All Forum Posts by: Brett Baghdoyan

Hello all - 

First time poster, long time listener here!  I've been scratching my head around what is seemingly a very simple aspect of wholesaling, but I just can't seem to mentally um this hurdle.

Pertinent background info: I won't qualify for $600,000 worth of financing in a conventional manner and do not have an investor or pool of investors that will provide me with the "financial backbone" to really make meaningful offers to purchase at or above the aforementioned sales price.  I DO however have an associate that I know would be an interested buyer in the subject property at the right price, a price of around $625,000 to $650,000. (Wholesale margin for the win!)  Slam dunk?!

So my question is simple; how do I get my seller to agree to sell me the subject property for $600,000 without real "proof" that I can actually buy the property without telling him I have an interested party looking to purchase the property and actually cutting myself completely out of the deal accidentally.  Thus, in the process having my wholesale margin go directly to the seller and me not seeing a dime?

Thoughts?

I'm open to all feedback, but please keep it constructive - relative newbie here!

Thanks!

Thanks for the replies everyone.  Lots of great information in here.  Just to answer this question: 

"You mention the tenant that remains is applying for some kind of assistance. Would that tenant qualify to rent on their own? If not then why would you want to do a lease with just them?"

Tenant A, the remaining tenant, adamantly claims they were the tenant funding 100% of the rental costs each month prior.  Per information we have in the office, check stubs, etc. She is telling the truth as the payments have always been in her name, but there's obviously no way for us to know if she was taking money from Tenant B on a monthly basis after the fact.  The rest of the information we have leads us to believe Tenant A can indeed afford to live at the unit alone, but the outstanding application for utility assistance is peaking our interest.

Just further information, I've already contacted Tenant A about Tenant B's lack of response multiple times, so hopefully saying nothing can be done to help until this issue is squared away will draw them both to the table ASAP.  Definitely don't want to bend over backwards for the tenants, but we also like to try our best to keep people happy at our buildings and if we can help, we usually try to.

Thanks again everyone!

Hey BP Forum Heroes - 

I'm new to BP and this is my first of hopefully many posts!

I have a question about Massachusetts Landlord/Tenant Law that I can't seem to find a specific answer to, likely because it's a very specific circumstance.  I'm sure I could spend an hour with a Real Estate attorney, but I'd rather save the $150+ and see if anyone here can help me out.

The situation is as follows:

Tenants A & B signed a  year long lease in August 2016 to occupy the unit.  Tenant A has told the landlord that Tenant B has moved out because they are no longer dating.  The landlord has tried to get a hold of Tenant B on multiple occasions to verify that this is in fact true; that this tenant has indeed vacated the premises.  Tenant A has requested a new lease and to be the sole occupant of the unite so that Tenant A can apply for a utility assistance program through the State of Massachusetts.  So, the Landloard (me) is left with the situation of not wanting to wrongfully and illegally remove Tenant B from the lease without Tenant B's knowledge or consent, but the Landlord cannot get a hold of Tenant B to discuss the matter.

As far as I can tell, the only way to really confirm if Tenant B no longer lives at the premises would be to stake the place out for hours on end unless I can speak directly with said Tenant which again, is proving quite difficult.

I know there are "abandonment" clauses in Mass. rental laws, but given the unique circumstances, I'm not sure how those apply to my company being able to remove Tenant B from the lease without written notice to quit or consent from that Tenant them self.  And even if we did serve Tenant B with a notice to Quit - what would the infraction be?  These tenants are up to date on their rent and have not done anything nefarious or disruptive.

Is anyone able to assist me in this matter?  Also, thanks for reading the wall of text. 

Happy Holidays!