Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago,

User Stats

58
Posts
48
Votes
William B.
  • Contractor
  • PNW
48
Votes |
58
Posts

Offer Review, Real Estate Attorney

William B.
  • Contractor
  • PNW
Posted

A somewhat interesting acquisition here. I have an accepted offer on a property that is listed on MLS; I was able to get the seller to agree to significantly discount the property due to it's state of disrepair. The interesting part is multiple counts( I will also include some facts to hopefully help with context):

1. The property is owned by an out of state party and they are leasing the property, thus I will inherit the tenant. 

2. The way the contract is currently written by listing agent is the seller wants me to take possession and close 29 June yet the seller is to collect the last 30 days of rent which would be July's rent assuming a 30 days to vacate notice is used. 

3. There appears to be a marijuana grow room built in the garage, it is legal to grow marijuana in accordance with Oregon Laws, however I believe this grow room does not comply with volume of plant growth. This isn't all that interesting other than it's potential implications I will cover below.

4. I did not use an agent to place this offer, I ordinarily would but my one man entity broker is currently unavailable.

5. all cash deal

6. fix and flip deal, I will be gutting the property, down to studs for rehab

My comments:

  • In reference to #2 I will be restructuring the deal to address this for multiple reasons, 1 is I am interested in getting rid of the tenants as soon as possible, 2 is don't want any lingering "due outs" after closing and possession of the property. I will likely just adjust the offer to cover the $ amount the seller would receive in rent.
  • There are two factors that concern me in the potential difficulty in getting the tenants to vacate the property, 1 is they are paying very cheap rent for the stats of the home and 2 the grow room obviously was constructed with considerable effort which I anticipate may influence them to dig their heels in and potentially squat illegally. 

My Questions:

  • Does anyone have a referral for an Oregon(Willamette valley) Real estate attorney I can have review my offer/contract?
  • Does anyone have any suggestions or experience using an effective and tactful way to get the tenants to vacate quickly (incentive/legal action) ?

I will do some more scouring the forums for similar scenarios, in the meantime I appreciate any feedback.

Loading replies...