All Forum Posts by: Account Closed

I don't see any problem with reaching out to him/her.  I would just state that you saw the unfortunate fire at one of their properties and that if they didn't want to deal with the redevelopment, you would like to talk about purchasing the land.  It's always an advantage to have yoru name be the first they hear is interested.  

Depending on their circumstances, it may be better for them to take the insurance money and move on anyways.  Ultimately you don't know unless you reach out.

To be honest, even if you were on duty and put the fire out yourself, I don't see there being a problem reaching out.  If you let the fire keep burning in hopes of buying the land, that would be different (no one would do that, would they?).

I agree with @Joseph Gozlan.  If that thing is zoned as a single family, I would be running in the other direction here in Minnesota.  It is essentially impossible to get zoned for more units here.  Not sure how hard it is in NY, hopefully someone with knowledge of that area can chime in.

Welcome Bo!!

Sounds like you have some nice goals set out.  What made you decide on the PA market instead of in your home area in MN?

Welcome @Sean Cole!!  

Sounds like "house hacking" might be the best bet for you after reading your intro.  There is a ton of information on here regarding that and other great stuff.  

Any particular area of Minnesota that you are looking at?

@David Moore When you say that it came in at the "alone needed value" are you saying there was another form of financing to start and you are now using the refi to pay that off.  In the past when I have done this, the appraisal has always come in at EXACTLY what I needed to pay off the initial financing.  Someone else can help answer this question but do banks talk to appraisers on what the "numbers" are?  Like do they tell the appraiser that the loan amount is for x?  Between myself and investor friends, I have never seen an appraisal come in higher than the loan amount.  This included some properties found unconventional ways that were so called steals.

I wonder if this might be a case of them just giving you what you need and no more. Hopefully others can chime in on whether or not this is common practice among lenders and appraisers. 

@Sean Cole  It is the same in Minnesota when it comes to disclosure.  If the buyer backed out and provided the selling agent with details and/or the inspection, then they would have to disclose those problems to future parties.  

As for me "stealing" that inspection, that wasn't my intentions at all.  I was merely trying to get the most information about a property without showing my hand.  To me, once a person has knowledge of a problem (in this case a previously interested party), it is their information to do with it what they want.  It very well could be unlawful to sell the inspection but if I can find a way talk to them regarding the property I don't see the problem.

@Michael Noto Thank goodness not every shares your views.  Some agents would very willingly let a buyer (even one with a different agent) know to stay away from a money pit.  

I'd say if you get out of this situation with only being out 1/2 months rent you should consider yourself lucky.  You must have a 3 strike policy because after being "consistently late with rent" and bringing a dog in when the lease says no pets, I would have started eviction at that moment.  You should start the process ASAP!!!

@Jason Hirko Yes, that was the plan.  I was totally going to bypass them until I wanted to present an offer.  I wasn't sure how to find the buyer and that was part of the reason for posting this here.  My intention was to PM someone who had gone through the process and find out how they went about it.

My only option at this point I think is to ask the selling agent who the previous buying agent was in hopes that they would share that information.  Which I guess would totally defeat the idea of bypassing them hahaha

@Christopher Phillips 

Got ya.  Always good to go with the most educated and knowledgable people.  I was just looking for an advantage over other buyers who might be hesitant after something comes back from a inspection contingency.