All Forum Posts by: Mendy Blasberg

Hello Biggerpockets,

Anyone familiar with the contract term/name between tenant and landlord where the tenants monthly payments can potentially go towards purchasing the house down the line?

Thanks in advance

@Patricia Steiner thank you for the reply

Hello BP,

I am currently under contract for a duplex through a wholesaler with $5,000 deposit as earnest money. I was set to close on a duplex the other day and as I got to the property to get a contractor bid I discovered that the landlord has rented out the unit through the management company he uses. This throw me off as I had plans to renovate the unit and then refinance. 

Has anyone run into something like this before? Is this a breech of contract since since the landlord changed on of the circumstances of the units?

Would love to hear your feedback. Thank you in advance!

Every company I called told me that to get approved I will need to show a four point inspection and that cloth wiring would be one of the things to fail the inspection

Hey BP, curious if anyone has run into this before,

I am set to close on a duplex in central Florida and cloth wiring was found in both units during the inspection. Every insurance company I reached out said that they wouldn't issue a policy until the cloth wiring is removed. I plan to replace the wiring but would like to have the house insured from the time of closing.

Wanted to know if others have dealt with in this in the past and perhaps know a way to get approved for a policy while still having cloth wiring?

Thank you in advance!

@James Wise thank you for your response. 

What is a liability rider for basic fire policy and how do I go about to get such a thing?

Thank you

Hey everyone,

I'm about to close on my first deal, a single family home. I am purchasing the home using all cash and plan to do a small rehab job that should take around a month. After a few months I hope to refinance.

I am purchasing the home under my name and will not be using an LLC. This is so I can refinance after a few months and qualify for a conventional loan.

Using this method I'm concerned about and possible liability and was wondering if anyone is familiar with any other way to protect a landlord from liabilities not using an LLC?

Thank you in advance!

Hello BP,

I am currently looking into my first deal, a duplex in Cincinnati that is being rented out. If the numbers make sense and I make an offer and it goes into contract, at what stage do title, document and physical inspection take place?

If the title and document inspection end up revealing certain things about the property that the seller failed to disclose or that I was provided the wrong info, am I able to back out of the deal?

Thank you in advance

@Jeff Louis I like your idea. Thanks for the tip

@Evan Polaski thank you for the advice