All Forum Posts by: Michael K Gallagher

@Theresa Harris great suggestion. Having the police reports in writing and as evidence can be very powerful.

@Rick Harmon did you’re realtor get that other offer signed as a backup? That would have been my strategy. I’ve sold and bought all but 1 of my properties in backups. **** happens and it gives you a leg to stand on and negotiate assuming the backup still is interested...

@Nikita Jain I'll jump on the Ohio train here!  Columbus is a great market to get into, especially in small multi's.  Cleveland and Cinncy are also similar price points and rent rates, I'm a little biased to Columbus as I live here but there is certainly great deals throughout the state depending on your goals.  And as you can see those areas are well represented here on BP. 

At first glance the assumptions look sound.  I am not familiar with the Dayton area as much as I am Columbus but I do know an investor from Az who invests in small multi family in Dayton, and a flipper who is very intimately familiar with Dayton. Happy to connect you if you'd like an opinion from someone familiar with the area or experienced with out of state investing in that city.

@Darrell Bratton Congrats!!! thats so fantastic.  Excited to see what scale you get to! Cheers

@Jimmy Marsh what a pain in the A**! so sorry you're going through this.  However, as many others have stated without looking at the actual contract its hard to tell.  But usually you can only back out during DD period, again as others have stated.  So if you are beyond that you are essentially saying you agreed to the property as it was.  

While frustrating and annoying and certainly it feels crappy to get lied to like this I'd encourage you simply to re-run the numbers.  Regardless of the roof issue or not being able to have a vented dryer...do the numbers still make sense, and can you simply take your licks and make the best of it.  If this kind of thing takes the deal form a good deal to a bad deal.  Then It might be worth consulting a local real estate attorney.  but if a new roof and vented dryer take it from a good deal to a bad deal...I'd honestly question if it were a good deal to begin with. But thats just me!

@Eugene Lubman I would second what @Anthony McEvoy suggested.  Run your own numbers on the appraisal and make sure that it makes sense to you.  And if it does look good, then it would be up to your agent to negotiate with the listing agent. My approach would be to point out that if they were to drop out of contract with you that they essentially now know what it will appraise for and would then only be looking for buyers who would be willing to cover that appraisal gap.  RE-listing a property is always a pain, so it would depend on if they have any signed backup offers or not.  

As a side note when reviewing the appraisal I'd also encourage you, as its a multi family, to ensure they are using the correct appraisal approach.  Just using market sales comps and not the income approach can really make a difference.     

@Jordan L. What a bummer! so sorry you're dealing with this.  Honestly I would 100% have the expectation that the PM would approach the neighbor and handle it...that's their job.  Obviously with the time past it might be hard now... But 100% my expectation of the PM would be to handle this, and honestly not even approach me until there is a proposed solution if not it having already been handled. 

@Selma Nunes that's actually a pretty decent idea...very creative.  They only thing I would check is if local laws or ordinances with regards to evictions might apply.  In other words if you did offer a 6 month or 1 year lease, would they still be able to stay past the lease if the moratorium continues?  and then is there some language you can put into your lease that would allow you to void the lease in case of "abuse" as you say. Perhaps a question for a local real estate lawyer.  I'd just hate for you to be month to month but because they technically "had a lease" for a month even though it expired is there still away they can stay legally given the circumstances.  I don't know...that's just what I'd be checking if in your situation.  

But it is a great idea of how to operate and be agile given the environment!  

@Nadia Hale As other's here have said I'd do whatever the lease says.  Most standard lease says that any costs associated with lost or damaged keys is the tenant's responsibility...at least the ones I've seen/used.  There should also be something in there about changing locks and your policy on that.  With most tenant issues, just refer to your lease.  It was in writing they agreed to it, its very cut and dry that way.