All Forum Posts by: Joanne Tsai

@Julian Maso so is it possible to negotiate on the price so your monthly payment can be lower? to buy a house with rents below market is not attractive, so I suspect the seller is willing to drop the price to some degree. But again, if the supply is really tight there, s/he may not be willing to drop the price. I had seen over 200 units before my first deal, and my deal was great. keep looking!

@Julian Maso I am not sure about the law in TX, is the tenant on two year lease? or the seller just signed the lease while putting this on the market? if latter, then I doubt whether the market rent is 1800. If you are sure you can ask them to leave after the lease term, I would go for it. There is a very short supply in my area, so I tend to be more willing to wait for long term gain. But do some work on the tenant, after all, you are inheriting people you haven't vetted yourself. Make sure they are actually tenants who pay rent on time, etc. 

@Joe P.

Thanks Joe, that’s my feeling too (inheriting someone else problem...)

@Joe P.

Hi Joe,

thanks for your advice, but they did renew the lease back in Feb so it cannot be terminated till April next year. Yes and the seller wouldn’t sell it if new owner won’t honor the lease.

Joanne

@Joe P.

The thing is the mom actually owns the other half of the property and her daughter is renting the other half. The owner on this side is selling the daughter lives in. My agent just told us “they are probably not going anywhere if you want long terms tenants”....

we’d like to use it as a second home and access the property from time to time and do short term rentals when we are not there since it’s a vacation town. Appreciation of that town isn’t great, the only way we can make the number work is to do short term rentals, def not with tenants who pay below market rent......

@Matthew Irish-Jones

I thought if one carries the investment property for more than 10 years in an opportunity zone, once the property is sold, one would not have to pay tax gain? or the initial fund has to be from another real estate deal? 

@David M.

Thanks David :)

Hello everyone,

my husband and I were searching for a vacation home in VA. we found a property (half of duplex) we liked, but it is being rented till Q2 2021, with tenants who have been there for 3-4 years, paying somehow below market rent. We later realize the tenant's mom lives on the other duplex next door. (how weird is that!?)

I asked for the rent roll and was told by the agent, the tenants have only been late once during their stay. But it turns out, in the past 12 months, they have been late 4 times, paying $125 fee four times, twice, they had to pay partial every few weeks to make the rent. They don't have a balance now, and have never been more than 30 days late. 

I feel quite uncomfortable about these facts, we have long term tenants in our units where we don't charge market rate, but they have never been 1-day late on paying us rent. they are GREAT tenants.  

Now, I have no intent of keeping these VA tenants, but given the mom lives next door, would that just be a little awkward if we end up using it as our vacation home?

Should I walk out of the deal?

Thanks!

Joanne

Hi,

Has anyone in this forum invested in Opportunity Zone? If so, in what state? What pros and cons and precautions you would advise others?

My strategy is to buy and hold long term investor.

Thanks for your advice in advance!