All Forum Posts by: Jennifer O.

@Andre Taylor, Thank you Andre. I cannot (and would never) communicate with the tenants that until I am the legal owner of the property but the P&S has strong language that no lease can be amended, extended, colored blue, etc.

And the first day after my hand recovers from signing on the dotted line, ya betcha that the non renewal notice will be hand delivered to the tenants. 

@Dennis M, I have owned MFH and SFH rentals before but I've always demanded them to be delivered vacant with no transferrance of services. In this situation I am forced to take on the existing tenants for a short period and kindly asked what others have done in this situation.

I can do without a passing judgement, thank you.

Judy, I am covered on the financial end, thank you for your concern. 

Thanks

@Melvin Martinez

I'm assuming this state is the same and that I don't want to monkey with tenant leases so close to non renewal. I'm thinking I'll insert a clause into the offer that:

1. Requires the current owner to provide a copy of the cable/TV contract and current month invoice

2. Require the current owner to maintain the existing service, in his name, thru the end of the last lease (and I'll reimburse him at closing for those 4ish months of service). Seller to cancel service and have all dishes and wires removed within 30 days of the end of the last lease.

Sorry, allow me to be clear. I will not be renewing the leases. I will not be evicting the tenants. Sorry.

The question still stands about internet. I don't want to take over a crappy Direct TV and cable contract (and probably won't provide this in the new leases).

But is taking over/transferring the existing cable contract (to honor the leases) just a 'part and parcel' with passing title (particularly since there is not a lot of time left on the leases)? Can I force the current renters to change their existing leases to be responsible for cable/TV (which seems like a PITA with 0-120 days left on their leases). 

It's a multiple bid situation (and with a non-savvy property owner who inherted the property in an estate) so I don't want to make it too crazy onerous. 

Hi BP,

Have an offer in on a MFH (competitive bid situation) and I have just received the existing 3 leases (that expire anywhere from 30 to 120 days after I take possession).

I'm not crazy about how the leases are written:

1. Obviously not written by an attorney (I'm the daughter of one....I'm picky about my contracts)

2. Includes internet and Direct TV, both of which I want to discontinue (internet I am on the fence, but no way on Direct TV...I don't want that service transferred to my name nor pay for setup). 

3. Lumps together water/sewer (building utilities) and individual unit utilities.  (not a deal breaker, but badly written).

4. Allows for tenants to change locks (after written consent). No way.

But it's mostly #2. I don't want to get into a new contract with Direct TV for my tenants. And I'm undecided about if I want to give them internet. But, is this basically 'the price of buying with existing tenants'?

I do want to evict all the tenants as I want to move into 1 unit and the others need some repairs/updating. So I'll have new tenants (and strong leases) within the first 5-6 months of ownership under my terms.

Thoughts?

Thanks

Hi all...I'm ISO rough (based upon actual experience/estimates) price per square foot that I would need to budget for either:

1. A gut rehab (including mechanicals) with new addition off side of house

2. Teardown/rebuild

950 sq foot, 1.5 story existing farmhouse on site (Rt 128 area) with solid foundation. Have phase 1 architecture drawings/site plan that have been informally reviewed/okayed by local building inspector. Site can hold 1,300 square feet w/o variances (have the architect plans for those), so safe to assume new foundation for the addition (950 existing +250 addition) off the side of the house.

With the Boston market so hot, just trying to get rough PPSQ actuals before deciding on next steps.

TIA

Thanks Harrison. Anyone you specifically would recommend that deals with investors? 

Hi, BPers....I am a Bostonian who is thinking about buying my first rental property in Maine...ideally buy and hold for VRBO (as I would want to use them off bookings as my own vacation home). I've run the numbers (thanks BPers and your trusty excel sheets!) and know my target price ranges..now I just need to find the properties. I am experienced buyer/rehabber, having purchased 3 different properties in the Boston area (and I have a Dad and Uncle who are fix/live/flip DIYers). But this would be my first true investment property. 

I have Zillow and Realtor alerts set up (and there is a specific REO that I think is intriguing). But it probably would be helpful to have a local broker. I am looking in the Georgetown/Phippsburg, Bristol/South Bristol, Cushing/Friendship/St George Areas. If anyone has broker recommendations for these areas, could you pass them along?

Thanks!

Great thread all...one question. Do you feel that waterfront versus waterview versus walking to waterfront can make a huge difference on occupancy rates and your ability to demand good rents? Or, Oceanfront versus cove front?

The difference in NE between these can be $100k or more.