All Forum Posts by: Brook Rieman

Originally posted by @Kyle Mccaw:

Approach the listing agent about it. See if you can get a reduction in the contract price. If you can and you close. Off the tenant $ to move so you can "fix up the unit." 

We had our offer accepted on our first rental property and after looking up the current tenants, we've got a convicted, registered sexually violent predator against children in this triplex. Repeat offender. Anyone dealt with this before? There are currently no children in the other two units but kids living within 20' of his door at the neighboring property. His existing lease is not up until Aug of 19 and he's been in the property 5 years. I am sick about this. Obviously I don't want to renew his lease but any options before that?

Thanks so much @Christopher Phillips and @Jack Bobeck that makes perfect sense.

Thanks so much for your reply @Christopher Phillips. Can you explain what a balloon payment is? 

Hi there, my husband and I have found a small multi-family that we are interested in.  It sounds like the owner might consider owner financing it. Can anyone share some insight on what terms would be appropriate? We bought two of our other small properties outright and a third we have a traditional mortgage on, so this isn’t something we are familiar with.  We would also be  interested in example of contract language if anyone has that to share.  We have only been on BiggerPockets a couple of weeks and I am so amazed at all the information people have shared. Thanks so much!

@Nadine Delille look in BP under “events and see if there is anything upcoming locally. I didn’t have luck with that but did a general search for my city and “group” or “meetup” and found a local group right here in my town. Have only been to one meeting so far but it seems like a great group. Good luck!

@Nadine Delille I’m sorry you are struggling, have you checked to see if there is a local real estate investor meetup group near you? Partnering might me key for you, sounds like you have a lot of ambition!

I'm just curious, how close were you when you did your initial estimate or repairs and how much of these things came up along the way? Regardless, you still made out really well. Incompetent contractors are the WORST. 

Just came across this thread. What was the outcome? Did you get the smell out?

We are definitely interested in flips, Wes. Would love to see what you’ve got.