All Forum Posts by: Brett Fine

@Michael Gansberg  Ok good to know. Not saying I would or even could do anything about a application I didnt like at this point in the purchase transaction but it would at least be nice to know who I am dealing with. At minimum I will ask for client contact info. Looking forward to starting and growing! Thanks for the advice same goes to @Kim Meredith Hampton and @Andrew Michael So much to learn but I am like a sponge at this point soaking it all up where I can get it. Have a good day!

We are closing on our first duplex Feb 27th. Here is the situation.

Both sides rented. kind of

side one has a lease in place until August 17, tenant has been there for 5 years. Rent has never been raised. currently paying 825.

side two, the daughter of the tenant of side one. No lease in place but just a one page signed document saying she can rent it month to month.No lease to speak of. Paying 975 a month.

A couple issues we are going to have to deal with and I want to deal with it tactfully and not immediately piss anyone off, I know, who cares right, but I want to get off to the right start with tenants as I would like to keep them if possible.

Current owner never took an application on either side as he inherited the tenants when he bought it 4 years ago.

What is the path of action I should take. Get an application from both tenants? Have side two sign a formal lease? Can I offer side one the option to get out of her lease if I have her sign a new lease?

Any Help is appreciated.

Thank you! Inspection is this week!

Excited to say we have an offer accepted on our first investment property. We have a goal of buying 3 properties this year and just got the offer accepted on first one. A duplex. The deets: Asking 179900 Paid 171500. $1,800 gross rent. Tenant pays all utilities. $975/3 bed unit 1.5 bath.2 car garage(rent can be raised 50 dollars) $825/2 bed unit. 1.5 bath. 1 car garage. (Rent could be raised 25 dollars) 15 percent cash on cash return year one. Oh and I'm a real estate agent so I get paid 3 percent on it too:) Wish us luck!