All Forum Posts by: Georges A.

thank you @Eric Black 

@Eric Black thinking about it you're right. Who do you recommend? I got referred a CPA that charges $450 to do my taxes is that the norm?!!

@Curtis Bidwell I think you're right. I am over-thinking the process. I think your approach is best. The rest, is part of the job

@Aaron Montague that's the first thing I thought of however:

1- Any contract or notice (say 30 days notice) isn't valid until I actually own the property and the closing isn't until mid/end July.

2- That falls under option 1 which is pretty much going out with guns blazing

@Ann Bellamy yes - and I am not worried about that unit, and one of the units is occupied by the owner - not sure if that's legal or not but that would be the "one unit at a time income" as they intend to stay for a few months more which is fine. That really leaves me with only one unit which is the unit that is paying the least in rent and cash.

My attorney didn't mention anything about any law specific to cash for keys so I'll double check with him. Can you please elaborate more on this?

@Cal C. you actually have a good point here. I had my lawyer contact the seller and see if we can work something out. However, they were very hesitant with that - which I don't blame them b/c we didn't close yet so if things fall apart they're left with empty units.

The tenant has been there for 5+ yrs and he's an older man which is making me a little bit nervous about how willing he will be to move out.

oh and I forgot to mention that I will occupy one of the units

@Cal C. like I said , I do have cash reserves

However, I am asking here for an advice on how to proceed? What's my next move?

1- Raise rents immediately have them self vacate?

2- approach them nicely and maybe offer to cover their moving costs?

3- Offer them cash if they leave early?

any advice is greatly appreciated....

@Ann Bellamy What do you advise me to do? I do have cash reserves but I was hoping not to tap into these resources from the beginning.

@Nicholas Stevens I will share the whole story with the numbers as soon as I close. I will write a separate post about it. And thank u

So I finally was able to sign the P&S on a multifamily property for Buy & Hold investment. This took me 6 months in the touch Boston market. Before asking my question, I would like to thank the great community of BP for helping me along the way. I can't stress enough how essential this blog was to my research, house hunting, and offer process... so Thank you!

The 3MF I am buying is tenanted. 2 tenants w/o leases who are hoping to stay and pay cash, and one tenant is the actual owner who has a lease that expires in October. My plan is to get new tenants for several reasons esp that they're paying way below market value.

Doing some research on the process (remember MA is a tenant friendly state) and after speaking with my attorney, this seems a little bit scary the more I know about it. I read a lot about how the tenants could simply refuse to leave and drag me to court - and I have not even got the property yet.

My question is: What would be a good approach to initiate with the tenants? My attorney suggested cash for keys but I am literally DRAINED from the purchase and still have the closing costs to worry about and hoping to avoid unnecessary expenses. Another investor suggested coming out with the guns blazing and serving them a 30 days notice to vacate and raising the rents on them so they self vacate which doesn't sound right to me.

plz advise

I'd really be more comfortable meeting them face to face at least one time