All Forum Posts by: Anthony Pimentel

I'm also looking for more OOS properties.  I just purchased my first rental property in AZ and want to get into more.  Anyone know anything about the Oregon market?

Hi,

I'm looking for some advice on how to handle my current situation. I purchased my first rental property from FSBO which was vacant. While in escrow, the owner wanted to help me out to get a tenant in there, I said sure but only under the conditions that I screen the tenants first. A week goes by, the owner calls me and tells me he got tenants and that they already moved in yesterday. I was happy and upset at the same time. I reviewed the lease agreement and it's very basic and maybe only 5 pages long. I spoke with the tenants and they are fine to sign a new agreement with me under the same 1 year term from the previous owner.

My question is, what should I do in this situation?  Is it legal to have them sign a new lease agreement or does the old agreement just carry over?

Thank you all for the advice.  What do you guys think about only getting a 5K discount on the deal?  I've put offers on nearly 6 properties and all my offers were rejected or out bid.  I started some of my offers at 10% less of asking price and got outbid or rejected offer.  

Am I making a mistake by not getting more of a discount going in?  The cashflow is still almost $600 even if I pay full price of $190K..  I would love to hear your guys input.

Thanks,

I'm trying to get a deal together for a 4 plex.  The list price is 190K but the buyer will not go less than $185K.  I've ran the numbers at 185K w/ 20% down.  I think this is a good deal but would like to get your input.  What info will I need regarding renters.  Do I request for all lease agreements before closing this deal?  Can I ask about late payments?  Anything else I need to request from buyer?  I'm a newbie and any advice would be greatly appreciated.

Monthly 

NOI - $1390

Mortgage - 780

Cash Flow - $600

Cap rate - 9%

COC - 13%