All Forum Posts by: Ethan Perry

Thank you both @Michael S. ! Thanksgiving and business after kept me away from BP for a few days but I really appreciate your feedback. We have decided to try and wholesale with the tenant in place. Will keep you posted on how it works out. 

Thank you both @Rich Lennon @Account Closed. I will be reaching out to you shortly Rich! 

Hey guys! Happy early Thanksgiving, I have a sticky situation that I hope you can help with.

We have agreed upon a price with a motivated seller in Richmond, VA and are going to send the docu-sign contract over within the next 24 hrs for him to sign! Nice easy deal that will be a great rehab opportunity. There's just one small problem, there's a tenant living there. To make matters worse we just uncovered that the tenant hasn't paid rent in nearly a year! Long story short, the mother had a lease with the landlord and passed away a few years back. The landlord allowed the daughter to stay and never signed another formal lease. Now he is ready to sell and I want to make sure we put it under contract in a way that protects us and whoever we wholesale it to. So far here are the options I've come up with...

1. Try to talk the current LL in to evicting tenant (unlikely,he's expressed that he wants us to deal with it)

2. Talk to the tenant directly explaining that she has 30 days to leave - helpful approach

3. Cash for Keys - pay the tenant to leave

3. Wholesale with the tenant in it - let buyer deal with it

In your experience what has been the best way to deal with this? Am I within my rights as a contract holder to ask the tenant to leave myself? What verbiage should I have in my contract to protect myself and the end buyer if the tenant refuses to leave?

Thank you in advance for the advice! 

Hey guys! Happy early Thanksgiving, I have a sticky situation that I hope you can help with. 

We have agreed upon a price with a motivated seller in Richmond, VA and are going to send the docu-sign contract over within the next 24 hrs for him to sign! Nice easy deal that will be a great rehab opportunity. There's just one small problem, there's a tenant living there. To make matters worse we just uncovered that the tenant hasn't paid rent in nearly a year! Long story short, the mother had a lease with the landlord and passed away a few years back. The landlord allowed the daughter to stay and never signed another formal lease. Now he is ready to sell and I want to make sure we put it under contract in a way that protects us and whoever we wholesale it to. So far here are the options I've come up with...

1. Try to talk the current LL in to evicting tenant (unlikely,he's expressed that he wants us to deal with it)

2. Talk to the tenant directly explaining that she has 30 days to leave - helpful approach

3. Cash for Keys - pay the tenant to leave

3. Wholesale with the tenant in it - let buyer deal with it

In your experience what has been the best way to deal with this? Am I within my rights as a contract holder to ask the tenant to leave myself? What verbiage should I have in my contract to protect myself and the end buyer if the tenant refuses to leave? 

Thank you in advance for the advice! 

Matt Tobin I agree with most of what you've gotten here, the REIAs are great for finding private lenders. With that particular deal it may make sense to speak with a couple local banks that are familiar with ag lending. They can be surprisingly flexible and have more of an appetite for underwriting those than your regional and national banks. Good luck man!! Chris Seveney if you are still looking to lend or know someone that is we have an opportunity to be a part of our latest rehab. Please let me know if you are interested!

Sorry got cut off there! Thanks for the advice and connection Eddy and we look forward to working with you in the future! @Mike Oconnell thank you as well for reaching out. We would love to speak more offline about how we can work together moving forward. I will send you my contact information in a private message, talk to you soon.  

@Eddy Dumire - it's great to meet other investors in Stafford! 

My wife and I attended the February Rappahannack REIA meeting, but couldn't attend the March one because of scheduling issues. We definitely intend to attend more.

My wife is running the business full time now and she is going to start the course to take the license exam very soon. I agree, I think its a great strategy for investors.

Thank you for your advice and 

My wife and I are looking for experienced investor friendly real estate agents in the Fredericksburg, Stafford, and Woodbridge VA areas. Any referrals or advice will be much appreciated!

I am interested in these properties as well. Please PM me price/location/timing.

Thank You!

Thanks for the welcome Michael!!