All Forum Posts by: Jonathan Nguyen

Hey guys, I'm just getting to these messages. Rent roll should be in your email now. Thank you

@Shane H. Hey Shane, there is currently management in place but no long term contract so a buyer can switch to a new company if they'd like.

They are  currently $950, $950, $1000, $1150, $1170, and $1250. $1250 being freshly updated. They should all be $1200+ with some updating.

6 unit fully occupied rental package for sale. Value add opportunity as some units are under rented and can use some updates to bring them up to market. Four 1/2 duplexes and 1 full duplex that are all on the same street. All units are 3 bed 2.5 baths with 2 car garage and basements. 5 units are 2 story. Message me for more info.

Price: $659,000 

Yearly rent: $77,640.00

I spoke with 3 attorneys over the phone on the matter prior to making this thread and they either said it was on the seller or to be careful but they'd never had any cases regarding a similar situation. So I am posting on this free forum to see if anyone has been involved in a similar situation and could weigh in.

After speaking with the buyer yesterday I got the feeling he was hiding something and fished for more info out of him. The title work will be done Tuesday but from what I could get out of him is the house is in his and his parents name. They are both deceased but I don't think the probate is finished. So I'm thinking that would make his contract with the other guy invalid anyway as he couldn't sell them the house legally even if he wanted to. 

I know there is $3300 taxes due on the property and I was thinking since he might not currently be able to sell it. As I don't consider myself that skilled of a real estate investor but would like to maximize this opportunity you mentioned maybe you or someone can weigh in on my idea for it. I was thinking of making some sort of contract that I will pay the taxes and fix up the property in return for managing it until the probate is finished. Once the probate is finished he would sell the property to me for an agreed upon amount. Considering he made a contract with the other guy and backed out of it are there any ways on how I could protect the money I put into repairing it? Putting some sort of lien on the house until the probate is finished and ownership transfers to me?

They told me its on the seller.

So I have a rental property and the house next door has always been an abandoned looking eye sore. I tried to contact the owner to purchase with no luck but finally he has reached out to me. We have agreed on a price and signed a purchase contract and I've put down a deposit. Title work is commencing now. HOWEVER, he calls me yesterday and says he signed a purchase contract to sell the house with another guy a few weeks earlier for 4 times less of an amount as I'm paying him. He says he was negligent upon what he was signing and also received no deposit. He is due to close on the house with me next week but the purchase contract with the other guy is due to close 2 weeks from now. 

If we close next week on this house am I on the hook for anything legally? I don't want to pay the guy then dump money into rehab and end up having to give the house back and the seller disappear with my money. Or is all legality and repercussions on the seller for reneging on the first buyer?

kurt holmes

@Kathy Henley Thanks for the advice. I put in my offer and after some negotiation it was accepted. We are going through the financing process now.

@Brandon L. Thanks. I determined it was going to make me 100k a year and have little to no chance of breaking me. Hopefully I'm right.

I am making my first commercial real estate offer today and was wondering what I should request as part of the offer. I am putting subject to bank approval, copy of all expenses, profit and loss statements, half closing costs and some basic stuff. 

I was wondering if it was unusual or even possible to ask for warranty on the building appliances such as the ac units. I am used to residential and when buying homes on the mls I've got places to buy a warranty for them. 

Is there any other tips or things I should ask for as part of an offer? 

Hey I'm in Wichita also. Did you ever find a guy to use and if so how was the experience?