All Forum Posts by: Amy M.

I agree with the mindset that you should take your $50,000 and use that as downpayment on two properties instead of one. We picked up our first duplex 2 years ago and another a year later so trust me when I say that you can put $50,000 to work and get some great returns. There are definitely many cities in the suburbs i.e. Westland, Redford, Garden City where you can find a great deal, under $100,000, and really put your money to work. Good luck!

Hi Mindy, thanks for the response. The duplex is a good deal, we definitely want it. We already have some prospects for tenants from our other rental property so we were not too concerned about filling the side once they move out.

We went through the sellers agent to purchase this one so I will ask her if she can add that to the addendum. I hadn't considered that before so thanks for the idea. We are using a small loan for the place but have not incurred any charges as far as that goes.

Hopefully the seller will agree to getting the tenants out before closing and we can move forward!

Good Morning! I have an interesting scenario that's currently taking place and would like some feedback if anyone has the time. We are purchasing our second duplex and seem to be encountering a situation that we are not sure how to move forward on. Back in February we made an offer on this duplex and the offer was accepted. We knew there were some title issues so the closing would be a little over a month out. Tenants were in both sides of the duplex and the seller was fixing up everything listed on the city inspection. Moving forward, the title work took much longer than originally planned and we have signed 2 more addendums to the purchase agreement to extend the timeframe until closing. It was brought to my attention last week that the seller is evicting one of the sides however they have not moved out yet. We were asked to sign one last addendum to extend until June 9th to close but now I'm wondering what we could get stuck with if the tenants will not move out by then.

So my first question is: can you still sell a property in the middle of an eviction? If so, how does the new owner step in once that process has been started but not completed?

Second: If we decide not to extend the purchase agreement into June can we get our deposit back? I would think so since the contract would be void but again, never been in this situation before.

We want to purchase the duplex, I'm just uncertain on the problems we could be facing if these people refuse to move out....damage that will now be our responsibility to fix, squatters, ect.

If anyone is familiar with the situation and can give some advice we would appreciate it!

Thanks~

Thank you Fay! That was what I was looking for. We have a similiar amount for deposit so I think we can negotiate using that as a tool. Thanks again for the comment, this gives us an idea on how to move forward.

Thanks for the input

He doesn't necessarily want the tenants out, he has a month to month lease with both sides, they both have been there for over 2 years so there has been no problem as far as that is concerned. The tenant on the one side lives in filth, I went in the place and it's bad. The other side is recently married and are already planning on moving. I would have no problem letting tenants stay except the one side is really that bad, I would like to be able to go in and fix up what needs to be done then rent based off of our terms and conditions. I don't know how I feel going into this based off what someone else has in place. Are we looking at this the wrong way? Would you let someone stay and then fix up the place after they move out someday? Like I said, we're new to this so suggestions are appreciated.

It is just south of Palmer and I absolutely see where your concern would come in, we would not have looked there except I actually know people with multiple units in the area so it actually is possible to make decent money off of the rent, I realize the resale on the units are really nothing.
That was why we are curious on how we should move forward Wayne. He had a deal recently fall through because of financing and he doesnt want to lose a months rent if our doesn't go through. He's an attorney so I wouldn't think he's up to complete no good, I'm more curious about protecting us in the process and what tyoe of contingencies we should be putting in....if that makes sense.

Good Morning, this is my first post on BP and things have moved a bit faster than I honestly anticipated. My partner and I decided to get into the rental business and after considering what we could afford as a starting/learning point we decided on an area that definitely is not the greatest but the cost of the unit is low and rent is currently 600 on each side (this is a duplex). So the listing price was 49,900, we bid 30000 and he countered at 32000. He's retired and looking to get rid of the property since he lives out of state. Sorry if I'm long winded on this one but here are my questions moving forward....

He has two tenants in there now on a month to month lease, he wants to evict them after the closing and keep the money in escrow until they have moved out. One couple is already looking, the other wants to stay. Is anyone familiar with this offer? Can you tell us pros and cons and how to protect ourself so that no damage is dont in the moving put process. What types of contingencies should we be putting in place to protect ourself?

Like I said, we are totally new to this so we are just looking to see if anyone is familiar with this scenario. The property is in Westland MI (Norwayne) if anyone knows the area.

Thanks for your time and let me know if more info is needed.