All Forum Posts by: Joe A Warner

@Steve Morris I do have somewhat of a relationship with the seller as I have bought property from him before. I am taking any negotiations with a grain of salt until we have a written contract. The purchase price is relatively low because this will be a renovation once I acquire it, so I'll probably end up getting my agent involved just to ensure everything gets handled properly and thoroughly.

@Alex Olson Thanks for your advice. It sounds like so far the consensus is to get my agent involved to ensure a smooth process. I am definitely not opposed to this I have a great agent I usually work with. Since I have only purchased a couple of properties to date, I just don't feel confident enough to go about this with just the knowledge I have now.

Thanks!

@Charlie MacPherson Thanks for your input. I agree with you about repairs/price being meaningless without being writing which is why I clarified that this was verbal.

Perhaps I should rephrase the question. I am looking for advise as to whether or not I should hire an agent. If I decide to go about this without an agent does anyone have advice for me? 

Thanks,

Hello BP,

Calling on all real estate agents. I am lining things up to purchase another rental after the first of the year. This deal came to me off market from the same seller that I have bought property from before. The difference with this one is I didn't find it through my agent.

I have already negotiated with the seller and we verbally agreed on repairs he would make and a purchase price. Nothing is officially on it yet since this deal wont happen for another 5 months.

What I am wondering is should I get my agent involved? I am not opposed to this and normally I just would, but I doubt the seller would be willing to pay that commission and I don't really want to either. The seller is not using an agent. I know that typically seller pay all the agent fees (buyer and seller) at least here in Kansas, but just wasn't sure how all this works if only buyer had an agent. If I decide to go about this without an agent I am just worried I am going to miss something, not sure where to get a contract to fill out, etc...

Any advice?

I should add that I am purchasing on Seller Financing. The current tenant in place did not want me to go inside because of the pandemic, that is why I had requested pictures of the property.

Hello!

Long story short the pictures showed that the tenant does not currently take care of the property and there will be some rehab beyond what I was originally anticipating.

With that being said, the property still meets my requirements and cash flows nicely, but I would need the tenant out for the renovations and also am not sure the tenant in place currently aligns with my standards.

My questions is... Should I negotiate in that the seller remove the tenant before giving me possession or should I remove the tenant after I take possession? The tenant is currently on a month to month lease. I am not in an extreme rush, so if this deal takes a few more months to close I am fine with that.

I should also note that I live in one of my rentals with roommates (house hacking) and it is right next door to this one I am purchasing so the current tenant knows who I am as well.

Any advise on best way to handle this situation so that everyone wins?

Thanks!

@David M. Thanks! That’s a lot to think about and good info.

@Reggie Rearden

Thanks! Yeah, I have a meeting tomorrow with my attorney, I just wanted to see what other people were doing!

Hello everyone!

So I purchased my first property in April this year. It was a lot that has two houses on it. I rent one house out and have a roommate live with me in the other! It works very well for me and has allowed me to position myself for my second acquisition!

I am currently negotiating the details on my 3rd house and am ready to setup a separate entity. I am curious as to how other people have done this. I have heard of people setting up 2 entities (one to manage the RE and another to own it).

What is your entity structure and why did you choose to do it the way you did?

Thanks!

Joe

@Michael Noto for sure! I’m actually house hacking I have two houses on the same property. C neighborhood.