All Forum Posts by: Erik Satterthwaite

 Hello,

The property is located in what is considered the North Side of town.

Hello Stephanie,

I purchased a two family in binghamton last year. I used Gary's firm to close in fact. make super low ball cash offers and you can get something nice that'll cash flow. due your diligence before committing to a purchase. everywhere, people need a place to live. just make sure the numbers crunch and you'll be fine. I have yet to find a property manager up there however. 

Thanks for the input. The owner is very motivated to sell and I feel this tenant issue is great motivation for him to pretty much give it away. I’ll consult an eviction attorney to see what removing the tenant entails. Thanks! 

Hello all,

I need some advice.  I've been in communication with an exhausted landlord in upstate New York.  He has a property that he wishes to sell, which has a "squatter" tenant that has not paid rent in ~3 years.  The landlord and tenant have a VERBAL rent-to-own agreement that the tenant stopped honoring (by not paying rent) ~3 years ago. The tenant performed some work on the property and feels the owner owes him $55k for it. There are no written contracts for any arrangements made between the two parties. The landlord is unable to get in contact with the tenant; tenant has not responded to the landlord in years. The landlord has never proceeded with legal action however. He is an older gentleman that doesn't want to deal with any of it.. great motivation for me to get this property for cheap.

My concern is, what recourse would I have dealing with the tenant if I purchase the property?

Can the tenant use "squatter's rights" to lay claim to the property?

Is there anything preventing me from evicting the tenant easily? Does the tenant have a right to place a mechanics lien on the property for the assumed work? There were no permits pulled for any work done.

What can I expect in dealing with this tenant/purchase? 

Thanks in advance!

@Kevin Reinell When wholesaling, it is best to work directly with the homeowner and not transact the traditional way through a realtor. I think this is where your confusion lies. You don't need PoF if you and the owner make an agreement directly. $50 earnest money works for me. They sign the contract and I then assign it to my buddies for some cash. Hope this helps. 

Greetings all,

I am new to real estate investing, and already I am fully immersed in my first short sale in New Jersey.  I have gathered the necessary documents from the owner and have contacted the bank and was assigned an agent to work with.  I am now in the process of putting together the short sale packet. 

The property is a 2-family that is currently being rented, with the owner living in one unit. I understand that upon closing the bank requires that the owner vacates the property. Does the same hold true for the tenants?  My thought was that I could market the property as a turn-key investment on the resale with the current tenants that live there. I appreciate all insight in this matter.  I look forward to your replies.

Thanks.