Questions from a Connecticut newbie
Im new to bp and the realestate game. I have two questions.
1: when looking at fully rented multifamily units is it common practice to ask the owner for the existing tenants payment history?
2: when listing a property fsbo is there a way to state that your willing to pay 3% to a buyers agent so they dont look right past your property?
Any help or advice would be appreciated :)
Most Popular Reply
Hello Matt,
I would ask for the tenants' leases and you could ask for the payment history, but if you are buying a smaller multi-family from a landlord that doesn't want to do it anymore, he or she will probably not have kept track of a history. Also, they could just make it up, so I am not sure how useful it is. But, having the leases is good because depending on the state and the lease, you may have to allow the tenants to stay under the current lease.
As far as FSBO, I just bought a house with a realtor, fixed it up and sold it myself. I posted it on Zillow I scheduled an open house for 3 days later and someone came without a realtor and put in an offer. I saved 15k because I didn't use a realtor and she didn't. So, I would say try to sell it yourself on Zillow. If you want to write in that you will pay 3% to an agent you can, but I would try to see if you can get it done without it.
On another note, I am hosting a real estate meeting on November 28th from 6:30 to 8 at East Lyme High School. I teach there so I can use the room for free. We just sit around, eat some pizza and talk real estate. There are no fees of any kind and I don't try to sell anything.