Carlsbad, CA · Member since 2010 · 1k+ posts · 1k+ votes
Hello all-
I talked to a seller this afternoon regarding a property. The seller has a 4 unit building. Each unit is 1 bd/1 ba, and each of them is rented out.
One thing I thought was kind of interesting was that the seller mentioned that when I come over to look at the property, he will tell the tenants that I am looking to paint the place. Is that something that will raise a red flag? Any thoughts on this will be much appreciated.
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
16y
Not unusual to have some story for the tenants when bringing a potential buyer though the place. Tenants might get freaked out when you tell them you're selling.
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
16y
Not unusual to have some story for the tenants when bringing a potential buyer though the place. Tenants might get freaked out when you tell them you're selling.
Real Estate Investor · Glen Allen, VA · Member since 2008 · 74 posts · 43 votes
16y
Exactly right above - a lot of landlords don't want to alert their tenants to the fact they're looking to sell the property. I wouldn't worry about this - it's pretty typical. In general, tenants may get worried about the building being sold for many reasons, major one being they are afraid the new landlord will raise rents.
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
16y
I wasn't clear on this. If the seller was representing you as a PAINTING contractor doing a bid, then I agree with Jon. If he was representing you as a buyer that would paint AFTER buying the property, then I disagree. Rich