All Forum Posts by: Kurt Robert

@Eric C.

Correct, I have countered without that in there, but they said with that price they are selling as is and now will not negotiate that. 

@david

I have put that in the counter. The tenant will have to vacate prior to closing. Appreciate the advice 

@steven

Thanks for the response. I appreciate it. I'm forwarding that on to my agent.  I don't think he has worked with many investors as I told him what I wanted to offer and he thought it was too low. We still went with it and it was actually pretty close to what they wanted.

My agent is telling me I will lose that if I back out of an as-is deal

But do you lose your earnest money?

Thanks for the responses.   Talking with my agent he said that the inspection is not an out if it is "as-is".  We can do the inspection and have 21 days for that, but they will not fix anything that comes up.  We would lose the earnest money if we backed out because of that.  It just bothers me that he waited a week and a half to put as is in the contract.  

I am in the process of buying my third rental property, but during the negotiations we ran into a snag.  The seller, on the second counter offer, now wants to sell as-is as he doesn't want to fix anything.  They have come down from $75k to 60K throughout the process, but now they have added the "as-is" into the mix.  My business partner and I want an out, as the property has some issues, but we like the location and it has two current tenants.  I todl the owner I know there are issues and he doesn't have to fix them, but I want to make sure there aren't any big safety issues.  If there are and it is sold as is, if we back out we lose the earnest money.   There was no talk about this prior to offers which bothers me.   Looking for advice on why the owner now switched this and do you think we should walk if they don't budge on the issue?

Background: Rent is $1000/month total for both the two bedrooms, but we are kicking the upper tenant out.  The neighbors say they have had many issues with them, so we would be down to $500 until the upper is remodeled.  The place needs a new porch (safety issue), furnace, and bathrooms as there is potential black mold.  It is great location and with it fixed up the rents would be $600-650 per month.  The tenant was offered the property at $55000 before it went on the market, but they turned it down.   The owner told them that 55 was fair market value.  

THanks for the help,

Kurt

Do you have to get a weatherization inspection when purchasing?  Also, is that something that should just be done on the buyers end when purchasing a multi family?

Do you need to get a weatherization inspection when purchasing a property?  Furthermore, should you?

Lots of great info. here.

I use a company called Incheck at 

http://incheck.net/home.php

They are great to work with and are quite reasonable.  Between $25-$35/ adult depending on what services you need.   They aren't just online and you can contact them at any time.  I have had wonderful experiences with them.  I have dealt with Andy every time and he has yet to dissappoint.