All Forum Posts by: Martha T.

(Reposting this question under the appropriate category)

We did it, purchased a 4-plex so my husband and I are renovating our side of one duplex. All the units are rented out so we inherited the seller's tenants and lease agreements. When we viewed the property months ago, 2 units were being vacated. At closing we found out the seller rented out these 2 units (after accepting our offer) - one on a 6 month lease and the other on a 12 month lease. We wished she would have at least told us or asked before signing them up. One of the issues we have is that both the lease agreements list only one tenant but there is another person staying with them. How do we address this issue? We'd like to amend the agreements - if we can - to add a 3-strikes rule for any disturbances. We've already encountered the tenant's drunk boyfriend who challenged us that he owns the place and pays rent (yet he's not on the lease). My husband verbally told the tenant she's in violation of the lease. I appreciate your input and advice in advance. Don't get me wrong - we are very happy with the purchase of this property. We love it, just a couple of issues.

We did it, purchased a 4-plex so my husband and I are renovating our side of one duplex. All the units are rented out so we inherited the seller's tenants and lease agreements. When we viewed the property months ago, 2 units were being vacated. At closing we found out the seller rented out these 2 units (after accepting our offer) - one on a 6 month lease and the other on a 12 month lease. We wished she would have at least told us or asked before signing them up. One of the issues we have is that both the lease agreements list only one tenant but there is another person staying with them. How do we address this issue? We'd like to amend the agreements - if we can - to add a 3-strikes rule for any disturbances. We've already encountered the tenant's drunk boyfriend who challenged us that he owns the place and pays rent (yet he's not on the lease). My husband verbally told the tenant she's in violation of the lease. I appreciate your input and advice in advance. Don't get me wrong - we are very happy with the purchase of this property. We love it, just a couple of issues.

Joel Owens - thanks for your input. There are several properties listed by brokers from Anchorage. Yes, there are attorneys that could help us negotiate, that would not be a problem. I'd really like to get a buyer's agent who can help us through the process and frankly, I doubt that attorneys would want to take this on. I've worked for a local attorney and he declined many if not all inquires regarding these deals. He always referred people to agents in Anchorage.
Cristina Corredor - hello again, we previously "met" in my new member intro. I'm from Bethel. Thanks for offering to help, that is much appreciated!

Jon Holdman, Mark Ferguson, Wayne Brooks - thanks guys! We finally went to inspect this property and it would NOT pass FHA inspections. It would need a long laundry list of complete replacements. It really is not worth the asking price even though it has been reduced twice since I initially posted. We can safely cross this off our list without much heart-break. Thanks again for your invaluable input and advice!

Hello everyone, I'm not sure what the problem is. I've emailed 2-3 buyer's agents but they have not responded. In our small town, there are no RE offices but the nearest ones are 400 air miles away in Anchorage. There are a few properties represented by agents from Anchorage so my thoughts are to contact buyers agents there too. I do not want to do negotiations w/o our own agent. Your advice and input are always helpful. Thank you.

Marco Santarelli, Patrick Jackson thanks for the welcome as well! There's so much great information and I've already received great advice. I am taking baby steps but I want to be there now, lol.

Thanks gentlemen! That's more than I knew - thank you so much for your advice and tips. It sounds like this one is a no-go then.

Hi everyone. There's a local listing on a foreclosure & I called the realtor (3 calls) and she said "it's cash only or a conventional." My gut tells me this isn't entirely true. I asked if she knew which bank is foreclosing it & she didn't know. It's been on the market for 37 days & she doesn't know how long it's been vacant. If my husband & I decide to move on this, it's our first home loan. We see potential in fixing it up to rent. It would not be a problem to find renters as there's a shortage for short-term in this area. Any thoughts would be much appreciated! Thank you.

Thank you for the warm welcome!

Michael Carbonare - I'm still learning the market. There are a handful of successful investors in town. I want to start out buying a property and renting it out.

Brandon Turner - Alaska is as diverse as its expanse. It is a must-see! Thanks for the tips.

Hi Cristina, and thank you! I'm in Bethel, 400 miles west of Anchorage. Glad to meet you.