All Forum Posts by: Andrew Laing

Thanks again for all the responses. I just wanted to follow up with the resolution of this transaction for all of us to learn from. 

After agreeing on a price with seller, I had a chance to go inspect the property. The tenant of the first floor unit (2 unit property) happened to be outside and was more than willing to discuss all the issues with the place. The biggest issue was his 2 year old child had recently tested with elevated lead levels. The current owner had told him the lead was taken care of, but I know for a fact after inspecting, there was definitely some lead remediation to be done. The tenant did not pay the previous two months rent due to a mice problem not being treated. Also, the agent was unable to get into the 2nd unit for inspection which was another red flag.

I did come back to the seller with a lower offer after all the intel I gathered, but they did not accept. Many lessons were learned during this process, and now it's on to the next one!!

@Rich N. thanks for the great insight. I am leaning towards an approved lease that the tenant will sign with current owner if payment history checks out. We have great tenants back in So Cal who did not have great credit, but have not missed a payment in 5 years. Not everyone deserves an eviction. Know any property managers in Western Mass?

Thank you to everyone for their responses. It is very helpful to hear different points of view. I will also be requesting a 12 month payment history from the current owner to check on tenants history. If the tenants have a good payment history, I may not feel the need to have them vacate. The tenants currently pay market rate. I may ask that the current owner get a lease in place before I purchase if this payment history checks out. More opinions on this are welcome!

Bigger Pockets Community,

I need your help!! I am in negotiation for a property that currently has a month-to-month tenant under agreement, but not a lease.  Does anyone have any advice on how to handle the situation?  This property is a good deal, and worth the trouble, but need some guidance on taking ownership of a property with a non lease tenant.  Thanks in advance!! 

Anyone looking at investing in SF or multi-family in Downtown Springfield near MGM? I live in Boston, but am considering investing there.  Just looking to anyone who may have had success buying and renting in the area.  Thanks in advance!