All Forum Posts by: Wes Park

Hey Bill, 

All very valid points — Thanks so much for your comments.

Hi Everyone,

I'm getting ready to do another 1031 Exchange. Would you buy one rental property for X amount or two that would equal that X amount? I know this is VERY broad and specific numbers would need to be analyzed, but I'm merely interested in ppl's initial thoughts on the issue. Are there any generally-shared beliefs out there? I would appreciate your thoughts.

So I guess verbal contracts don’t mean didley to some ppl LOL. They gave me the lease to honor it with the existing tenant. The seller has no right to rent payment for any time he no longer owns the property. Technically this is an issue the tenant has to take up. But ultimately that sum is owed to me. If there isn’t a lease to honor, I now have a trespasser living in my property.

I love comments like “lesson learned.” Ppl know what is right and wrong, but they try to circumvent responsibility by presenting dishonorable arguments.

Agreed. I'm working with the tenant to go after the seller for his deposit and prorated rent for the month (to pass onto me). However I'm exploring ways I can seek relief from the seller myself.

Hello All,

I just closed on a tenant-occupied investment property. At the closing table, the seller said he will not relinquish the tenant's security deposit nor the prorated rent for the month. He stated that my need to reschedule the closing caused extra expenses. The closing attorney stated nothing was written in the contract so I had no right to these demands.

My realtor had verbal understandings with the seller's realtor that I had to accept the tenant if I wanted to buy the property –- which I was fine with. Of course they gave me a copy of the lease.

I'm taking action, but I was just curious if anyone's experienced something like this and how they handled it. TIA for any thoughts/guidance.

Trust me Rick, I would be THE last person to say my advice is better than anyone on this topic.  I was merely sharing what I was told by someone way more knowledgable (and provides the service herself).  If anyone here or anywhere else can show me that it's AGAINST the law to do mail-aways, I would fully comply.

I choose to keep my sources confidential unless I had their permission – I'm sure you can respect that.

Well, after further research and consultation, mail-away closings are perfectly fine in Georgia. I was educated this morning by the president of an organization in Georgia whose professional interest centered on real estate matters. I won't divulge their information without their knowledge and consent.

I'm sharing this newly-found information in hopes that another newbie such as myself might benefit from it. Knowledge is king my friends and this community's cup of it runneth over.

Thanks everyone for their comments. I will be checking with our lender to see if it's not too late to switch closing attorney. If anyone would suggest specific offices they've had good experiences with, I'd very much appreciate it (not sure if that's allowed here). Of course I will conduct my own search.

 It appears we have varying opinions.