All Forum Posts by: Michael Platte

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Michael Platte has started 0 posts and replied 13 times.

Quote from @Zackarias Aitchison:

Hey!

Are there best practices when buying a property with existing tenants to make sure the owner & tenant get started off on the right foot?

I'm curious about your past experiences meeting with pre-existing tenants...

How you made sure there was a positive relationship there, as well as how you dealt with tougher subjects like changes for the tenant.

Cheers!

The seller should be able to tell you, but you could also ask to see the lease. If the tenants have been in there a long time, that's a sign that the relationship is good.

With respect to changes, in Louisiana, if the tenant doesn't record the lease and you buy the property, you do not have to honor the lease. Again, that's just in Louisiana, I'm not sure about where you are located.

3 Votes

Quote from @Eileen L.:

@Michael Platte

There was an inspection report saying there may be damage for these things, but I was just told today I would need a licensed professsional in these areas to come out to complete an inspection/repair anything they specify. It seems like it's going to be really expensive and that's my concern with having to pay more upfront than I planned.

Do you think the lender will allow you to get a money for the repairs from the seller at closing? Then you could repair after close. I know this if often frowned upon when it comes to a primary residence, but if this is an investment property, they may be ok with it. Most lenders I deal with, or close loans for, really don't care about the repairs, unless the issue(s) is so significant, the property will not appraise as a result. (This does not include FHA loans which the often times look at with a fine-tooth comb.) Mainly, they are just concerned with the property appraising for the purchase price.

0 Votes

Eileen, have all of the inspections you noted been performed yet?

0 Votes