All Forum Posts by: Richard C.

If you had a tenant apply who provided you the pay stubs you required, and you later found out that the tenant was self-employed with irregular income, and the pay stubs were from his personally-owned LLC, would that bother you?

It shouldn't be a problem, right? Don says "(you ARE managing the property FOR the owners right ;) )" Well, your tenant applicant IS working FOR abc, LLC., right?

Or, if you think that sort of hair-splitting dishonesty IS a problem when the tenant does it, don't do the same thing yourself.

The "good cop/bad cop" thing is silliness. Be a grown-up and own your decisions.

You are about to enter into an important, mutually-beneficial business relationship. Don't start it off by lying.

2 Votes

Originally posted by @JD Martin:

Wow. I am surprised FHA let the financing go through without any of the units being vacant. Do the existing tenants have leases or are they "at will"?

I don't think there is going to be any easy way to do this. If the situation were reversed, and someone told you that due to a coin toss (or some other arbitrary selection criteria), you were going to need to be gone in 2 weeks, you wouldn't take it well.

What does Massachusetts law say about evicting people? Knowing the Northeast, it seems to me that you could be in for a long, hard slog if the tenants have any familiarity with the law.

Tenancy at will is month-to-month. So if he is right about that, he can clear a unit by giving the required notice.

Not within two weeks, though.

0 Votes

Originally posted by @Robert P.:

I am in the process of buying a 3 family home with tenants in each of the units. I have financed this through FHA, so it needs to be owner occupied.

My plan when buying was to "figure out" each tenant as much as I could and choose one to evict so I can move in. Now that I have chosen one, with closing in less than 2 weeks, what is the best way to get that tenant out peacefully?

I know there are general laws and notices, etc which I am very familiar with, but what would be the best way to get them out. Should I just serve notices, talk to them about the situation,etc? I feel bad that they will have to move out so quickly, but there really isn't much that can be done.

If I have to go to court, will the judge be more on my side since I bought the property with owner occupied clause, or is it the same deal?

Any insight would be helpful. Trying to figure out the best way to get them out with out too much trouble and costs.

State: Massachusetts

Tenancy: At Will

Tenants: 2 adults and 2 teenagers

So, two things.

First, you're not "evicting" anyone. You have no grounds for eviction. Fortunately for you, you don't need to evict anyone, you can just not renew the month-to-month tenancy. You have to give notice, how much notice will vary by state law. Usually 30 days, sometimes 60. That works for you, because your FHA loan will require you to occupy within 60 days, not at closing.

Second, you should not end up in court. If you do, the judge magistrate will not care even one little tiny bit that you used a loan with an occupancy requirement.

You are not getting them out legally in 2 weeks. If you try, you will get very, very jammed up. So I would recommend shifting your thought pattern away from "evict" and toward "pay off."

The only way to get them out, legally, in two weeks is to pay them to leave.

Otherwise, 30-60 days from the end of the current rental month.

Don't try to get clever with this, or you could get hit badly. Just give them notice as required by your state's law. And then wait.

4 Votes

Within a decade, two at most, self-driving cars will be a reality.

There is already much fretting about that fact in New Urbanist circles. How it will cause sprawl, etc.

I think that fretting is justified (assuming you buy into the New Urbanist worldview.) Self-driving cars are a game changer, that will lead to even greater suburbanization.

0 Votes

Originally posted by @Mary B.:

If you build it they will come. The haters that is.

@Jamal L.

Notice that there's never a licensed attorney that goes on the war path about whether wholesaling / assigning a contract is legal or not. lol, just the others...

Kudos,

Mary

heh

0 Votes

Is the unit livable? Not, "In a condition I wouldn't mind living in" but minimally livable?

If so, move in. You can renovate at some later time. Better to spend a few months living in a dump than pay the fee and, more importantly, be blacklisted from bidding on other Fannie properties in the future.

0 Votes

Originally posted by @Doug N.:

I always use the French 'parcelier de gros' when talking to folks. It's informative, and right away I can tell if they remember any French from college.

Like many things in life (shampoo bottles, etc), adding some occasional French makes everything... nicer.

Seriously, wholesaling is as wholesaling does.

A lot of bashing here.

I have wanted to post a little something on wholesaling for awhile. It's a function of the person, and nothing more. Smart wholesalers will perform smartly, and slothful ones... slothfully.

I see wholesaling as essential to any REI process, no matter what you want to call it (and esp no matter what personal characteristics you'd like to assign to wholesalers in general, lol @Richard C. )

A blue collar wholesaler I know just finished coding a nice bot to scrape 7k location jpgs to their parcel database. In the past few days, they have also published about 5k full attribute parcel line KML records to Google fusion tables (=interactive online mapping), cleaned up three county shapefiles, made custom relational databases from 1.65mm records, and so on. All that with no VA.

Can you believe those damn blue collar wholesalers, exploiting the tech gap in REI? What will they think of next?

You are waaaaaay too defensive. I wasn't the poster using blue collar as a slur. What is wrong with blue collar work?

0 Votes

Originally posted by @Michael Williams:

I think the main issue is that this was a "professional" with all the tools and training that others in the same business posses.

Those that get upset about my not having done more DD in order to verify the agents overestimation is testament to the fact that there are abuses on a regular basis.

Reread, reread.

Best guesses should be left to clairvoyants and charlatans. When one consults a "professional" it's for their expertise. I guess RE agents aren't really worth dealing with if the investors have to "verify" a best guess. Does this mean we really don't need agents at all? Seems that way if we read those who say we need to check the value for accuracy or "buyer beware".

The agent gave you the benefit of his expertise. By your own admission, there were not good comps. That introduces a great deal of uncertainty, and all you can do is make an educated estimate.

You should take Ms. Poe up on her offer to look at the listing itself.

0 Votes

No. Not for any one thing, just for the totality of things, which demonstrate a certain level of instability.

0 Votes

Everything Paul says is very reasonable.

But I'm going to step back a step, because it sounds to me like you were simply asking what, "Seller will carry" means.

And what it means is that the owner is willing to provide financing, so you don't need to get a mortgage from a bank.

In my experience, when a seller advertises that, they also have an asking price that is too high. But there are posters on BP who have amassed literal fortunes with seller financing.

2 Votes

All Forum Posts by: Richard C.

Richard C. has started 19 posts and replied 1919 times.

Post: To disclose or not to disclose??

Post: Evicting Tenant after buying 3 Family (with Tenants)

Post: Evicting Tenant after buying 3 Family (with Tenants)

Post: Rentals - City vs Suburbs

Post: Well-executed wholesale deals feel like well planned checkmate.

Post: What happens if I don't move in Fannie Mae Property in 60 days? Bought as an owner occupant.

Post: Better Name for Wholesaler?

Post: ARV way over actual value is it fraud?

Post: Would you rent to this potential tenant?

Post: Seller Will Carry...???