All Forum Posts by: Chris V.

Originally posted by @Stan Sugarman:

Agreed but if the seller refuses your only recourse is to not make an offer.

Yep makes sense, thank you Stan.

Originally posted by @Simon W.:

Hi @Chris V.

I believe you can ask for a rent roll, tenant ledger and income statement. As for the lease itself, I am not sure because there are personal information there such as SSN.

The tenant ledger should show you if the tenant is uptodate on their payment.

 Thanks Simon, an SSN on a lease agreement is a new one to me, never seen that, but I would expect NPPI/PII to be redacted from a document prior to sending.

I’ve had sellers provide leases to me for duplexes we purchased, prior to purchase (I can’t remember if it was during due diligence or before the offer was made, now that I think of it, it might have been due diligence!). But this was in SC. I’m not clear on the precedent in GA. Hoping someone can speak to GA. Thanks again!

Originally posted by @Stan Sugarman:

There is no legal requirement to provide a lease prior to contract execution.

 Thanks Stan. Respectfully, There are many things we are allowed to ask for which aren’t legal requirements for sellers to provide, ie rent roll, expenses.
 

I'm putting in an offer on a vacation rental that has a long-term tenant currently. I asked my agent if I can please have a copy of the current lease agreement for the tenant, and she said that the seller wouldn't provide that before due diligence. This struck me as odd, but I am not familiar with Georgia rules. Shouldn't I be able to request a copy of the lease agreement BEFORE I make an offer?

Pete, we are having a similar situation in Lex County, with a duplex that rented fairly quickly back in March, but this unit came open in July and hasn’t had much traction from qualified applicants. I’m wondering if it’s a slow season. Next week we’ll be lowering rent about 7%.

@Philip Mullinax nice! We just closed on our first two duplexes. I'd be happy to help; still learning the ropes on repairs so would love the experience.

@Tom Gimer - thanks for your input on this. I feel like it's not a huge deal as long as the title search comes back clean and I can get an insurance policy to limit my liability.

@Jay Hinrichs - I did a basic search of the county website, and I can see the property was foreclosed on earlier in the year by Bank of America (foreclosure deed), then they put it on auction.com and shortly thereafter sold it to a buyer (special warranty deed), then that seller used a quit claim deed to transfer the property to another LLC (might even be his). Now he wants to only use a QCD. Maybe he just doesn't know what he's doing? I would love to learn more about title searches. I'm an IT and InfoSec guy so open source intelligence is my bag. Thanks a lot for your help!

@Jonathan Holmes - any recommendations on doing my own title search? Do you just recommend paying for one, or learning to do it myself? 

OK - short and sweet, we made a $25K offer on a home listed for $40K. Needs $20K rehab. ARV should be $75K - $80K.

• Seller insists that I pay all expenses PERIOD.
• Seller requires 10% earnest money.
• Seller continues to ask for highest and best with every email exchange (a bit annoying, we've made it clear this is our highest).
• Seller will only transfer property using a Quit Claim deed.

Any feedback on the last bullet? Is there any way to protect myself, maybe suggesting warranty deed? I've never done a cash purchase like this so one of my main concerns is ... "is the title clear?" - What would you do? Thanks in advance.

PS: In most cases, I would just walk away, but this is in a great area, with lots of potential. The only thing stinky is the seller.

@Jason Bott thanks for the response. I think I'd rather go with an RC policy.

We have our first two duplexes under contract and are completing inspections. After the general home inspections, a few minor issues were found like a couple of plumbing leaks, a roof leak, couple of venting issues, a split beam in the attic. One of the HVAC units didn't come on when tested, so that's a possible issue. Also one of the ducts has a tear, doesn't seem difficult to fix. The other three HVAC units didn't seem to have any issues, but the inspection company recommended we might want to have those inspected by an HVAC specialist. What do you guys recommend here? Should I pay to have all the HVAC units inspected? Other inspection we plan to have is for termites (in South Carolina). Any other suggestions or thoughts?