All Forum Posts by: Caleb Charles

What type of listing agreement is normal for an investor to have with an agent? -open listing? -exclusive agency listing? -exclusive right to sell listing?

Joel Owens I also tried to go back on the rent back, it was either that or walk away before P&S because we already agreed within the offer.

Frank R. Hi Frank, I've been informed about the "cash for keys" but I haven't met the tenants. Everytime I went they weren't home.

Joel Owens Hi Joel, thanks for the useful information. Yes, this is a 3 family triple decker. Very common in MA, and all throughout Boston. Very solid buildings, and depending on the location are priced extremely high. Aside from that, I presume the seller is insolvent, because he's been in pre-foreclosure since March of last year. From my understanding he has until the 1st of February until the bank starts to kick him out. This was brought to my attention by my broker. The seller hired a broker within the same office to sell the property, but they never listed it on MLS. My broker quickly notified me and asked if I wanted to take a shot before they list it. I originally didn't agree with price, because of the work needed, and I thought it was unreasonable. So I offered $80k less than asking. Especially after learning about how he would be making money from the sale since the money owed was way less than what they were asking for. Originally they thought it was too low of an offer, than he came back and said fine if he can occupy his unit, until he finds a place to move. I agreed only if he paid rent, and removed the 1st and 2nd unit tenant before close. We created a certificate of occupancy, and schedule A on the P&S that stated the terms of me renting back the unit to him. He can't exceed that amount of time, and has to allow me to do repairs where is necessary. My original plan was to fix it and rent the property, and than refi with conventional. It's 4br 1,500SF each unit and has 3 garage in the back, which is somewhat rare in the Boston area. Most 2 family or 3 family have off street parking. In that area rent would be $2,000+ Than when I conducted an appraisal for my lender it came back way higher than we were anticipating. Than I thought of maybe wholesaling it. I just received updates last night that the 1st unit tenant has started to move their stuff, and the 2nd unit needs until the 30th to move into their new place. Since my lender is hard money, they told me to ask for a letter from the tenants and updated P&S if we are going to move closing again.

Hello Biggerpockets, I have a questions regarding eviction or possible evictions. I am currently under contract with an owner who is in pre foreclosure process. The property is a 3 family, and I currently have it below appraised, and market value. Even with though the property needs work the price that I am purchasing it for and putting into it will still be below appraised value. I've had this property under agreement since Thanksgiving. Thereafter, we decided that is would be best to have closing on the 2nd of January to allow the two tenants that live on 1st and 2nd unit 30 days to leave the property. They have been tenants at will for sometime and haven't been paying either. During P&S we decided we'd extent closing to the 9th. A week prior to closing we were informed that the tenants haven't found a place, and it doesn't seem the seller wants to do eviction. I forgot to mention that I will be renting back the 3rd unit to the seller for up to 6 months until he finds a place. Now on January 9th I agreed to give the seller two more weeks to get the tenants out. My finance people, who are hard money are asking for status because that two week is approaching. (Closing on 23rd) they suggested either taking the tenants on and conduction an eviction if he can't deliver vacant or walk away. Now if he doesn't deliver of vacant he will have breeched the contract. My question is what is to be done? I've never done an eviction before, and feel the seller isn't working hard enough towards this. By February he will be in a full foreclosure, and most likely will be asked to leave himself.

Greetings All, I am a new member to BP. I am a multifamily real estate investor from Randolph, MA. My company also invest in commercial multifamily properties while providing conservative returns for investors. I have a question in regards to management software for personal rental property. I have now terminated my managers, and my investment company will become the manger for my small properties. What software can I use that is efficient and allows me to keep track of revenues and expenses? (I know that broad question) I know of rent manager and quick books, but is there any other software or apps that I can use? I was just at Bank of America in the process of opening another expense account but they informed me rather than opening another expense account they have a platform that allows me to mange everything. This platform is called account management and basically eliminates my bookkeeper. Has anyone used this software? If so, how well does it perform. It seems like you have to go in and separate everything constantly. Also, how are you guys making your tenants pay? I found an app the tracks payments from the time they mail the check until the time it arrives to you. I can't recall which app that is. Does any know? Your help as savvy real state investors is bet appreciated. Regards, Caleb

Greetings All, I am a new member to BP. I am a multifamily real estate investor from Randolph, MA. My company also invest in commercial multifamily properties while providing conservative returns for investors. I have a question in regards to management software for personal rental property. I have now terminated my managers, and my investment company will become the manger for my small properties. What software can I use that is efficient and allows me to keep track of revenues and expenses? (I know that broad question) I know of rent manager and quick books, but is there any other software or apps that I can use? I was just at Bank of America in the process of opening another expense account but they informed me rather than opening another expense account they have a platform that allows me to mange everything. This platform is called account management and basically eliminates my bookkeeper. Has anyone used this software? If so, how well does it perform. It seems like you have to go in and separate everything constantly. Also, how are you guys making your tenants pay? I found an app the tracks payments from the time they mail the check until the time it arrives to you. I can't recall which app that is. Does any know? Your help as savvy real state investors is bet appreciated. Regards, Caleb

A month to month lease actually gives you the opportunity to terminate your contract. A lease is usually a contract for the tenant. If you have month to month usually you have more options to terminate when you want to run your business.

Joel Owens Hi Joel, what is your contact info? I noticed your in the GA area and I've looked at a few multifamily commercial properties I'm Atlanta. Would like to get realtors perspective on a few of the areas id like to invest in.

This was a great post. Needed this!!