Real Estate Agent · Miami · Member since 2018 · 42 posts · 39 votes
Hi there. Closing today on my first investment property. Bought it sight-unseen from the bank. Curious on how you would approach this situation? I will be able to knock on the door for the first time, later today!!
Hi, Ashley. I do have a few investments of my own. Mr. Morrison is a something-something, as I've pointed out elsewhere.
When you buy a property from a bank, it isn't a foreclosure. The bank, in buying the foreclosure, has to clear the title in order to sell it, or will use the money from the sale to clear the title. This is called a REO.
Can I ask why you bought this place without looking at it? Perhaps you've taken a look at the exterior? Even if you didn't physically go there, there's still plenty to see in Google Maps and many local computerized deed registries.
I suggest you take company with you for the door knock, preferably large, male company. The tenant may have no clue what's happening. This is almost always a very traumatic experience for the tenant. It's more trying if there are shotguns and/or pitbulls involved, but fountains of tears are not the easiest thing to deal with, either. You need to figure out what sort of lease, if any, the tenant has. Most likely the easiest and least problematic legal way to get rid of the tenant will be cash for keys, but find out first what the tenant's lease says.
If it turns out that the tenant has no lease AND has no interest in leaving, you'd best start boning up about eviction law in your area. I always recommend that investors hire an experienced lawyer to do the first one for them. It's an expense, but it's also an important learning experience. Some of us go years without an eviction, some of us go days. Good luck to you, no matter what happens.
Real Estate Broker · Ocean View, NJ · Member since 2014 · 188 posts · 82 votes
8y
@Ashley Davis nice work. I actually just purchased a home last week sight unseen with a tenant (squatter) in it. I called an attorney the day of closing and started the eviction process. We first sent him a letter offering him $2k to leave. He called back attorney saying he just replaced the hot water heater and that he wants to be reimbursed for it. He also mentioned he would be late paying rent Long story short i told the attorney to just keep moving. The eviction costs us $750 but well worth it.
I wouldnt knock on the door.
@Ashley Davis nice work. I actually just purchased a home last week sight unseen with a tenant (squatter) in it. I called an attorney the day of closing and started the eviction process. We first sent him a letter offering him $2k to leave. He called back attorney saying he just replaced the hot water heater and that he wants to be reimbursed for it. He also mentioned he would be late paying rent Long story short i told the attorney to just keep moving. The eviction costs us $750 but well worth it.
I wouldnt knock on the door.
GOOD FOR YOU!! That's a great turnout. $750 sure beats $2k. How long did the process take for you? Also, how was the house? I still haven't gotten in to see the condo but I'm told by the association that the tenant is turning keys over Saturday. She already moved out!!! Got lucky with that!!!
BUT the HOA is already talking about the unpaid HOA fees from the previous owner. HOA is low and I factored in misc. expenses but I keep reading different things: I am NOT responsible or that they cap it to like 6 months... I don't think I should be responsible for maintenance fees when I didn't own the unit. I know laws differ from state to state. Does anyone know where I can find the proper info on this for Florida??? Or an attorney that can get me out of them, lol. Helppp FLORIDA BP people :)
Real Estate Broker · Ocean View, NJ · Member since 2014 · 188 posts · 82 votes
8y
@Ashley Davis
I’ll let you know when we are done with eviction.
I still havent been in the house lol
We bought for $136 The house next door sold for $489
Real Estate Agent · Miami · Member since 2018 · 42 posts · 39 votes
8y
Hey all! Got keys today! The apartment is in pretty good shape. 🙌 Sight unseen auction works if you know the building, know the comps and expense in the highest rehab... and with it being tenant occupied for the last year, it shows its livable. I know ya'll thought I was crazy but if you do your research, you can win big!