All Forum Posts by: Christie Duffy

@Bruce Lynn I’d push the seller to get the tenant out or prove they can pay. I am not a fan of inherited tenants and never someone who doesn’t pay. The whole appeal of a two fam house hack is the income of another unit, otherwise you’d by a single fam. I’d hammer them on this misrepresentation through your attorney. You should speak to your attorney regarding proper recourse or action. Just keep in mind that you want to present some real creative solutions to the seller that you’d agree to otherwise the deal will just fall apart. Maybe the tenants could provide new proof of income of how they’ll continue paying June forward? Or they can agree to move out by June. Or seller can credit you at closing for the remainder of their rent in an escrow account for a set amount of time in case they don’t pay? You could also ask to interview tenant directly and ask seller for more documentation. Did they always pay on time prior to this lapse? Is there a proper lease and background check in place? Credit check? Run their credit if not.

@Yuka Fujii — don’t drop the deal! Work the problem. Quantify the repairs — once you know the cost you can negotiate where you need to. Focus on the mechanical problems first - HVAC, plumbing and electrical. You will need to rewire the house if it is all or mostly knob and tube both for insurance purposes and to run new appliances, etc. The plumbing - you can have a plumber come in and do a pressure test - this may be a minor repair if there is a small leak - depends what/where it is but let them tell you. The heat - same - get a contractor in to assess damage and give you an estimate. When you have estimates in hand for all the things you can go back to seller and renegotiate. There’s really no such thing as an as is sale. (At least in my state every buyer has the right to inspect on a standard contract.) The seller can say no to your request but be reasonable and back up your asks with real estimates on paper that you show them. Also keep in mind that when a home inspector comes through it’s their job to pick out as many problems as possible - so take some of the minor stuff with a grain of salt. Don’t walk away - do the work and quantify every repair and if it’s over $16k (which it sounds like it is) at least try to renegotiate the deal. You got this!

@Arthur Sorochkin - there are so many opportunities in NY and NJ - nearby! I know many think it’s an expensive market and it is but there are niche areas where you can buy for this price range. I own 3 duplexes in NJ 30 min or less from NYC that we bought for $225, $225 and $330. All within the last 3 years. The $330 one I bought longest ago. I recently bought a house walking distance from 2 stops direct train to penn station for $157 - and flipped it. I only buy in great neighborhoods with fantastic tenants and top of the line rents. I just bought a $410k building we’re turning into 8 units in NY. Don’t look elsewhere just because you don’t think there are no deals locally... there are. Even in this market. Had a realtor call me today for an on market offer I made $40k below ask- he wants to talk - maybe cause he now likes my under ask offer? It happens. Happy to chat with you one on one if you need help.

@Keith A. Sounds like a master bedroom opportunity - walk in closet perhaps - or if big enough maybe divide into 2 new bedrooms

@Gawaine O'Gilvie congrats on saving and getting started! I’ve invested in and out of my immediate area and I can tell you that if I were doing my first investment again I would do it in my own market... I’d there any reason why you are researching other markets than your own? I’m a believer in there are deals in every single market. If you study the market hard enough you can find multiple deals in your own market.

@Kelly Bellini I have a term in my lease that says:

NEW TENANTS: Any guest who occupies the property for more than 10 consecutive days shall be considered a new tenant. All new tenants must fill out a rental application and have their name added to the lease. The landlord has the right to reject new tenants if he or she has any criminal history. A newborn or adopted child shall not be deemed an additional tenant.

BUT... the real question is why wouldn’t she be straightforward from the start? My guess would be cause her BF has something to hide. Or maybe she’s worried you won’t lease to her for some silly reason. I’d be direct and say look... I like you and I want to lease to you but I saw on Facebook that the man you were with is your boyfriend. If he’ll be living here too that’s no problem but I’d prefer to run both your credit/background check and have both names on the lease this way we dont have to do this later if and when he moves in. Cause here’s this term I put on all my leases that would make us go through this whole thing all over again anyway, just trying to save us both time, etc.

I’ve also had people not want to put their significant other on the lease cause they move in and break up or leave them and this apartment is their new chapter. So I’d just talk to her compassionately and honestly to get answers.

Hey all - closing on a flip next week that is stacked with stuff. We agreed to take with contents so first task is clean out! Any tips? I already contacted a ton of estate sale companies but most like weeks notice for a sale or will charge thousands for clean out. How do you efficiently handle hoarder houses?

@Nicole Heasley Beitenman That would be so helpful! Thank you! 

Hey all I've been mailing probates for a while and I mail the list once every 30 days for 6 months. But I recently heard someone talk about a study where they sent 8 mailers in 8 weeks and had more success. They weren't mailing probates though. Question is: what have you found to be better? A lot of mail really quickly, once a week to the same list? Or consistently spread out and staying in front of them for a longer period of time? Would love to hear from anyone who does probate on this.

@Joseph Vu is there a market outside the Bay Area but driving distance where the price point is more accessible but you can self manage? I would do heloc. You could also buy something turnkey but personally I don’t.