We have finally found a decent rental. It is a triplex listed at 90k with a projected rent of $600 per unit.
It is a newly rehabbed multi-unit but the appliances are missing. Should we ask that the seller pay half of our closing to cover the missing appliances? Also, the third unit needs some cosmetic work.
If it’s a steal as it is, I wouldn’t worry about it. You can pick up used appliances for dirt cheap on craigslist. Sounds like a decent deal, although I don’t know what your taxes are. Also, check and make sure utilities are split, if you as the landlord are paying for electric and heat, then that makes the deal alot less desirable.
Were the appliances listed in your contract? If so, negotiate. If not, not much you can do - although you can ask.
Sellers have no obligation to provide appliances.
You can get good looking, newer, used appliances for very cheap.
The only time the seller owes you appliances is when they were there when you looked and the contract says that appliances are included. If they disappear before closing, then the seller must replace them.
Don’t lose sight of dollars tripping over the pennies…
Keith
Even if you have to buy brand new appliances, you can get some decent looking things pretty cheap. I’ve seen Roper brand refrigerators going for right at $400 new. You can also get a new electric stove for about $350 or so. I’ve seen pretty good prices at Best Buy and Lowe’s for appliances. As far as the cosmetic work…I completely remodeled one of my units for under $2500. That was all new kitchen cabinets/counters, microwave, ceiling fan, vanity/med. cabinet/lights/shower, A/C, flooring, and paint. Don’t sweat the appliances on this deal. For about $2400, you can replace all the stoves and refrigerators. The renters don’t NEED anything else. If you have W/D hook-ups or they want a microwave, they can provide that stuff.
I usually shop craigslist first for rental applainces. You can often get NEW or very slightly used appliances at substantial discount. I never pay for used stuff at more than 50 cents on the dollar off craigslist, no matter how shortly it was used. Just like when buying real estate, if it doesn’t meet your buying criteria… walk away.
jmd_forest
Thanks a bunch everyone. Well be putting in a contract this Monday if everything goes well during our walkthrough this weekend :biggrin