All Forum Posts by: Danielle J.

Wayne Brooks Jean Bolger you both are giving me a lot to think about. I definitely don't want to boot someone out but I definitely need to live in one. I like the idea of putting a few months rent forward to show that I'm serious and also like the idea of timing the leases to make for an easy transition. Things will be a lot easier if the tenants are on month to month agreements.

Originally posted by @Colleen F.:

I would look and then bring it up when you have a unit you are interested in. As part of due diligence you should get any leases. You can then  make it a requirement that the unit be 60 days noticed as part of the contract.   You might be doing the request to vacate prematurely.

Hi Colleen,

You are right, my request may be premature. I was not aware that this can be written into the contract- my real estate agent definitely did not inform me of this option. I'm going to look more into this idea and revisit several properties that I brushed past  because of this issue. This is where knowledge and experience is important. Thanks for the info.

Originally posted by @Account Closed:

Originally posted by @Danielle J.:

I'm currently looking to purchase my first multifamily in the Inland Empire of Cali and having a hard time locating cash flowing properties. Asking prices are ridiculously high in Redlands and Riverside. I want to buy in a decent area but don't want to overpay, so I know it might take some time for me to find the right one for me.

 Hi Danielle,

Welcome to Biggerpockets.  Let's put yourself in the seller's shoes.  If you have a performing building and it's pumping out cash-flow, what would make you want to sell that building?  Well, there is no reason for you to sell it unless someone comes along the way and pay you a ridiculously high price.  Here comes the agents and brokers convincing you that they can get top dollar for your building.  That's what you're seeing in the market right now. 

If you don't want to overpay, there's no way for you to get in contract.  In general, the higher the cap rate, the more ghetto the area.  You will have to work hard to earn the higher cap rate where in lower cap rate areas, they are running on auto-pilot because the quality of tenants is much better.  There is no free lunch.

Best of luck.

Thanks for the feedback Minh, you are definitely right! There is not free lunch...definitely not in Cali haha.

I am currently looking to buy my first multifamily unit and having a hard time finding sellers willing to make a unit available for me to owner occupy. I am currently looking for a triplex or quad and most of the properties I am interested in are fully occupied. When my real estate agent contacts the listing agent they usually say that the seller is not willing to vacate a unit for me to occupy, which is creating huge barrier in my owner occupy strategy of starting out in real estate. I initially did not think that it would be a challenge to get sellers to work with me on this, but maybe I'm asking them to do too much... idk.

I am interested in suggestions for motivating a seller to render a unit vacant upon closing. Has anyone else faced a similar challenge? I need solutions :)

I'm currently looking to purchase my first multifamily in the Inland Empire of Cali and having a hard time locating cash flowing properties. Asking prices are ridiculously high in Redlands and Riverside. I want to buy in a decent area but don't want to overpay, so I know it might take some time for me to find the right one for me.