All Forum Posts by: Cliff Wallace

I have learned dealing with local authority houses is to ask for literature on everything they are telling you. It should all be written somewhere and be accessible to you. It can be frustrating dealing with some of those people. As soon as things start unwinding. I will ask when I can talk to a supervisor to have some things clarified. 

@Leslie Motton Great question. I was also wondering what should the "contract" that you are sending with your offer letter should look like. 

@Jessica Martin Do you have any insight on what the contract should look like?

Hey Deerfield Beach here. Looking to get my second multi family and scale up from there. My first one has been very successful. Would love to connect

I did listen to it, great drop.  

Thanks Araceliz

Since this would be my first rental property, I do not have any information or experience on getting MtM tenants out or what to do if they become unwilling. Do you have any details or experiences you could share on the process.  Also has the COVID affected such things? I know some court houses here in south florida are still closed.  Thanks for input.

Hey Anna ! No lease MtM is what the agent told us.

We are are first time multi-family property investors. We have run into a problematic situation. The property we are looking at has 2 units and both are currently occupied. They are both paying way under market value for rent. About 30-40% under. We have agreed on the sellers price for 325k without any haggle or nitpicking. It does not require any major repairs and our goal is  to give it a good face lift and ask 100-200 over market value and to live in one side and rent the other.

The issue at hand is that we are asking in our contract for the property to be vacated. We want to do our own screening, do the renos, bomb the property, and we would also want to avoid bad air increasing the rent so much for the current tenants. etc etc. 

First, the owner said that he wont vacate because he was worried about loosing out on his rental income if we didn't close. So we offered to put a two month deposit (non refundable) in escrow if we do NOT close. He declined and didn't really give us an alternative option. 

Secondly, he said he would introduce us to the tenants however were really just not interested. Basically were getting the impression that he doesn't want to evict the tenants. Maybe he feels bad?! Your guess is as good as mine.  We have pretty much hit a stalemate here and I am trying to figure out a way to make the deal go down. But keeping in mind we want a vacate place and he doesn't want to evict anyone.... So I thought we could possibly bring them on but then I feel like we are inheriting a bad deal with possibly problematic tenants who are also paying way under value. 

 Keep in mind this was a really great value for this specific duplex. Otherwise we would have just moved on. Any advice or counsel is much appreciated. Thanks