All Forum Posts by: Neil P.

@Shawn M. He wont talk to us i tried talking to him he refuses.  He owns a bar downstairs there are 6 units upstairs that are empty.  He put 100k reno into his bar.  He was on a month to month.  

I got an update from the broker.  He has till june 30th to come up with the money. Apparently he does. 

@Wayne Brooks in his lease there is a small paragraph that states the first refusal agreement.  The lawyer states this will hold up in court.

@Bill F. I have an agent.  In his lease in 2014 he it states he has the right to purchase.

The broker said you can cancel the offer or sign the addendum.  IF they dont close by june 30th i can get the property.  Yes i want this property very badly.

This is what the addendum states:  

Pursuant to the attorney review addendum, Seller’s attorney requests the following

Addendum:

A review of the existing lease indicates a right of first refusal exists in favor of the present

Tenant.

This Commercial Real Estate Purchase Agreement executed on May 30, 2018 is contingent

upon Seller obtaining a release of any right of first refusal to purchase the property from

the present tenant on or before July 31, 2018.

If Seller is unable to obtain such release by the above date, this agreement is null, void and

terminated without any penalty.

My broker said theres nothing you can do.  There was a 3 day attorney review period and they found this lease and this tenant has the first right for refusal. Lease again was in 2014 and ended in 2014.  However he has been paying his monthly rent payments on time. 

Do i have any legal claim here?  I feel like i got played.  The tenant knew the property was listed for sale and now his 30 day period kicks in when i go and put the house under contract?  This just doesnt make any sense to me.

Hi i have a house under contract.

The tenant occupying is on a month to month with no lease.  However, he had a lease 2 years ago which stated he had a right to refusal on who buys the property.  This is cause he wants to purchase the building.  I got the house under contract but now they are saying that the tenant has legal right of refusal and he can buy the house.  He has no lease his previous lease ended but he did pay the rent.  They are saying since he has been paying the rent the old lease holds up and is still valid.  Has anyone ever heard of his?

Please help they are making me sign and addendum today to put the house under contract in his name.  He has 30 days to close now.

@Michael Noto not yet.. should be shortly though.  

Any lenders can help looking to do another cash out  refi my building worth is 470 thats before any reno.

Purchase price 300.

50k in reno.  

I believe after reno property can go up to 550-600.  

I am trying to get a commercial property in hartford Ct.  Its a 6 unit building with 1 commercial unit that is operating.  My income and my partners income is solid.  However, banks are making us put more than 20% to get the property cause there are no tenants in the building.  Any idea how i can get around this?  Anyone have any exp with this ?

Sorry i have never updated my situation but my house came in at 270, i was able to refi after 6 months got all my money out.  Rented currently at 3k.  Made out pretty well, if anyone has questions you can PM me.  Good Luck to you all.

@Dacia Ray So what about condos in general do you think they are good investments, do you use the 2% rule?  

@Andrew Wong@Dacia Ray  What are your thoughts of buying condos in good areas for cheap and putting them on Airbnb?  you think that would be a good investment strategy ?

Im looking to buy this condo for 100k, airbnbs in that area are going for like $70-110 a night

Hey how do i find a good deal for a flip.  What am i looking for?

I invest in multi families for hold.  I am trying to get into flipping.  Any tips would be great.  And where should i look?  Zillow trulia craigslist?

Hi i live in NJ and i was wondering how i can even get into an auction.  Also how do people do there Due Diligence are you allowed to go into the home before the auction?

Do auction properties come at a huge discount?  Are there bullies at these auctions that will run you out if you are about to get a good deal?