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All Forum Posts by: Anant Garg

Anant Garg has started 5 posts and replied 15 times.

Post: Reference for a good insurance for 4plex in Fort Worth

Anant GargPosted
  • San Jose, CA
  • Posts 15
  • Votes 2

Hi There,

Can somebody help me point to a good  reference for buying home owner insurance in Fort Worth, TX ? I am looking out to buy insurance for a fourplex property.

-Anant

Post: Contract to closure of a fourplex

Anant GargPosted
  • San Jose, CA
  • Posts 15
  • Votes 2

Thanks everybody taking time to help me on this. I am in contract right now and working out on finances to close the deal.  These are the documents I asked from the seller although he couldn't provide many. :

1. rent Roll.

2. P&L statement and Expense Report

3. Bank statement reflecting rent deposit.

4. Copy of Leases.

Thanks again for jumping on this thread and helping me out on this. After the deal closes, I will share my experience and learnings.

Post: Contract to closure of a fourplex

Anant GargPosted
  • San Jose, CA
  • Posts 15
  • Votes 2

Hello Members,

I am in a contract to buy a fourplex in north Texas region and option date start from tomorrow. This is my first investment and want to make sure I do it right.

I need fellow members advice on :

1. What all documents I need to check before option period expires?

2. Can somebody help me pitfalls and do and don't during each step of the process.? I have done some homework but it would be great if i can hear from expert. I know my homework definitely would fall short compare to the knowledge base of this forum.

3. Is there some cost which buyer agent bears that I should keep in mind ?

Thanks for taking time to help me with this. Looking forward to some great insights.

I will post my experience and deal details once i close the deal. 

-Anant

Thanks @Frank Chin @Darren Sager @Jeff Brower for taking time to answer my question. I understand your point and in some way it is obvious too. But here is what i think:

It might be easy and obvious for seasonal investor to find out these defects and estimate the cost involved. But for first time buyer it might not get attention and not have an idea about cost related. He might get tricked.

I read it somewhere that idea behind the fact that seller has to disclose what he knows about the property is to bring forth any defect which can impact condition and value of the property. This helps to give the clear picture to the buyer and he can evaluate accordingly.

For older homes, most of the things will be at end of life. But it still wouldnt change the fact that seller need to disclose what they know about the property. There might be some obvious things and some non obvious. I could not find any requirement where it says only non obvious things need to stated by seller in seller disclosure. 

Not sure if people think on similar lines or have different things in practise. Am i living in too much idealistic world ?

Not sure if this is right thread to post this question. Let me know if that is not.

This questions is related to residential property in california.  As per California laws, seller has to disclose any known material defect in the home before they sell it. What if they hide some facts which buyer comes to know about COE ? Can buyer go after it and ask for money to fix that defect ?

For example : Plumbing in the house is end of life and need to replace it. Result is low water pressure in faucets. One of pipe bursts right before sale and seller just repair that bursted pipe although plumbing company advise to change all piping of the house and provide estimates for same. Do seller has to disclose plumbing company's suggestion that plumbing of house need to be changed and associated cost to buyer in disclosure report.? 

if seller does not disclose it and buyer learns it later and get exact same estimates and suggestion from same plumbing company. Do buyer has a case for material defect not disclosed which seller knew and can ask for repairs ?

Thanks for taking time to answer my question.