All Forum Posts by: Carlos Enriquez

I'm a veteran and I can corroborate that there are some families that do not maintain their housing area.  Don't feel guilty about not renewing the lease. First, this is a business and you need to do what you have to do.

Second, military bases have housing for families and they probably will be able to get it.

Third, assignments at bases usually are for 2-3 years, at least when I was active duty, so they would be moving eventually anyway.

Expect them to resist you on this though, and attack on your patriotism possibly.  Stick to your plan.  They will do fine.  The military takes care of their own, or at least they did when I was in.

Does any insurance cover this?  I recently bought a duplex and the lender told me I had to have hazard insurance on the place.  I would think if I had a fire, I would notify my insurance and let them handle it, much like an auto policy?  Am I being naive?

Thanks for bringing this up in case it happens to us!

You're right, it was too good a deal to walk away from.  I'm taking my lumps because of that now, but it will work out in the long run.  Not much of a deal maker at this point in my career, but I can learn how.  I'm sure many experienced folks here have had a bad situation at least once in their careers.  Thanks.

He does have a supervising broker, a big name company.  I did call after escrow closed when I found out that he didn't do a final walk through on my behalf (I live out of state).  We met in person when I first made my offer, but he slacked after I left.

Look, K. marie, I know you are only trying to help, but I already know that I'm responsible for all that.  Like I said, this was my first multi-family deal, and I trusted my so called agent to represent me intelligently.  Like I also said before, if you read it at all, it will never happen again.  I know what to look for now.

I would appreciate it, if you would like to post in my thread, to not point fingers to the obvious, my inadequacy as a first time buyer.  I don't want to get into a back and forth pissing contest with you.  I'm trying to get helpful suggestions and ideas, and at the same time wanting this thread to help future first timers.  Thanks.

My PM has advised me that he has several potential tenants wanting to rent the unit, but he can't tell them when it will be available due to the tenant's clueless agenda.

I'm hoping to just get this guy out and cut my losses.

Sorry about the confusion.  When I stated "realtor" in my original post, I meant my agent representing me, the buyer.  I should have said "my" realtor.

This is why it's so frustrating for me.  I was referred to him by a reputable source.  He didn't represent me well at all.

The seller had his own listing agent.

Interesting to read how some comments are harsh only on presumption.

I don't think any financial institution will acknowledge a client's ability to cover a check over the phone anymore, at least where I live.  They always cite privacy laws now.  I have to physically go to the bank and try to cash the check to know if it clears.  It saves me time anyway (I know immediately) and the NSF fee the bank would charge me if I had deposited it.

Thank you all for the replies.  I'll think about all this and post here after all is said and done.

Next time I will insist on using the proper contract even if the realtor doesn't agree.

What was it about "multi-family" that he did not understand? Geez.  Makes him look like he was in cahoots with the selling party!

Outlined for brevity.

1. Recently bought a duplex.  My first multi family investment transaction.
2. Realtor used Form 21 Residential Real Estate Purchase and Sale Agreement.
3. No clauses for requesting the pertinent financials (leases, rents, expenses...).
4. I asked about using Form 20 Multi-family Real Estate Purchase and Sale Agreement.
5. It has section 17 y clause stating all records to be produced within 10 days.
6. Realtor annoyed and said I was questioning his professionalism and form is correct.
7. I went ahead under duress (never again!).
8. First month rent due as new owner...now one tenant can't pay.  The other is paying $1750.
9. He said that he's been paying $1750 while the lease says he's paying $2100, so he can't afford it and wants out of lease.  He won't pay August rent.
10. No security deposit, no other monies required from him in previous lease.
11. Found out he is a close personal friend of seller.  Lease showed higher rent possibly so that I could visualize a positive cash flow.  With the below market rent, it is not.
12. Realtor incompetent, seller fraudulent, tenant loser, new owner screwed!

My PM, who's been fantastic, has started the eviction procedure.  We are trying to get the tenant out so we can mitigate this and get market rent in September.

But that realtor and that seller!!!  What can be done, if anything, about those guys?

Hi Nat, I thought you had a PM to handle this kind of stuff?  Oh well, I've been told that one never rents to potential tenants who are chomping at the bit to get into your property.  You really have to check them out well before you do.  These folks sound like those type of tenants desperate to move in so they can play their game with an owner.  It's gonna be hard to get them to pay or to get them out now I think.  I hope not.

I would not be on a very friendly basis with them anymore as it seems they are taking advantage of that.  Now you have to be the landlord and get serious.  But have your PM do it unless you canned her from before.