All Forum Posts by: Account Closed

I have an offer on a multi family duplex that's been accepted. I just found out that the property is shared by two lots. So there's a total of houses involved. House 1 - 2 bedroom, House 2 duplex, House 3 3 bedrooms. 

The owner of the lot is the same guy that's selling me the duplex. The likely options are a package deal for all three properties.

• Have you dealt with this?  
• What invoved with splitting the lots? Costs - I'd like to quantify his headache which may make him more motivated. 
• What type of headache will I be inherting?  
• This seems like this strenghtens my neogation strength? 

Thanks for the feedback@Nick C. @David J. and @Bjorn Ahlblad .

I should get the lease and rent rolls back from the seller in a few days.  The inspection should be down tomorrow. 

I'll reach out if there is anything that seems fishy. 

Appreciate it.

I'm just starting out. I have an offer on a duplex. 

I'm set to receive the rent rolls and lease agreements.  What steps did you take to verify the information? Did you bother with estoppel agreement?

Were there other steps you took during the diligence period?

Advice Needed: I'm taking over a duplex with existing tenants. I have a few questions. Hopefully, you all can help me out.

I have an offer on a duplex with existing tenants that’s going through the diligence period.

The landlord is going to provide leases and available rent rolls. Do you trust the info from the seller? e.g. Rent Rolls, etc. How did you verify the rent being paid?

Did you all bother with an estoppel agreement?

• If so, how did you deliver it to the tenants? The seller mentioned that they shouldn't be bothered.
• The seller mentioned in the addendum that he didn't provide any appliances and that any belongings in the property belong for the tenant.
• What are some the best practices to transition the tenant from the old landlord to the new one? I'll be an out of town landlord so I want to make the transition smooth.

How did you deal with transitioning the rent collection?

I’d like to collect the rent online or through something like PayNearMe, but I doubt they're online savvy. I met them they're older. 

• What's the best way to transition an existing tenant from paying it through the mail or through landlord pickups to something more convenient? 
• What do you recommend/

Thanks for the feedback.

What were the specifics on your 1st and 2nd?

I'm still waiting/researching for my 1st property. I've walked away from two deals. The 1st wasn't a bad deal, the HOA fees, and new development cost brought the COC return less than what I could receive elsewhere. The 2nd was an older home which had some electrical issues.

In your numbers have you included the vacancy rates, maintenance reserves etc? If so, are the numbers still good?

I'm beginning to define my real estate investing business plan and I have a question. 

At the moment, I'm reviewing buy and hold properties for all cash purchases.  These will likely be Class C or D neighborhoods. 

I'd like to end up leveraging those properties to obtain / financing for multifamily rentals. 

What do you think about this strategy? Anything I'm missing? Any pitfalls you foresee?

This was an interesting post. I'm dealing with something similar in Louisiana. Knob and Tube wiring and shootouts occurring during the inspection period. 

This site has very helpful so I figured I'd start a post. 

I'm new to the world of real estate investing and have found what appeared to be a good deal. 

In Northern Louisiana, I've found an old home in what appeared to be a good neighborhood for under $25k. 

I'm still in the inspection period, so I'm re-evaluating things. 

My first concern was the report of knob & tube wiring. From my understanding, this is common in homes built in 30's. By the way, the 1st electricians quote to repair was $11k, which is double what I anticipated.

My second concern was the middle of the street shootout while the home inspection was being conducted. The home inspector gave me the details. 

I'll update the post, as I'm reconsidering and reviewing other options until close. 

I'm in the same boat. I have an "older rental" home for buy and sale purposes that has painted wood floors. @Angela Smith, let me know how it turns out.