All Forum Posts by: Dave Friedman

Update to all. The property needed a complete rewiring, which would have thrown off my numbers, so I walked away.

I've got an accepted offer on a different property and am moving forward.

I agree with your logic, @Michael Lucero. I am trying to remove emotion from the decision.

Thanks.

Thanks for the input, @Chris T. According to seller's agent, his business model is to buy cheap from landlords looking to liquidate quickly and then turn around and sell; he doesn't want to be in the landlord business.

I'm close to executing on my first deal in Gainesville, FL, but having some concern about the current tenant living in the property. She's an older lady who has lived in the property for 17 years. The long-time owner sold the property to a flipper of sorts about a month ago, and now I would be buying from that person. The tenant is paying way under market rate, and the lease lasts through the end of January 18.

I haven't had the chance to speak to the tenant yet, but the feedback I have received says she is not pleased with the change in ownership. 

There's a lot of potential in the property, and I'm getting it at a really solid price. But, I am concerned about the potential headaches and costs of having an uncooperative tenant when it is time to renovate and/or raise the rent at the end of the current lease. 

On the other side, I'm not too keen on kicking an older lady out of what has been her home for the past 17 years, even if it makes business sense.

I would love to hear feedback from the BP community.

Thanks in advance for the sage wisdom. 

@Brian Oen - I'd love to get your input as well if you're willing. I'll message you with my contact info. Thanks in advance!