Hello BP Members,
I'm hoping to receive some advise about a situation I'm currently in 1 month after closing on my first investment property.
I purchased a 4-plex in the DFW, TX area late August this year that is located in a street with four other 4-plex properties.
I know that my property and the one next to mine were owned by a single owner but was sold separately.
The problem I have run into is about parking spaces. When I initially walked the property I noticed that there were 4 designated covered parking spots for tenants in my property and 4 additional uncovered parking spaces. The 4 Designated covered parking space were located behind my neighbor's property, survey shows that.
This prompted me to ask my agent to verify that those parking spaces were included in the deal and she said yes after the talking to the owner's agent.
The problem is that I received confirmation verbally and I have come to realize I never verified that it was in writing.
The PM next door now wants those parking spaces for their tenant which will leave me with only 4 parking spaces for 4 units that are 2br/2bath.
It realize I made a rookie mistake for not verifying this in writing so I am now evaluating cost and planning to expand parking space in our property but I wanted to know if you can share some of your wisdom and see if there are other ways to approach this situation.
Thank you for reading.
