All Forum Posts by: Gary Striewski

Interesting angle I didn't really consider. We're still early in the process so there are few things we'll get to where that may come to light if it's the case. Obviously hoping for best-case. Appreciate the perspective. 

Yeah the property even below the FMR is still in really good cash flow position (20% CoC vs 30% once FMR is obtained). I just didn't know if old leases transfer to new owners. Sounds like the seller was doing his good long-term tenants one final solid and I can't knock anyone for that! Will need to have the conversation with them tho and give them ample heads up that rents will be brought to FMR once their lease is up. The property isn't doing any of the surrounding ones any favors by only getting 61% of FMR.

Hi BP. This is my first post, looking forward to hearing the thoughts of those who are more skilled than me. I know this question has been asked a million times with a million different scenarios. I’m thinking of purchasing a multi-family locally in Connecticut. One unit (2bed/1bath) is vacant and ready to rent, the other unit (4bed/2bath) has been occupied by the same tenants for the last 8 years per the owner, who also happens to be the selling agent.

The tenants recently signed for another 12 months that’ll take them thru June 2021. Fair market rent for this zip is $1,650/month, the owner gets $1,000, his choice.

I'd want to bring that unit to at least FMR, but don't know how to operate under an acquired lease. Are my hands tied until the existing lease is up?

How have you navigated or seen similar scenarios navigated?

Thanks and looking forward to connecting!