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Updated over 4 years ago,
In Contract - going in blind.
I'm looking for feedback how best to leverage this information in my negotiations to close. The property needs some work and my goal is buy/hold as this is my first property, House hacking, 2 units (2b/2ba). The unit has a detached garage/workshop that I could turn into another unit down the road.
- -1 unit occupied (seller knows the tenant), 1 unit vacant
- - Seller and Tenant are family, no leases
- -Tenant has a pet and is month to month
- -Agent said they didn't have disclosures yet, I put in a offer same day and it was accepted then he gave disclosure same day.
- -Listing and Agent communicated tenant pays $1750 disclosures say $1500. I would break even now.
- -Disclosures were basically empty; no reports, no leases, no inspections.
- -I did some info hunting myself with the city and the owner registered the building for section 8 in April 2019 but didn't mention this
- -Seller Questionnaire - Owner is not aware of anything going on in the property
- -The owner bought the property last year.
Since its my first time, what are your check and balances?