Can't get into a property, any suggestions?

Question

I identified a rental property that I'm interested in and my realtor called, made an appointment and we were told that the tenants need 48 hours. Fine. So 48 hours later, we go, and the tenants won't let us in. Turns out the realtor only has keys to the main door, garage, and one vacant apartment. so this other realtor keeps calling the tenants but they won't let us in. My own realtor is at her wits end because of the unresponsive realtor claims "it's easy to show", but it's not. Any suggestions how I can get in there?

Account Closed · Answer

The landlord has right of access for a fire and safety inspection with proper notice, should be in the lease. Is he going to show up with the cops and demand to be let in? Do you want to buy a property with these tenants living there? Assume the unit is a drug house needing a total gut rehab and make your offer contingent on these crazies out of there.

Rich Baer · Answer

@Nancy Curran

2 quick things:

1.  Inherited tenants equate to possible lead paint lawsuit.

2.  If the deal is tremendous, simply hand the tenant a $50 bill to get in. If that doesn't work move to the $100 bill. It's a small price to pay if you really need confirmation of the interior.

Good luck. Let us know.

Michael Noto · Answer

@Nancy Curran I love deals with opportunities like this.  Here is what I would do if I were you.

• go check out the vacant unit, the basement to check the mechanicals, and check the roof. 
• Then assume in your numbers that the occupied units will need a full cosmetic rehab (worst case)
• Also assume in your numbers that you will have to evict the 2 current tenants

Then make your offer based on that. When you get a counter to your low offer then go back to them and say

A. here is your offer if I inherit the tenants. This will be a lower offer.

B. Here is your offer if you deliver the home vacant. This will be a higher offer which will basically add to the price the cost you figured for the evictions.

We have done this twice and both times we have had the seller take the lower offer and to keep the tenants in place. In one situation the inherited tenants were a nightmare and we had to evict but so what because we budgeted for it anyway. In the other scenario we negotiated a higher rent with the current tenants and it worked out great.

In compeitive markets this is a great way to land a deal that lazy investors do not want to "waste" their time with. With the strategy I stated above you are getting the property on your terms or just simply pass. No competing with other investors.

Nancy Curran · Answer

I don't care what he is doing, he's leaving, by hook or by crook, if I close on this thing.

Nancy Curran · Answer

@Rich Baer @David Dachtera

Many thanks for the @ssistance! :)

I sign a "no lead known" disclosure but in any case, anyone can sue for anything and win, I suppose.

Regarding my "problem" with the idiot realtor, I made a blind offer. I really want the location, and I'm going to dismiss everyone out anyway. But I'll get an inspector in there and see it all then. Good thoughts needed from the BP community that it all goes my way!

David Dachtera · Answer

Type "@" and the first 3 or more letters of the name, then pause. A list should pop up with hte matching names or the only match if there's just one. Select the matching name by clicking on it. Use your mouse wheel to scroll, if necessary.

People tell me this does not work on tablets. Not sure about phones.

John Casmon · Answer

@Nancy Curran it was a suggestion from @Rich Baer earlier in the thread.

How many units are in the building? We had a similar issue on a building we acquired and we demanded to see all the units before waiving out contingencies. Took 4 trips out there until this was accomplished as one tenant refused entry a couple times, but when they did let us in, boy did they complain about the seller and told us everything bad about the unit/building. Received valuable information for the final leg of negotiations.

Christine Mwai · Answer

I'm sure it must be a good deal for you to go to all this trouble. I would first of all find out the rental history and lease in place between these tenants and the current landlord. In many states, you "inherit" the tenants if there is an existing lease. It could be a  great situation, or your worst nightmare. Second, sometimes the listing agents don't care much if they are tied up with more profitable listings... go leave a sweet card and introduce yourself to the tenants as a potential landlady that would like to meet them... can they please give you a call...:):) best wishes. ...

Nancy Curran · Answer

@John Casmon

Who suggested giving money to see the unit?

John Casmon · Answer

If you don't have it under contract, make an offer based on the info you have and make one of the contingencies seeing all units. Btw, I hate the idea of giving a tenant money just to SEE the unit. They'll certainly expect a payoff to leave and will know you're desperate and willing since you paid them just to peek in.  Not the first impression I would want to make with a tenant.

Can't get into a property, any suggestions?

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