All Forum Posts by: Sam McClellan

Hey all,

I found a tenant-occupied triplex and made an offer "subject to inspection" without actually viewing the property (besides from the street). The seller , without accepting the offer, responded by setting up an appointment to properly view the place.

Since this will be my first-time viewing a property that is tenant-occupied, I thought I'd see if anyone on BP had any advice on what I should look for, what I should ask about, or any other general advice from someone who's been in this situation before.....

thanks.

thanks @Ralph E. have you seen this happen before?

@Account Closed I'm not talking about a specific place... just shopping and noticing most of the places that look interesting are tenant occupied. most likely wouldn't be an REO

Thank you

@Account Closed

so if I can't get a tenant to move by 60 days, what would happen? Would I be penalized or is an extension granted? I'm sure someone has had this problem after buying a place that was already occupied.

I'm in. I learned a lot last month at my first meetup. I'm looking forward to learning more next week.

In State / Out of State?

Leaning In-State. Originally was interested in Illinois where I'm from, but have since steered my target locally.

Strategy?
Buy and hold

Type of properties?
Small multi-units

Looking for?
Advice from investors who have been in my shoes

Can offer / knowledgeable about?
I'm still an ultra-newcomer to real estate investing. I haven't bought a property yet. I can offer what I've learned so far through my research, although you probably already know it.

I am looking at 2-4 unit properties that are currently tenant occupied, and would be using an FHA loan to purchase. I know that I must be an owner-occupier to qualify for the FHA loan, but how long after purchase would I need to move in? For example, if I made an offer in February and closed in March, could I move-in by September?

If anyone has any experience with this, please share....

@J. Martin thanks for the kind words. Based of what yourself and Erin told me, I'm considering going the FHA route. You mentioned you might be able to refer a Mortgage broker? I'd be interested in can send me his/her name.

Also, let me know next time you're in the financial district so we can grab a coffee/lunch...

@J. Martin of course!

A little about myself:

working full-time for large money manager. new to the bay area. moved here last year for work. hoping to buy my 1st property within the next 3 months.

In State / Out of State?

out of state. Ideally I would like to invest in state, but I believe opportunities are more profitable out of state

Strategy?

buy and hold

Type of properties?

Condo, singlefamily, small multifamily...mostly looking at homepath properties

Looking for?

Advice, knowledge

Can offer / knowledgeable about?

I'm a newbie, so my offerings are minimal. I am an experienced tenant if that can help anyone. I also am knowledgeable about certain areas Chicago. I spend a decent amount of time analyzing opportunities and would be welcome to share my process

Thanks @J. Martin for organizing.. count me in!

Looking forward to my 1st REI meetup!

I want to buy a single family or condo on my own. However, I believe making a larger investment is much more profitable. I have a partner who can contribute the same amount of capital that I can. Is it best do everything 50-50?

I'm sure many of you have good/bad experiences with this. Please share any lessons.