All Forum Posts by: Lane Smith

Thank you everyone for the input. I had a meeting with the tenants and current landlord and she agreed to clean. She also agreed to sign an updated lease with a cleanliness clause so I hope this is the end of the problem.

I am purchasing a multiplex and before the initial walk through I was told to be prepared for a dirty tenant. It was not too bad (dirty carpet and sticky floors) but the smell of trash and body odor was fairly repulsive. I could smell the apartment interior when I was in the front porch and in the basement. Is this an actionable condition? I do not want to remove them since they are long term tenants but I do not want to drive away other tenants because they have the apartment smelling like an outhouse. They are currently month-to-month (1 year contract was up 6 years ago) so I could get them to sign a new lease with more restrictive cleanliness clauses but I wanted some input before I proceed. Thanks

I check my local real estate listings multiple times per day. A few mornings back a duplex popped up for a rediculously low price (100k for 3/1,3/1).

I called the realtor at 0900 and after leaving several messages with no reply I spoke with a secretary that afternoon and she stated the property went under written contract as soon as it was listed.

I would have offered a substantial amount over list price for this property as comparable units are selling for 50k more but am unsure of how to get past these immediate contracts.

Do I write the seller to let them know they have another buyer? I want to avoid this happening again.

Looking for advice

Thanks

If financing @ 20% down is the more common option during low interest, should I roll closing costs and any repair bids into an escrow account?

Will Pritchett, what additional information would you need to do a more in depth evaluation?

I do plan on purchasing additional properties but it seems to me that paying for closing costs and other lender fees is money down the drain.

First time poster so I apologize if this has been answered in another post.

I have the chance to buy a sfh for cash and would never sell the property. I do have the option to purchase with financing 20% down, 4.125% but closing costs would be 5200 so the interest rate might be higher due to a cap on financing fees that would not be calculated until the process was started with the appraisal, hard credit check etc....

If purchasing with financing the property would be cash flow positive @700 per month in gross rent. 

It looks like the main benefit of leverage comes from the extra cash made upon appreciation after a sale . What am I missing?

Thank you in advance