All Forum Posts by: Mastewal Gezahegn

Are you referring to showing your own property to potential tenants? If you can clarify I may be able to go better in detail. Lease terms vary depending on the agreement between a landlord and a tenant so they can be any timeframe.

Not my own but a potential investment property.

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Hi all,

When visiting a property with tenants; what should I look for? What questions should I ask?

A little about the property. Its a duplex one unit is a 2 bed 1 bath. The other unit is 1 bed 1 bath. Both have a 2-year lease in California( I never heard of a two-year lease is this common?)

Any tips would be greatly appreciated. Thanks in advance.

Sorry if this has become a repetitive question.

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Originally posted by @John Peine:

Seems fine just get an estoppel, rent roll, and the book. Make sure you get them in a decent amount of time. Give solid dew dates, stick to it. Good hunting. :)

Hey John,

What do you mean the book? Also, what is a decent amount of time?

Thanks for your reply.

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Originally posted by @Liz Cole:

@Mastewal Gezahegn

I don't know CA T/L laws, but the owner can't compel a showing with a certain amount of reasonable notice and a key to enter the property? Are both units occupied and can you get into the other unit? Are the tenants on lease or mo/mo. Lot's of LL don't make the tenant sign a new lease when the original term is up.. so if the tenant is difficult it might be easy to get rid of them with a 30 day after you buy it.

When was the last time the current owner/PM inspected the property?

And if the tenant won't let you in now, what will a contingency do? If you can't get in now, you have to decided if you're willing to buy sight unseen. Right?

Just ideas..

In CA you can if you give 24-48 notice to tenants. That is why I am a little concerned with the seller stalling. The contingency I assume I would have to put in would be to have the place inspected thoroughly and any major issues for the owner to have fixed in order to finalize the deal.

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Hi all,

So I recently found a a duplex that i want to buy. I have been emailing back and forth with an agent and I received this email and now I am confused as to why the tenants are being difficult. I suspect it might be the reason they are selling but I might just be paranoid.

The email said "I spoke with the listing agent and she said that the tenant hasn't been very responsive for showing so you would have to writ an offer subject to interior inspections. Are you still interested knowing that??"

How should I continue?

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Hi, Ray. Did you end up buying this property?

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bump

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So what would be the point of this website? Telling your success story brings fame with fame everybody wants your autograph. If you would like to stay anonymous don't post. It maybe to unfortunate but you cant have it both ways.

With that said mind giving a newbie hints on the hottest areas in Saint Louis?

I kid I kid.

Peace

2 Votes

Originally posted by @Jasmine Johnson:

I'm a newbie.. but wouldn't a hard money loan be an option. They loan the purchase cost and a good amount of the rehab cost.

It can be an option but the interest rate on hard money loans are usually high. Also, hard money loans are usually for flipping homes as you don't want to pay an 11% plus interest for longer than 6 months. So if you do a hard money loan it would be to buy houses, rehab them and resell as soon as possible. Pay off the loan entirely and keep the difference.

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Originally posted by @Douglas Krofcheck:

I keep hearing people say the minimum time is one year, though I've never looked that up with FHA.

From what I have read it is a year as well. However, I was listening to the BP podcast the other day and remember them saying that technically you can leave before a year. You can move out and buy another house as the government can't technically stop you. If your job fires you or moves you across the USA and you don't want to sell your primary home. How can you they impede? Now they do go on and say beware it is not a recommendation but it is what some end up doing.

1 Vote

All Forum Posts by: Mastewal Gezahegn

Mastewal Gezahegn has started 4 posts and replied 23 times.

Post: What to ask and look for when visiting a potential Property?

Post: What to ask and look for when visiting a potential Property?

Post: Should I make a low offer or is this a red flag?

Post: Should I make a low offer or is this a red flag?

Post: Should I make a low offer or is this a red flag?

Post: Condo

Post: Feedback on investing strategy/Indianapolis area.

Post: Stop Asking for Help. Just Stop.

Post: Where to start with $10,000?

Post: Where to start with $10,000?