All Forum Posts by: Sergiu Ionita

Hi BP! I purchased a duplex 2 months ago and have an inherited tenant who has been begging for updates like new paint, flooring, blinds, squeaky floor boards...she is paying approximately $500 below market. I let her know that if she wants all of that taken care of, her rent will go up to the current rates for the area which is $400-$500 more than what she is currently paying. She wrote me back saying that she doesn't want any dramatic changes in that case...Just the squeaky floor fixed, blinds, and paint in the kitchen and in her master bedroom. She said that the walls were dirty when she moved in. The unit she lives in was built in 07 and she occupied in 09. Her move-in walkthrough sheet that she signed with the previous owner says all of those things were in good condition. I realize it's 2015 and that unit should have been painted since then, but then again she's paying way under market. Any advice? Thanks

@Tim FitzGerald, 

Yes! I noticed that...I received the same response when I posted my introduction and I've seen it several times throughout the site. It's kind of annoying.

Hi Patrick! And welcome. I recommend listening to the bigger pockets podcasts. You will learn a ton and it'll motivate you. I became interested in real estate about 3 months ago and that's when I stumbled across bigger pockets. I started listening to the podcasts from the very first one. I haven't got through all of them yet, but already purchased a duplex in Portland and am currently renovating it! I learned a bunch from this site. Ask any real estate related question and it will be answered by experienced investors all over the country.

Hi Seth and welcome! Maybe try to find someone that will rent month to month that way you don't pay any penalties for leaving when you want. Just make sure you give 30 days notice to the landlord.

If your goal is to house hack, it may be difficult to find a duplex using drive for dollars and yellow letters unless you find something owned by a tired landlord, and most of those guys know what their stuff is worth.

I closed on a duplex in Portland last week. I found it on the MLS. It was owned by an out of state slumlord who was charging about $350 below market rent per unit. I've been keeping an eye on the Eugene/Salem area as well and there seems to be a few deals on the MLS that are right around the 1% rule down there. (Not sure what your criteria is) These are older homes.

Hi and welcome! Be sure to check out the BP Podcasts. They are full of information and will get you excited about investing!

Thanks everyone for the advice! During my walk-through yesterday I asked the tenant if she had a copy of the lease agreement and she does. I snapped a picture of it. The security deposit was $1200 for one unit and $800 for the other. My agent talked to the property management company and they said they have no security deposits as they used it all up on repairs for damage done by the tenant. Can I still be held liable for that security deposit? They don't have any check-in sheets either. Sounds like a slum-lord seller.

I figured I'm getting an awesome deal on the property anyway...If I end up responsible for $2000, it's not too much to sacrifice. What do you guys think?

@Account Closed

I was thinking of delaying closing till I get the requested documents. For some reason I just keep telling myself I'm over reacting and I should just trust my realtor as he is an old pal...

I will contact my agent first thing tomorrow and tell him there is no way I'm closing on Friday if I don't have lease agreements in my hand. I have a final walk-through scheduled on Thursday. Is there anything I could possibly ask the tenants or have them sign anything that would help me?

I think I'm going to take your advice and talk to a lawyer tomorrow morning. Does anyone know any good real estate attorneys in Oregon?

@Shawn Davis

I am working with a realtor (a friend of mine) as this is my first purchase. I asked about the lease agreements early on because my mortgage broker needed proof of income in order to approve me for the loan. The seller said he had no copies of the lease agreements and could write them up and have the tenants sign them. My realtor knows my mortgage broker because he's the one who recommended him to me. I know they talked to each other and figured it out somehow. I just figured my realtor sent copies of the rental agreements to the mortgage broker and they figured it out amongst each other.

I just looked over my signed acceptance of the seller's counter offer and it does state that he will provide "All income rental reports, Rental inspection reports, and Pertinent information about the units that the seller currently has available to him within 3 business days."

I never got any of that. I tried contacting my realtor several times about that and he said he'd look into it and never got back to me. I even sent him a text today to which he did not reply.

@Shawn Davis

Hey, thanks so much for the very detailed info! That's good stuff. I will definitely make sure I get the security deposit from the seller.

As for the tenant that will be staying, I wasn't provided with any information on the tenants. I should receive those things at closing correct? The seller did say he would provide all that and I haven't received it yet, so I just assumed it will be given to me at closing.

 The think is...I'm in the process of purchasing this duplex. I don't have the deposit, the previous owner does. I'm inheriting these tenants with the purchase of the property.