All Forum Posts by: Christian Beyer

@Christian Beyer

Ok so this will be the final message about this property on the thread.

I mentioned taking the seller to court over the open permits and items that were not disclosed. Here is what happened in a nutshell:

He brought suit against his broker, claiming he told them to update the disclosure and they didn’t do it. This meant that now I was dealing with Weichert realtors and not just joe blow attorney from down the street. At first I was concerned, but it ended up being a good thing because at some point they either shared responsibility or had to point the finger at each other.

Long story short- the brokers lawyer wanted to settle and not go to trial (more expensive lawyers) so we settled for just less than 20 grand. The seller claimed to be completely broke and said he would take his chance at trial because felt like his case was better in front of a jury and he was going to play the “my broker ate my homework” card and I couldn’t prove that he didn’t tell them to update it. I had no appetite to go to trial and pay my lawyer another 5-10K for the risk of getting an uncollectable judgement or worse, losing. I took a small settlement of a few hundred bucks.

Summary - paid my lawyer around 8-9K and walked away with about 20K.

@Greg R.

Great question.

All the people who buy are out there buying. All the people who are waiting are posting on bigger pockets.

Does that give you any indicator?

@Ethan Griffel

I’m seeing a lot of “don’t do this” responses. The truth is- it depends on your situation.

I have a tenant at a duplex I’ve owned and self managed since 2014 and she’s lived there since 2016. After 3 years of steady renting and no issues she asked to upgrade the kitchen to include a dishwasher. We worked out an arrangement where she and I split the cost and she has stayed there since (3 more years of steady rent). I got a nicer property and she got a nicer kitchen and we worked it out amicably.

It is not a black and white “yes” or “no” answer. It worked for me- I’m sure it has been a disaster for others.

The conditions for me would be the following: the tenant should have been with you already for at least 2 years (with no issues and should sign up for another 2 year lease.

@Christian Beyer

Resurrecting this thread!

Thanks for all who tuned into the drama on this last year. We actually started a lawsuit against the prior owner and had depositions in September (a new experience as a real estate investor) to put down in writing our side of the story. They say if you are in real estate long enough it’s not a matter of if you will be sued, but when. Maybe it goes both ways? I’ve never sued anyone, but this guy was either grossly negligent or just plain fraudulent.

Our court date is set for March and we will see what happens there. Hopefully we can recoup some of our lost expense and rent from the year of hell. The team at Empire Property Management gets a lot of credit for getting me to this point where the property is finally turning a profit!

Will follow up after the trial!

CB

@Lloyd Preece

Can second the kudos to Ron Bowser

@Wes Mccullar

Later this week Th-F after 5PM works great

@Wes Mccullar

Hey Wes- I partner with investors on deals using my team and my local market. You are an equity partner in the deal and it is not a syndication. If you are interested in finding out more let me know!

Thanks,

CB

@Justin Brown

Hey Justin when are the meetings scheduled for regularly?

Thanks,

CB

@Brian Garrett

Hey Brian- I’d be interested to see if we could help each other! I have a growing market with deals out there and a good team that works together. Shoot me a message and maybe we can partner on something!

@Nicole (Dunlap) Pendergrass

Love to see it. It is great working with you Nicole and I appreciate everything you brought to our partnership!

Here’s to the first of many!

CB