All Forum Posts by: John Hart

I actually had the same questions as John Hart (above). I'm thinking about buying a MF in Ct. I haven't put in an offer but I toured the property, talked to the tenants and reviewed the leases among other things. They seem happy there but based on what they told me about their employment, I started wondering if they are able to pay the rent. So I asked my realtor for employment and income info about the tenants but I haven't made an offer. Am I entitled to this info before the offer? I don't want to evict anyone but I also don't want to get in to a situation where the tenants are unable to pay. So my questions is this: If I make an offer and later find out that the tenants' employment/income are insufficient, can I back out?

Hi, yes you can always back out based on the contigency period time, usually its 17 days in California. Not sure how long for your location. I recommend use smaller Earnest Deposit Money when you make an offer just in case.

Hope thing goes well for you.

By the way, i decided to back out on my deal because of the location and cashflow.

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welcome to BP and wish you all the best for 2015. I almost invested in Las Vegas 1.5 years ago before the price ripped higher. If you find a good cashflow in B+ area, lets talk.

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i would like to join the meetup group. Would someone share the link or maybe add me into the list. Appreciate it and looking forward to network with each one of you. Thanks

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Thanks Marie S. And William Yeh

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Thanks Nathan Emmert excellent reply. I did talk to the seller agent to find out about those things you mentioned and ask him about the paperworks as well.

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@Christopher Dibiase , thanks for the reply. Is that process after the offer or before?

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Hi BP members,

Glad to be here to learn from everyone.

My background: own a single family home just for living in california, never have any experience as a landlord and dealing with renters.

Deal: I found a multifamily in California and the price is fit in with my budget. Price is great, cashflow looks not to shabby with 25% downpayment.

So what i have questions in my mind and try to learn from everyone that:

1. This property is 100% occupied. What should I ask the seller / agent about the renters and what i need to learn about them? I dont want to be in the situation that i purchase the MF and suddenly renters stop paying the rents / possible already stop paying.

2. Eviction process - what's the law for California is protecting the renters? If there is a website / url that i can read through that would be great.

3. Paperwork - should i create a new lease agreement or perhaps honor the existing one if there is one exist between the landlord vs renters?

4. Security deposit - Should i ask new security deposit from the seller since this is 100% occupied tenants?

5. Any feedbacks or recommendation for me to be cautious and learn since this is my first real property investment.

Thanks all.

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All Forum Posts by: John Hart

John Hart has started 1 posts and replied 9 times.

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Post: Buying MultiFamily with Renters