All Forum Posts by: Eléne Ray

Hi All,

Here is an update: we extended the closing until December 9 with the seller paying for the rate lock extension.

Hi All,

Here is an update: we extended the closing until December 9 with the seller paying for the rate lock extension. 

Malkia and Caroline, thank you so much.

Thank you, Nate. 

Jeff and Theresa, thank you!

Thank you so much, Matthew. 

Hi All,

Found myself in a crazy situation - would greatly appreciate any practical advice.

I am buying a 2 family in Medway, MA. The closing is scheduled for Monday, November 14. The house, as specified in P&S, is to be delivered vacant.

On Sunday, November 6, I get an email from a seller's agent with a nonchalant "The first floor tenant secured her new housing, but can't move out because the deleading hasn't been completed, and would I be OK to close as scheduled but allow this tenant to stay until December 1?" I inform both my and the seller's agent that it is a " Categorical NO", and I am not closing until/unless the tenant is out, and the house is delivered vacant.

No updates on Monday, November 7.

On Tuesday, November 8, my agent informs me that no, the issue now is not with deleading, but with the tenant's new housing availability or some such story. I tell her that I am not a full, I understand what the seller is doing - trying to push a holdover tenant (with little children - in MA! - with winter approaching!) on me and make it my problem. Repeat that no closing is taking place until/unless the house is vacant, suggest the seller finds a temporary housing for the tenant + if I need to extend a closing, the seller himself pays for the lock rate holding and also compensate my own tenant who is supposed to move in on November 16. Explain that I mean business, and any breach of contract would result in serious consequences.

Of course, with all my baring teeth, the situation is much more complex: I absolutely don't want to inherit this tenant with children and deal with an eviction situation in MA - yet, I need this house for all hosts of personal reasons, including taking care of a family member with advanced cancer. I am afraid of losing my lock rate + my own tenant doesn't have a place to go + my contractors have all been scheduled to start working + this house is meant as my personal residence, so I myself am supposed to move in within 2 months after the closing. What am I to do?

Hi All,

Found myself in a crazy situation - would greatly appreciate any practical advice. 

I am buying a 2 family in Medway, MA. The closing is scheduled for Monday, November 14. The house, as specified in P&S, is to be delivered vacant.

On Sunday, November 6, I get an email from a seller's agent with a nonchalant "The first floor tenant secured her new housing, but can't move out because the deleading hasn't been completed, and would I be OK to close as scheduled but allow this tenant to stay until December 1?" I inform both my and the seller's agent that it is a " Categorical NO", and I am not closing until/unless the tenant is out, and the house is delivered vacant. 

No updates on Monday, November 7.

On Tuesday, November 8, my agent informs me that no, the issue now is not with deleading, but with the tenant's new housing availability or some such story. I tell her that I am not a full, I understand what the seller is doing - trying to push a holdover tenant (with little children - in MA! - with winter approaching!) on me and make it my problem.  Repeat that no closing is taking place until/unless the house is vacant, suggest the seller finds a temporary housing for the tenant + if I need to extend a closing, the seller himself pays for the lock rate holding and also compensate my own tenant who is supposed to move in on November 16. Explain that I mean business, and any breach of contract would result in serious consequences. 

Of course, with all my baring teeth, the situation is much more complex: I absolutely don't want to inherit this tenant with children and deal with an eviction situation in MA - yet, I need this house for all hosts of personal reasons, including taking care of a family member with advanced cancer. I am afraid of losing my lock rate + my own tenant doesn't have a place to go + my contractors have all been scheduled to start working + this house is meant as my personal residence, so I myself am supposed to move in within 2 months after the closing. What am I to do? 

Dear All,

Just joined biggerpockets. Have some experience renting out condos, but am looking to buy a multi-family in 2020 (Norfolk County or Worcester County.)  Would love to meet with experienced multi-family investors. Does anyone have time for coffee this week? I will be around Franklin, MA and Clinton, MA on Wednesday, August 28 and Thursday, August 29.