All Forum Posts by: Leon F.

My buddy has a condo that was involved in a fire at the beginning of the year.

The unit below caught fire which caused damage to his unit.

Insurance is repairing the unit. His insurance and a combination of the condo association insurance.

He wants to sell because he lives in another house and has been paying the mortgages plus the condo fee all year and could be a few more months before it's finished. He's tired of paying 2 mortgages.

His remainder of mortgage is $40K

ARV $65k-75k

My question is can I Subject to or even buy it outright and the insurance still repair it??

Repairs have already begun. Unit has been gutted and they are replacing EVERYTHING

I posted ad on zillow and facebook.

It clearly says tenant is in place. We discussed it over the phone one time and that was it. Everything else was thru email. No one asked about the tenant again. But it is right in the ad.

I was totally honest. I told them I had a problem tenant and didnt want to deal with it anymore. That was my whole reason for selling.

They made me an offer. I accepted we closed and now they want a refund!

The tenant has a No trespassing sign in front and I guess that scared the buyer/new owner? Idk

I bought my first investment property from the foreclosure sale and I did not evict the previous owner like I was advised.

It's been problems ever since.

I have/had (I dont know right now?) a house with a problem tenant in Louisville, Ky. I got tired of dealing with him!

So I posted the house For Sale online in Jan 2021. I I figure if I can sell it quick I'll eat a couple months of rent (Jan2021& Feb 2021)and be good!!

A buyer from LasVegas contacted me and wanted to purchase the house.

We do a short 2week closing. I go to title company, sign papers, sign deed, get the check FRiday March 5. Deposit the check!

DONE DEAL!! RIGHT???

WRONG WRONG WRONG

HIS secretary calls me TUESDAY MORNING and says they dont want the house anymore!!!

BUT we Already did the closing!! its sold!

So now they are threatening to go to court over not wanting g the house because of the tenant!!

What to do now??🤷🏾‍♀️🤷🏾‍♀️🤷🏾‍♀️

Update:

My tenant went to a Rental Assistance program in Jan 2021 and they paid back rent from July2020-Dec2020!!

But TENANT still feels like its house and has no trespass signs posted etc.

So I posted it For Sale online in Jan 2021. I I figure if I can sell it quick I'll eat the couple months of rent and be good!!

A buyer from LasVegas contacted me and wanted to purchase the house.

We do a short 2week closing. I go to title company, sign papers, sign deed, get the check FRiday March 5. Deposit the check!

DONE DEAL!! RIGHT???

WRONG WRONG WRONG

HIS secretary calls me TUESDAY MORNING and says they dont want the house anymore!!!

BUT we Already did the closing!! its sold!

So now they are threatening to go to court over not wanting g the house because of the tenant!!

What to do now??🤷🏾‍♀️🤷🏾‍♀️🤷🏾‍♀️

Live and learn.

I don't plan on doing anything like this again!

@Jack B.

He CAN BUY it from me for 15k$. That IS the agreement.

The way you interpreted is exactly what the deal was. It's not a 15k deposit, it's the purchase price.

I was trying to help the guy out!

He has the option to BUY It (get a loan or come up with the money some way).

But now He thinks 100% of rent was going directly to the purchase amount!

There was only one agreement/contract signed. 

it had all the details and that's what we used.

You are suggesting I should have a 2 seperate contracts? A lease contract and then a totally seperate purchase contract? That we should have made?

this is what we signed. Page 1 & page 2. 

A simple ( that's what I thought anyway🤷‍♀️🤷‍♀️🤷‍♀️) lease w/ option to buy contract.

@Season Price

You're right. The signs were there in the beginning that he might be difficult, but he paid his rent on time and was low-maintenance so I guess I ignored the signs.