be a private lender, rather than a bank.
Is this kind of behaviour normal for a power of sale? If you were considering a property like this how would you go about estimating the expenses? I'm a new investor looking for my first rental property. So I'm not sure I want to get involved with something like a power of sale, but I'd still like to understand more about the process.
On the surface this looks like a decent property. It's fully rented with at least one long term tenant and based on rough calculations it looks like it might provide modest cash flow even with 20 per cent down. However, if utility costs are excessive it could be a loser. If it's making money or breaking even I don't know why it would end up as a power of sale.
Thanks,
Andy
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