All Forum Posts by: Michael Lee

Hello -- I'm considering making an offer on a duplex with both units currently rented. I'd prefer not to inherit the tenants as I want to make some improvements, raise the rent, and put my own tenants in. What is the best approach to this other than writing it in the contract that the property be vacant at closing? Also, in general from the seller's perspective, what is the obligation to tenants who have a signed lease but you're wanting to sell the property? Thanks!

@Anna Watkins Based on my experience, bathrooms are not as big of a deal to students especially when there are other attractive factors about the property (as mentioned by @Will Gaston). But if it's more than 3 people having to share one bathroom, it may be more of an issue. With yours being a 5/3, I think that should be fine. Maybe they will figure out a way to divide the rent so the two with their own baths pay more and the three that have to share, pay less (not saying you should suggest this to them). But I likely would not add a half-bath based on what you briefly described.

@Will Gaston Wow is right.  Clubhouse leader in the student rental category is @Account Closed ;)

@Will Gaston What about a mix of both cash and loan but just for the construction? So take advantage of the discounted cash price, use a short term loan to repair, then refi

Thanks for the insight @Russ Scheider. Had no idea it was this tough for everyone out there. I think the way I lucked into my first one made me lose sight of what's going on in the market.  See you soon!

Will do @Tim Jones thanks for your response!

Great advice @Judith Sullivan and thanks for the specificity. I'm going to try this and will keep you posted. 8 properties is awesome too btw!

@Joel Owens Definitely...good advice thanks!

@Account Closed Yep, I think you're right. Thanks man!

@Mike Dymski Awesome point re: deal flow. I think about this 'positive momentum' all the time and ultimately, having it be consistent is what I'm looking for as I continue to invest. Thank you for your response!

@Jim Costello Thanks for your response!

@Nicolette Alger I've heard arguments made for both sides but for me, I went ahead and got my license for convenience of being able to go look at a property whenever I wanted, pull comps from MLS, etc. Other investors I know do the same thing and don't actively practice real estate as full-time agents. Maybe you can have the best of both worlds, i.e. get your license for convenience but also to network with other agents in your area who can actually represent you when you're just being an investor. Also, maybe you'll find out that you like it and can do a handful of deals a year for additional income/experience. This was my thought process and it's worked out well so far. Good luck!