All Forum Posts by: Frank Avallone II

@Keoni Manago, did you have an inspection done on the property?

Hi @Schadrac Mertis, sorry that no one has replied to this yet!

I am glad to hear you are eager to invest and want to networker with other investors. 

Unfortunately, I am not local to your area but would love to chat and answer any questions you may have!  

@Austen Mueller @Kelly G., Exactly! As long as that is what the contract states you should be good to go! Glad we could help!

Hi @Yuval Hala, congratulations on your move and your interest in real estate investing! I would love to answer any questions you may have or help in anyway. Cheers!

Hey @Andy McNeany, I can see where you are coming from being new to the process. Totally reasonable to feel this way but I would just consider re-considering moving forward. In this market houses going to highest and best is very common. It is nothing personal, it just means they essentially got enough traction on the property that they need to do this to determine which offer to accept. 

You mentioned being prepared to go higher anyway so there really is no harm in making a second offer. Worse thing that can come of this is either they deny your offer which would result in what happen anyway, you not getting the property, or they could have accepted it and even then you would have other opportunities throughout the purchase process to re-negotiate or ultimately back out if you felt it didn't make sense any longer. 

Especially because we are talking about rental properties here I would say majority of these go to highest and best. 

Another thing to consider is consulting with your team. Are you working with a real estate agent that is familiar with investing? Is your mortgage lender consulting you with this? Are they familiar with investing? Has either one of them invested in real estate themselves?

Would love to talk further on this. Feel free to reach out.

@Kelly G. Typically the buyer can do whatever tests they want. If they are making it a contingency clause that this test must come back clear then they are essentially saying they can back out if any issues were to arise from the test if they are not taken care of. Review contract with your agent and see what they want to do and how they are wording it. Might just wind up causing some extra negations if something small comes up. 

Hi @Gurjot Grewal, it comes down to the details of the property itself. With out the details of the property it isn't possible to say if this is good coverage. 

Unfortunately I am not in the Houston area but would love to connect! Always love to talk real estate with like minded individuals. 

Hi @Bianca Rodrigues,

Here are a few options for you:

-Check the terms of the current leases: If the tenants are on a month-to-month lease, you can give them a 30-day notice to vacate. If they are on a fixed-term lease, you will need to wait until the lease is up before you can ask them to leave.

-Offer the tenants a buyout: You can offer the tenants a financial incentive to leave the property early. This could be a lump sum payment or help with finding a new place to live.

-Use the "owner occupancy" clause: Many leases in Massachusetts include an "owner occupancy" clause, which allows the owner to take possession of one unit in the property for their own use. If this clause is included in the tenants' leases, you can give them notice that you plan to move in and they will need to vacate the unit.

-Use the "substantial renovations" clause: If you plan to make significant renovations to the property that will require the tenants to vacate, you can use the "substantial renovations" clause in their leases. This allows you to give the tenants a 60-day notice to vacate while the renovations are being completed.

It is definitely a good idea to consult with an attorney on this.

Hope this helps!

Hi @Joseph Sasotona, glad to hear you are looking to grow your real estate portfolio. 

Generally speaking I don't think it will hurt to make offers on properties at prices which you see fit. However, in this market doing that might not work to well. Typically if someone is going to sell below market value it is because they are in the need to sell, they don't need the money as much and want to just get the sale done with, or there is some work that needs to be done. 

That being said it might be easiest to achieve this if you look for homes that have been sitting on the market for a while.

I have gotten lucky before by doing this with homes that have been sitting. Sometimes they list the house too high to begin with and the listing pretty much goes stale.