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Updated over 5 years ago on . Most recent reply

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Chris Mandle
  • Investor
11
Votes |
43
Posts

Attorney review red flags

Chris Mandle
  • Investor
Posted

I am in attorney review on a 3 plex in Newark NJ. This will be my first investment property. Couple things are turning me off and curious if I am justified:

1) Property is fully occupied, but the seller does not have Green card and is saying I have to get it. My attorney feels this is a MAJOr red flag

2) the seller does not have proper pay history on current tenants stating that the property is so small they did not keep this kind of documentation. 

3) I saw the property and it visually looked good. Recently renovated. We are trying to schedule the inspection and the buyer is dragging his feet. Not responding to request to get in with the inspector. 

I am leaning toward walking as it seems really sketchy, but being my first investment, I am curious of this is normal or my intuition is correct and I should walk. I want to not spend another dime if it does not make sense. Thoughts?

Most Popular Reply

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881
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720
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Judy Parker
  • Rental Property Investor
  • Closter, NJ
720
Votes |
881
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Judy Parker
  • Rental Property Investor
  • Closter, NJ
Replied

Sounds sketchy to me. Trust your intuition. And perhaps tell Seller that you want the property delivered vacant, so you can get your own, pre-qualified, tenants. Those existing, so-called "tenants," might be Squatters, hence no payment history.

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