All Forum Posts by: Amalfi Duran
Amalfi Duran has started 9 posts and replied 34 times.
Post: My most recent investment.
- Investor
- San Antonio, TX
- Posts 34
- Votes 25
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $110,000
Cash invested: $40,000
This beautiful 3 Bedroom and 1 and half Bathroom house is located in South Acres Estates subdivision. All new flooring, cabinets, countertops, complete bathroom makeovers, light and water fixtures and so much more!
Post: Just bought house with inherited tenants and they don't allow me
- Investor
- San Antonio, TX
- Posts 34
- Votes 25
Hey guys just an update in this matter. Everything worked out. Property has been rehab and already doing refinance.
Post: What is your goal with real estate ?
- Investor
- San Antonio, TX
- Posts 34
- Votes 25
I started real estate too late, so my goal has changed. For now, all I want to do is to buy and hold as many houses i can so that in 20 years they are all paid off and to use that income for my retirement.
Post: Just bought house with inherited tenants and they don't allow me
- Investor
- San Antonio, TX
- Posts 34
- Votes 25
Originally posted by @Greg M.:
Originally posted by @Amalfi Duran:
I'm sorry, but what fairy tale world are you living in? Let's break this down, a complete newbie found a place that was priced 35% below market because it needed minor renovations. The seller was willing to forgo that additional 35% because the minor renovations that you will be able to complete in two weeks was just too much for them. No professional flipper scooped up the property, you beat them all to it. Your appraiser - who you wouldn't need because you paid cash - says that with these renovations the place will appreciate 52% to $190K. You were able to convince a hard money lender to take a shot on you and even though you are a newbie, the hard money lender never raised the red flag of a tenant being in the property.
You either keep hitting the jackpot or a bong.
This is not a flip. The appraiser was done by the hard money lender, and yes, they knew the house was rented. I guess that you have never heard about motivated seller. I got a sense that you are being bothered by this....
Post: Just bought house with inherited tenants and they don't allow me
- Investor
- San Antonio, TX
- Posts 34
- Votes 25
Originally posted by @Ronald Rohde:
Originally posted by @Joe Splitrock:
@Amalfi Duran as others have said, until a new lease contract is executed, the current lease is in effect. Even if you had a verbal agreement to trade inconvenience of rehab for a month-to-month lease, that is not legally binding. Refusing to respond to requests to sign a new lease is not breach of current contract.
On top of that being out of state makes it harder. If they were local, you could stop over and talk to them face to face. Communication through third parties, over text or even over the phone can be much more difficult.
At this point, I would accept the fact that they are not going to allow rehab while they are living there. Find a way to extend financing.
What county is the property located in? I have a feeling you are going to need a lawyer
San Antonio
Post: Just bought house with inherited tenants and they don't allow me
- Investor
- San Antonio, TX
- Posts 34
- Votes 25
Thank you for all the opinions that offer a solution. Hopefully i will get to fix this issue. As someone said here, This is real estate and for new investors like me this is how we learn.
Post: Just bought house with inherited tenants and they don't allow me
- Investor
- San Antonio, TX
- Posts 34
- Votes 25
Originally posted by @Steve B.:
@Mark Fries it gets better, a two week renovation that's is "little" as to not affect the tenants and it raises the ARV over 30%. I need to find a deal like that
You say that because you don't know all the details and it is too much writing to explain. It would take less than 2 weeks. This house has 2 bathrooms and they will be renovated not a the same time so they can have one available. The other thing that needs to be fixed is the counter top of the kitchen and the sink. It is not a big deal. And yes, it is good deal why wouldn't you buy a house for 125 that as per appraiser says if you do that will appreciate to 190k.
Post: Just bought house with inherited tenants and they don't allow me
- Investor
- San Antonio, TX
- Posts 34
- Votes 25
Originally posted by @Jamie Heinz:
@Amalfi Duran if I’m reading correctly,
your main problem is that they are not answering your calls or that of the property manager... is that accurate? If so, why isn’t the property manager actually going to the home in person?
That is a good question, I will have to ask my property manager to do that. Thanks
Post: Just bought house with inherited tenants and they don't allow me
- Investor
- San Antonio, TX
- Posts 34
- Votes 25
@Jill F. I guess most of the people are miss understanding. The lease is not the problem. If they want to keep same terms they had they will, i will honor that. But they have asked me TO CHANGE THE LEASE to month to month and as "per their word" they will agree for renovations. But my contractor has been calling and hi is not answering, my property manager has been calling so we can sign lease and he is not answering either. It has been over a week we are waiting for a response from tenant and no answer.
Post: Just bought house with inherited tenants and they don't allow me
- Investor
- San Antonio, TX
- Posts 34
- Votes 25
@Cassie Montalvo I did offer that but they don't want strangers in their house. That is the problem.